First licensed S&P 500 perpetual contract debuts on Hyperliquid

S&P Dow Jones Indices has officially licensed the S&P 500 to Trade[XYZ], allowing the launch of the first perpetual contract based on the benchmark.

Investors can now trade the S&P 500 24/7, which tracks the stock performance of 500 leading US companies, on Hyperliquid, using institutional-quality S&P DJI data. Unlike traditional futures, these perpetual contracts have no fixed expiry, letting traders take leveraged long or short positions anytime they want.

According to Cameron Drinkwater, Chief Product & Operations Officer at S&P Dow Jones Indices, the partnership broadens access to S&P DJI’s key benchmarks in digital markets and reinforces the expectation that digital investors can rely on institutional-grade standards.

“This collaboration expands access and utility of our flagship benchmarks within digital trading environments. We believe digitally-native investors should demand the institutional-quality standards that define our indices, and we are thrilled to work with Trade[XYZ] to do so,” Drinkwater stated.

XYZ is a leading on-chain trading protocol that enables the creation and operation of perpetual markets for real-world assets. It has quickly grown into the largest platform of its kind, with over $100 billion in trading volume since October 2025 and a projected annualized run rate above $600 billion.

The XYZ protocol manages critical market parameters like leverage, oracle sources, and listings, and markets are accessible via trade[XYZ] or alternative interfaces.

According to Collins Belton, Chief Operating Officer and General Counsel of Trade[XYZ]’s parent company, the partnership with S&P DJI makes the S&P 500 fully accessible on Hyperliquid, advancing XYZ’s mission to digitize the world’s most important markets.

“We developed XYZ with a vision of bringing the world’s most important markets on-chain,” Belton said. “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.”

The S&P 500 anchors a massive global trading ecosystem, with linked exposures across futures, options, exchange-traded funds, and structured products generating more than $1 trillion in daily volume.