CME CEO: trade.xyz and Hyperliquid Are Having a Real Impact on the U.S. Market

Odaily News – CME Group Chairman and CEO Terry Duffy said this morning at the CFTC Innovation Advisory Committee meeting that trade.xyz and Hyperliquid are having a tangible impact on the U.S. market. trade.xyz is the primary market builder on the Hyperliquid chain, focusing on perpetual contracts for equities, commodities, and pre-IPO assets, with its trading volume accounting for a significant share of Hyperliquid. Terry Duffy has previously raised concerns multiple times about leverage and regulatory issues on such offshore platforms. Additionally, Terry Duffy also clashed with CFTC Chairman Michael Selig and Kalshi COO Luana Lopes Lara over issues related to the regulation of prediction markets. Terry Duffy stated that certain prediction market contracts carry risks of manipulation, especially some contracts listed through self-certification. He pointed out that contracts linked to the content of Trump's State of the Union address and the timing of Venezuelan President Nicolás Maduro's departure from office may have manipulation concerns, and he said this is detrimental to the entire industry.