Investors can now trade the S&P 500 24/7 without using a conventional stock exchange.

S&P 500 Goes Onchain: S&P Dow Jones Licenses Flagship Index for Crypto Trading on Hyperliquid

S&P Dow Jones Indices is bringing its flagship S&P 500 index to the blockchain, partnering with the Hyperliquid platform to offer 24/7 trading of the widely followed equity benchmark. The move, announced Wednesday, comes as perpetual futures gain traction beyond traditional financial markets.

Under the deal, S&P DJI has 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 at any time, bypassing traditional stock exchanges.

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

For the S&P 500, this marks the first official perpetual product backed by S&P, using real-time index data to ensure accuracy 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 platform opens the door for non-U.S. investors to gain leveraged exposure to the S&P 500. For instance, if major macroeconomic news breaks over the weekend, traders can now place immediate bets on the S&P 500, rather than waiting for markets to reopen on Monday. Hyperliquid has demonstrated this capability with oil futures, which were traded on weekends during recent geopolitical events when traditional markets were closed.

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

Industry observers are taking note. Arthur Hayes, Maelstrom CIO and BitMEX co-founder, highlighted Hyperliquid as a go-to platform for trading assets unavailable on traditional exchanges, noting that the HYPE token could reach $150 given the platform’s revenue, real trading activity, and controlled token supply.

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

This initiative builds on S&P DJI’s previous DeFi efforts, including the launch of the S&P Digital Markets 50 index, reinforcing the firm’s strategy to expand the reach of its benchmarks into digital markets.