S&P Dow Jones Indices announced Wednesday that it is bringing the S&P 500 to the blockchain via the Hyperliquid platform, making it easier for investors to trade the most widely tracked equity index 24 hours a day.
The company said it licensed its flagship stock index to Trade[XYZ], which is launching the first officially approved S&P 500 perpetual contract on the Hyperliquid blockchain.
In simple terms, this means eligible non-U.S. investors can trade the S&P 500 onchain, around the clock, without using traditional stock exchanges.
Perpetual futures contracts, or “perps,” are derivative instruments without expiration dates that allow investors to place bets on an asset’s price without owning it, using funding rates, typically every few hours, to keep prices aligned with spot markets. Their infinite duration (perpetual futures contracts never expire, unlike traditional contracts), high-leverage options, and round-the-clock access have made them extremely popular in the crypto space and have generated billions in daily trading volume across exchanges.
For the S&P 500, it is the first time it has been turned into a perpetual product with official backing from S&P. It also uses the firm’s real-time index data, bringing a more traditional finance standard into crypto trading. This guarantees the accuracy of index trading while the traditional market remains closed.
S&P says the goal is to expand where and how its indexes can be used. “This collaboration expands access” to its benchmarks in digital markets, said S&P’s Chief Product Officer Cameron Drinkwater.
24//7 trading
The move opens the door for non-U.S. investors to get leveraged exposure to the S&P 500 through a blockchain-based platform.
For example, if big macro news hits on the weekend, when the market is closed, traders traditionally need to speculate on how the S&P 500 will move on Monday, when the market opens. However, with these new perpetual contracts, traders can place bets immediately and with accuracy as soon as news breaks. Recently, crypto traders were able to trade oil futures on decentralized exchange Hyperliquid on a weekend, when the first missile hit Iran, while traditional oil markets remained closed.
Trade[XYZ] runs on Hyperliquid, a decentralized network built for fast trading. The platform says its markets are always open, unlike stock exchanges that close after hours and on weekends. XYZ markets have exceeded $100 billion since October, with an annualized run rate of more than $600 billion.
The news seems to have helped $HYPE, the native token of the Hyperliquid platform. The token is up 2.2% over the past 24 hours, 14.2% over the past 7 days, and 35.5% over the past month. Hyperliquid has recently become a crypto trader’s favorite platform for trading markets outside traditional finance.
Recently, Maelstrom CIO and BitMEX Co-Founder Arthur Hayes said traders are increasingly using Hyperliquid to access markets unavailable on traditional platforms, noting that the $HYPE token could reach $150, citing the platform’s strong revenue, real trading activity, and disciplined token supply.
Trade[XYZ] said the S&P 500 is just the starting point as it looks to bring more traditional assets onchain. “The S&P 500 is a natural starting point. It represents the most widely tracked equity index on earth and has been the defining benchmark for global equities for decades,” said Collins Belton, chief operating officer and general counsel of Trade[XYZ]’s parent company.
The announcement builds on S&P DJI’s prior decentralized finance initiatives, including its recent launch of the S&P Digital Markets 50 index, the company said.
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