ICE Chief Executive Officer Jeffrey Sprecher said Intercontinental Exchange is in mutual discussions with Hyperliquid as ICE seeks to enter perpetual futures, making the remarks on May 29 at a Bernstein conference. The comments reinforce ICE’s exploration of onchain perpetuals and broader collaboration with crypto-native market infrastructure as traditional exchange operators push for ways to participate in 24/7 derivatives trading. The same day, the CFTC approved Kalshi’s Bitcoin perpetual futures, adding a new regulatory development to the debate over how perpetual products may fit within U.S. regulated markets. Together, the developments highlight rising competitive and regulatory pressure on incumbent exchanges as perpetual futures gain traction.