ICE CEO praises crypto exchange’s market structure while traditional finance grapples with weekend oil trading
Jeff Sprecher, founder and CEO of Intercontinental Exchange, called Hyperliquid “bigger than Nasdaq” during a May 27 presentation, praising the decentralized crypto exchange’s builders and market structure as evidence of structural innovation in financial markets.
Sprecher acknowledged meeting with Hyperliquid’s team multiple times. “First of all, we know them well, and I’ve met with them a number of times personally and to talk about what they’re doing, what we’re doing, where there may be some overlap that we can work on,” he said.
The Hyperliquid platform operates on blockchain rails, settling trades with stablecoins and algorithmic clearing. It offers up to 100:1 leverage and trades oil on weekends, when traditional commodity markets are closed. Sprecher highlighted this weekend oil trading as a key competitive advantage. “They have gotten attention because they’ve been trading oil on the weekends when our traditional oil markets are closed,” he said.
Sprecher detailed Hyperliquid’s technical structure: “It is on a blockchain. It is settled with stablecoins, algorithmically settled. It has very high margining. You can have up to 100:1 leverage, which is part of the allure.”
The CEO expressed admiration for the platform’s lean operation. “I wish I was younger and doing it. By the way, the number of billionaires that are being created doing this. This Hyperliquid that we’re talking — if you haven’t heard about it, it’s bigger than Nasdaq, okay? It’s 11 people,” he said.
Sprecher did not specify which metric underpinned the Nasdaq comparison. ICE’s stated response to Hyperliquid’s weekend trading has been to extend Friday trading hours late and reopen early Monday, narrowing the weekend gap rather than launching weekend markets.
The remarks signal a shift in tone from ICE’s prior public posture. ICE and the CME previously pressed US officials to scrutinize Hyperliquid’s offshore trading model, citing manipulation and sanctions evasion risks tied to anonymous 24/7 markets.
Hyperliquid has countered that continuous onchain markets reduce rather than increase market risk. The platform has also listed a derivative tied to SpaceX, which Sprecher identified as a potential test case for private-market price discovery.
Institutional energy clients monitor Hyperliquid’s price discovery but may face internal control restrictions preventing direct participation, according to market participants familiar with the dynamics.
Market Structure and Regulatory Friction
The tension between ICE’s private praise and its public regulatory lobbying reflects broader institutional uncertainty about how to respond to decentralized finance infrastructure. Sprecher’s acknowledgment of “overlap” between ICE and Hyperliquid suggests potential areas of collaboration, though neither party has detailed what those areas might be.
Hyperliquid’s ability to operate weekend oil markets during geopolitical volatility, particularly during Middle East conflict, has created a venue for price discovery outside traditional market hours. This capability has drawn both institutional interest and regulatory scrutiny.
