Traders have the ability to wager on the S&P 500 anytime, bypassing traditional exchanges entirely.

S&P 500 Index Goes Onchain with Hyperliquid Partnership

S&P Dow Jones Indices is bringing its flagship S&P 500 index to the blockchain, enabling 24/7 trading through the Hyperliquid platform as perpetual futures gain momentum beyond traditional markets.

The company licensed its S&P 500 index to Trade[XYZ], which is launching the first officially approved S&P 500 perpetual contract on Hyperliquid. This allows eligible non-U.S. investors to trade the index onchain around the clock, without relying on traditional stock exchanges.

Perpetual futures, or “perps,” are derivative contracts without expiration dates, letting traders speculate on an asset’s price without owning it. Funding rates, applied every few hours, keep prices aligned with spot markets. Their infinite duration, high leverage, and nonstop accessibility have made them extremely popular in crypto, generating billions in daily trading volume.

For the S&P 500, this marks the first officially backed perpetual product, using S&P’s real-time index data to ensure accurate trading even when traditional markets are closed. “This collaboration expands access to our benchmarks in digital markets,” said Cameron Drinkwater, Chief Product Officer at S&P DJI.

The move provides non-U.S. investors with a new way to gain leveraged exposure to the S&P 500. For example, major market-moving news over the weekend can now be acted on immediately, rather than waiting for the Monday open. Hyperliquid has previously demonstrated this with oil futures, which traders could access on weekends during geopolitical events when traditional markets were closed.

Trade[XYZ] operates on Hyperliquid, a decentralized network built for fast, always-on trading. The platform’s markets have surpassed $100 billion in volume since October, with an annualized run rate exceeding $600 billion. The announcement also appears to have boosted Hyperliquid’s native token, HYPE, which is up 2.2% over 24 hours, 14.2% over the past week, and 35.5% over the past month.

Industry veterans are taking note. Arthur Hayes, Maelstrom CIO and BitMEX co-founder, highlighted Hyperliquid as a preferred venue for trading assets unavailable on traditional exchanges, predicting that HYPE could reach $150 given the platform’s revenue, active trading, and disciplined token supply.

Trade[XYZ] views the S&P 500 as just the beginning of its onchain expansion. “It represents the most widely tracked equity index in the world and has been the defining benchmark for global equities for decades,” said Collins Belton, COO and general counsel of Trade[XYZ]’s parent company.

The initiative builds on S&P DJI’s prior decentralized finance efforts, including the launch of the S&P Digital Markets 50 index, reflecting the firm’s strategy to broaden access to its benchmarks in digital markets.

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