ICE CEO Jeff Sprecher: Hyperliquid Is Bigger Than NASDAQ

Table of Contents Intercontinental Exchange CEO Jeff Sprecher made headlines at the Bernstein 42nd Annual Strategic Decisions Conference on May 27, 2026. He publicly acknowledged Hyperliquid as a platform bigger than NASDAQ. Sprecher, who founded ICE and owns the New York Stock Exchange, expressed admiration for the decentralized exchange. He also confirmed ongoing talks with Hyperliquid’s team to explore mutual learning and potential collaboration in financial markets. Sprecher did not hold back his admiration for what Hyperliquid has built. He told the Bernstein conference audience that the platform surpasses NASDAQ in size. He noted that just 11 people built and run the entire operation. “This Hyperliquid that we’re talking — if you haven’t heard about it, it’s bigger than NASDAQ, okay? It’s 11 people. You look at it, you’re like, wow, that’s pretty something,” Sprecher said. He also connected Hyperliquid’s growth to the current geopolitical climate. The platform gained traction by trading oil on weekends when traditional markets remain closed. With Middle East tensions driving weekend activity, demand for round-the-clock price discovery increased sharply. Sprecher said the people behind Hyperliquid are “extremely smart.” He added that the early adopters trading there would ordinarily be active on traditional regulated markets. Hyperliquid exposed a real gap in conventional energy markets. ICE approached major oil companies about staying open on Saturdays, but the response was negative. The market rejected the idea outright, Sprecher acknowledged. As a result, ICE plans to extend Friday trading hours significantly. The exchange will also open very early on Monday mornings. The goal is to narrow the window where no traditional trading occurs. Sprecher was candid that even institutional clients who cannot trade on blockchain platforms are watching Hyperliquid closely. Their price discovery is influencing sentiment when regulated markets reopen. “Whether they admit it or not, it is being part of the zeitgeist of when our markets do open really, really early on Monday,” he said. Hyperliquid operates as a true decentralized finance exchange with no centralized oversight. It uses stablecoin collateral, algorithmic settlement, and offers up to 100:1 leverage. This structure raises questions about how regulators will classify the products it offers. Sprecher explained that perpetual futures, as traded on platforms like Hyperliquid, are functionally similar to swaps under U.S. law. Dodd-Frank legislation, passed after the 2008 financial crisis, governs swaps with strict reporting and margining requirements. ICE and CME have raised concerns with regulators about the uneven competitive landscape. Sprecher clarified that the message to regulators is not one of fear, but of fairness. “We’re not freaked out about it. We’re actually talking to these people and learning about it,” he told the audience. He added that ICE is asking regulators why incumbent exchanges face restrictions that do not apply to decentralized platforms. The outcome of the SpaceX IPO on June 11, which Hyperliquid has already listed as a derivative, may shape how regulators and market participants view the platform’s relevance going forward.