Hyperliquid oil perps put Wall Street’s 24/7 trading push to the test
Tech Hyperliquid oil perps put Wall Streets 24/7 trading push to the test 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. ICEs 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 Hyperliquids 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 $1.2 billion in 24-hour volume during a traditional-market oil spike, briefly becoming the platforms second-most-traded market. The fight that CME and ICE are allegedly taking to Washington is over who gets to run continuous markets when