Hyperliquid has become a wake-up call for traditional markets, prompting discussions with the crypto venue, studying its 24/7 model, and asking regulators whether U.S. exchanges can offer similar perpetual futures under clear rules.

That’s according to Jeffrey Sprecher, founder, chairman and CEO of Intercontinental Exchange, who spoke at a fireside chat during Bernstein’s 42nd Annual Strategic Decisions Conference on Wednesday.

“We’re not freaked out about it,” Sprecher said, referring to Hyperliquid. “We’re actually talking to these people and learning about it. They’re learning what we’re doing. We’re helping them understand our world. They’re helping us understand their world.”

Hyperliquid is a…