I see this as the true moment Wall Street fully steps onchain. ICE, the parent company of the NYSE, has just partnered with trade[XYZ] to bring perpetual futures to Hyperliquid for U.S. traders, pending final approval. The most significant new number: HYPE surged nearly 17% to around $94.80, just 7% below its September all-time high. trade[XYZ] has processed over $650 billion in volume in just over a year, spanning crypto, equities, commodities, and forex. My favorite division of labor: Hyperliquid provides the infrastructure via HIP-3, trade[XYZ] designs the market, and ICE operates the exchange and handles payments under U.S. standards. Perps are no longer just an offshore specialty. If approved, this will be the first time an onchain perpetual enters the official U.S. derivatives market.