Wall Street’s Clash with Hyperliquid Shapes Future of 24/7 Crypto Markets

CME Group is set to launch round-the-clock trading for its cryptocurrency futures and options starting May 29, building on a product line that saw $3 trillion in notional volume in 2025. Year-to-date activity is already running 46% above that pace. Meanwhile, ICE's NYSE is developing a tokenized securities platform designed for continuous operation, instant settlement, and stablecoin-based funding—pending regulatory approval.

Both traditional exchange giants are channeling resources into the always-open market structure pioneered by crypto-native platforms like Hyperliquid. Yet behind the scenes, they're reportedly urging US officials to curb the offshore venue. CME and ICE allege Hyperliquid's anonymous trading environment risks distorting global oil prices, enabling manipulation, and circumventing sanctions.

The conflict crystallizes when oil markets enter the equation. Hyperliquid's WTI crude perpetual contract briefly became its second-most traded instrument during a traditional market spike, hitting $1.2 billion in daily volume. The battle now hinges on who controls the infrastructure of continuous trading—and whether regulators view it as a benchmark or a threat.