CME and ICE Press Regulators—Hyperliquid's 24/7 Model Under Scrutiny
By John Nada·May 17, 2026·2 min read
CME and ICE challenge Hyperliquid's 24/7 trading model in Washington, citing market integrity concerns as they prepare to expand their own continuous markets.
CME Group plans to make its cryptocurrency futures and options trade around the clock beginning May 29, a product line that posted $3 trillion in notional volume in 2025 and is running 46% above that pace year-to-date. ICE's New York Stock Exchange is developing a tokenized securities platform built for 24/7 operations, instant settlement, dollar-sized orders, and stablecoin-based funding, pending regulatory approvals.
Both exchange operators have directed capital and infrastructure toward the same always-open structure pioneered by crypto-native venues. But there's a hitch. According to Bloomberg, CME and ICE are pressing US officials to rein in Hyperliquid, the offshore crypto venue that built the model before either incumbent filed.
CME and ICE allege Hyperliquid's anonymous trading environment could distort global oil prices, facilitate market manipulation, and enable state actors to circumvent sanctions enforcement. This isn't just a spat over crypto futures; it's about who gets to run continuous markets when oil is on the table.
Bloomberg had separately reported that a Hyperliquid perpetual contract tracking WTI crude generated more than $1.2 billion in 24-hour volume during a traditional-market oil spike, briefly becoming the platform's second-most-traded market. That's a wake-up call for regulators.
Meanwhile, the CFTC's rigorous oversight of CME and ICE contrasts sharply with Hyperliquid's unregulated operations. The CFTC was on point when it examined oil futures trades placed on CME and ICE platforms before major US-Iran policy announcements. These actions, detailed by Reuters, include a $950 million bet on falling oil prices placed hours before a US-Iran ceasefire announcement. A $500 million oil-futures position was established shortly before another policy announcement on March 23.
Conversely, if regulators see this as incumbents' competitive maneuver, Hyperliquid retains its dominant position. High oil volatility sustains demand for always-open exposure, validating Hyperliquid's market position among existing users.
The jurisdictional fight in Washington over the control of always-open markets may define the trading infrastructure for the next decade.