The CEO of Intercontinental Exchange (ICE) has called on regulators to establish a 'level playing field' for 24/7 onchain perpetual contracts, noting that such products are already operational on decentralized platforms like Hyperliquid.
The regulatory gap
Perpetual contracts – futures that never expire – have become a staple in crypto markets. Onchain versions trade around the clock, a feature no traditional exchange offers. ICE's CEO argued that without updated rules, regulated platforms face an uneven competitive landscape against unregulated upstarts.
How Hyperliquid fits in
Hyperliquid has grown into one of the largest venues for onchain perpetuals, processing billions in daily volume. Its success shows demand for non-stop trading is concrete. For ICE, watching that volume flow outside the traditional regulatory perimeter is a competitive and investor-protection concern.
What ICE wants
The CEO did not lay out specific rule changes but made clear the current setup is unsustainable. The call for a level playing field could mean extending oversight to crypto platforms or relaxing constraints on traditional exchanges to offer similar 24/7 products.
The statement adds pressure on financial watchdogs in major economies to craft rules that address the unique features of onchain perpetuals. No jurisdiction has fully tackled the issue yet.
Whether regulators act on the call – and how fast – remains open. But the CEO's remarks underscore that the gap between traditional and decentralized markets is too wide to ignore.
