HYPE Jumps 15% as ICE Eyes US Hyperliquid Perps

Intercontinental Exchange, parent of the New York Stock Exchange, agreed to partner with TradeXYZ to bring Hyperliquid-based perpetual futures to the US under a regulated framework, pending approvals. ICE will operate the markets and build dedicated exchange and clearing infrastructure for contracts on crypto, equities, indices, commodities and forex.

Hyperliquid's HIP-3 supplies the underlying technology, TradeXYZ designs the markets and ICE runs the regulated venue, with access through participating brokers and a strategic ICE investment in TradeXYZ. CEO Jeffrey Sprecher said retail traders increasingly want short-duration exposure around the clock, calling perps additive to ICE's futures markets.

HYPE surged 15% on the news to around $91.21, within reach of last month's $97.96 all-time high. Billionaire investor Stanley Druckenmiller reportedly posted on X for the first time, saying he is excited to be a TradeXYZ investor as it brings round-the-clock Hyperliquid perps stateside.

TradeXYZ's builder-deployed markets have driven a growing share of Hyperliquid activity in stocks, indices and commodities, with HIP-3 open interest reaching $2.38 billion in April. The CFTC cleared a path for US perps through May no-action relief, and President Trump later cited CFTC efforts to bring Hyperliquid onshore compliantly.

Uniswap Opens TJAR Fee Converter, Robinhood Integrates First

Uniswap Labs launched an open-source fee conversion tool called TJAR, letting apps deposit fees into a Token Jar where searchers compete to convert them into a chosen token. The system, originally built for Uniswap's protocol fees, handled over $15.3 million in conversions in September and runs on seven chains.

Robinhood is the first integration partner, converting fees collected through the Uniswap API on its supported chains into USDC and USDG as they arrive. Uniswap sends its own UNI payments to a burn address, while other apps can change their token, price and destination at any time.

Polygon Extends Stablecoin Payments Stack to Solana

Polygon Labs expanded its Open Money Stack to Solana, giving businesses on the rival network one connection to bring money in from bank accounts, move crypto across chains and pay out to customers and suppliers. The bundle replaces stitching together several providers, each with separate integrations and contracts.

Cross-border payments firm Kira is among the first adopters, turning stablecoin transfers into dollars in client bank accounts to pay overseas suppliers. Solana has processed more than $5 trillion in stablecoin volume this year, while Polygon has broadened its payments push through its acquisition of crypto-cash firm Coinme.

Polymarket Launches Five-Minute Crypto Markets on US Platform

Polymarket rolled out five-minute crypto contracts on its CFTC-overseen US platform, letting traders bet whether bitcoin, ether, SOL or XRP will finish a window above or below its starting price. Correct predictions pay a fixed $1 per share, while incorrect ones pay nothing, mirroring binary options.

An arXiv study of earlier bitcoin contracts flagged 821 wallets tied to suspected settlement manipulation with $8.2 million in profits, though Polymarket moved to 60-second averaged settlement in August. The CFTC is separately probing its compliance with a 2022 settlement over blocking US users, Reuters reported.

Data of the Day

Robinhood Chain brought in $26 million in its first quarter on mainnet, helping lift Robinhood's crypto revenue 20% from the prior quarter to $120 million. The Arbitrum-based Layer 2 processed more than $80 billion in DEX volume and generated over $50 million in fees after launching July 1.

Excluding Robinhood Chain, crypto transaction revenue slipped 6% to $94 million even as trading volume rose 23% to $49.8 billion across the app and Bitstamp. Event contracts earned $173 million, while record net revenue of $1.42 billion failed to stop shares falling 5.5% after hours.

More Breaking News

• Utah filed felony charges against Kalshi and its two co-founders after an undercover agent placed 12 sports wagers, a day after the CFTC sued to block Utah's enforcement.
• The French Senate adopted a bill for automatic crypto tax data exchange under CARF, as France logged 33 of 52 global wrench attacks in the first half.
• Curve Finance launched on Stellar, its first native deployment outside the EVM, bringing StableSwap pools for stablecoins and wrapped assets, with FXSwap to follow once its audit completes.
• Justin Sun's HTX agreed to leave the UK in a settlement with the FCA, halting UK deposits and sign-ups and giving existing users 48 hours to withdraw assets.
• KuCoin ended all services in Russia and Belarus with immediate effect, citing legal and regulatory compliance, joining MEXC and Bitget in restricting users there as Western sanctions persist.
• Walmart blocked its stock from OKXICE, joining Eli Lilly, Cigna and two others as objectors to the tokenized stock venue climbed to 38 from nine in two weeks.
• FINMA approved Switzerland's first bitcoin ETF with a rare diversification exemption, and the fund will start trading on SIX in November, open to overseas banks and brokers.
• RLUSD went live across Coinbase Prime, Exchange and the retail app with 1:1 dollar conversion on XRP Ledger, Ethereum and Base, as its market cap passed $2.6 billion.
• Strategy shareholders approved daily dividends on its four preferred stocks by 99.3%, as STRC switches first on November 1 and the rest follow in January.
• European investors favored crypto over pensions for lasting wealth, 19% to 8%, in an OKX survey, while US respondents preferred retirement accounts 21% to 12%.