S&P Dow Jones Indices announced Wednesday that it will bring the S&P 500 to the blockchain via its Hyperliquid platform, allowing investors to easily trade the most widely tracked stock index 24 hours a day.
The company announced that it will license its flagship stock index to Trade (XYZ) and launch the first officially endorsed S&P 500 perpetual contract on the Hyperliquid blockchain.
Simply put, this means eligible non-US investors can trade the S&P 500 on-chain 24 hours a day without using a traditional stock exchange.
Perpetual futures contracts, or “PERPs,” are derivative products with no expiration date that allow investors to bet on the price of an asset without owning the asset, using funding rates, typically hourly, to match the price with the spot market. Due to its infinite term (unlike traditional contracts, perpetual futures contracts do not expire), high leverage options, and 24-hour access, it is extremely popular in the cryptocurrency space, generating billions in daily trading volume across exchanges.
This is the first time that the S&P 500 has become a permanent product with formal support from S&P. It also uses the company’s real-time index data and brings more traditional financial standards to cryptocurrency trading. This ensures the accuracy of index trading even when traditional markets remain closed.
S&P said its goal is to expand where and how its indexes are available. “This partnership expands access to benchmarks in digital markets,” said Cameron Drinkwater, S&P’s chief product officer.
24/7 trading
This move opens the door for non-US investors to leverage exposure to the S&P 500 through a blockchain-based platform.
For example, if big macro news comes in over the weekend when markets are closed, traders traditionally have to speculate on how the S&P 500 will perform on Monday, when markets open. However, these new perpetual contracts allow traders to place bets as soon as the news is announced and with precision. Over the recent weekend when the first missile hit Iran, traditional oil markets remained closed, but crypto traders were able to trade crude oil futures on the decentralized exchange HyperLiquid.
Trade(XYZ) runs on Hyperliquid, a decentralized network built for high-speed trading. The platform says its markets are always open, unlike stock exchanges that are closed after hours and on weekends. The XYZ market has exceeded $100 billion since October, with an annual run rate of over $600 billion.
This news seems to be helpful $HYPEthe native token of the Hyperliquid platform. The token is up 2.2% in the past 24 hours, 14.2% in the past 7 days, and 35.5% in the past month. Hyperliquid has recently become crypto traders’ favorite platform for trading markets outside of traditional finance.
Recently, Maelstrom CIO and BitMEX co-founder Arthur Hayes said that traders are increasingly using Hyperliquid to access markets not available on traditional platforms. $HYPE The token could reach $150 due to the platform’s strong revenue, real trading activity, and disciplined token supply.
Trade (XYZ) said the S&P 500 is just a starting point as it looks to bring more traditional assets on-chain. “The S&P 500 is a natural starting point. It is the most widely tracked stock index on the planet and has been the definitive benchmark for global equities for decades,” said Collins Belton, Chief Operating Officer and Trade Counsel.
The company said the announcement builds on S&P DJI’s previous decentralized finance initiatives, including the recently announced S&P Digital Markets 50 Index.
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