Wall Street’s fight with Hyperliquid could decide who controls 24/7 markets

A notable development has hit the crypto 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.

Bloomberg reported on May 15 that the same two exchange giants are pressing US officials to rein in Hyperliquid, the offshore crypto venue that built the model before either incumbent filed. According to people familiar with the discussions, CME and ICE alleged that Hyperliquid's anonymous trading environment could distort global oil prices, facilitate market manipulation, and enable state actors to circumvent sanctions enforcement. Bloomberg had separately reported in March that a Hyperliquid perpetual contract tracking WTI crude generated more than $1.

Market Dynamics

2 billion in 24-hour volume during a traditional-market oil spike, briefly becoming the platform's second-most-traded market. The fight that CME and ICE are allegedly taking to Washington is over who gets to run continuous markets when oil is on the table, and if policymakers will treat it as a market-integrity question or a competitive one. CME Group Crypto futures/options go 24/7 on May 29; $3T notional volume in 2025; +46% YoY YTD pace Incumbent validation of always-open crypto markets ICE / NYSE Tokenized securities platform for 24/7 operations, instant settlement, dollar-sized orders, stablecoin funding Wall Street adopting crypto-style market structure Hyperliquid Already live; $176.

4B 30-day perp volume; $7. 3B open interest Crypto-native venue proved the model before incumbents scaled it DeFiLlama lists Hyperliquid with approximately $176. 4 billion in 30-day perpetual volume, $7.

9 billion in 24-hour perpetual volume, and $9. 3 billion in open interest, annualizing to roughly $2. Hyperliquid accounts for 31.

Market Impact

7% of 30-day on-chain perp DEX volume but holds 58. 5% of perp DEX open interest, carrying nearly 60% of position-bearing liquidity in the sector while accounting for less than 33% of its trading volume. The structure runs as a fully on-chain order book, where every trade and liquidation settles with one-block finality on its own L1, and its HIP-3 framework lets developers deploy permissionless perpetual markets with customizable oracles, leverage limits, and settlement parameters.

The market function this architecture delivers, consisting of always-open, leveraged, electronic exposure to major assets, runs on fully on-chain infrastructure, with pseudonymous participants and permissionless market creation. The market integrity argument CFTC-regulated designated contract markets must maintain automated surveillance systems, real-time monitoring, audit-trail data capable of reconstructing every trade, and formal mechanisms to investigate and discipline misconduct. The CFTC was exercising exactly those detection capabilities when it examined oil futures trades placed on CME and ICE platforms before major President Donald Trump administration Iran-policy announcements.

Reports found an approximately $950 million bet on falling oil prices placed hours before a US-Iran ceasefire announcement, and a roughly $500 million oil-futures position established shortly before a Mar. 23 policy announcement. Representative Ritchie Torres separately called for the SEC and CFTC to investigate the $950 million trade, saying its timing raised questions about potential insider trading and market integrity.

Crypto markets are watching this development closely as investors weigh its potential impact on prices.