S&P 500 Index Launches on Blockchain via Hyperliquid

S&P Dow Jones Indices is bringing its flagship S&P 500 index to the blockchain, allowing investors to trade the benchmark around the clock on the Hyperliquid platform. The move reflects growing demand for perpetual futures beyond traditional markets.

Through the partnership, S&P DJI has licensed the S&P 500 to Trade[XYZ], which is launching the first officially approved S&P 500 perpetual contract on Hyperliquid. Eligible non-U.S. investors can now trade the index onchain 24/7 without relying on conventional stock exchanges.

Perpetual futures, or “perps,” are derivative contracts without expiration dates that let traders bet on an asset’s price without owning it. Funding rates, applied every few hours, keep prices aligned with spot markets. Their continuous availability and high-leverage potential 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 real-time S&P index data to ensure accurate pricing 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.

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

The S&P 500 is just the first step in Trade[XYZ]’s plan to bring traditional assets onchain. “It is the most widely tracked equity index globally and has been the defining benchmark for 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 DeFi efforts, including the S&P Digital Markets 50 index, underscoring the firm’s strategy to expand the use of its benchmarks in digital markets.