S&P Dow Jones Indices announced Wednesday that it will bring the S&P 500 to the blockchain via the Hyperliquid platform, making it easier for investors to trade the most closely followed stock index 24 hours a day.
The company said it licensed its flagship stock index to Trade[XYZ]which is launching the first officially sanctioned S&P 500 perpetual contract on the Hyperliquid blockchain.
In simple terms, this means that eligible non-US investors can trade the S&P 500 on-chain, 24 hours a day, without using traditional stock exchanges.
Perpetual futures contracts, or “delinquents,” are derivative instruments with no expiration dates that allow investors to place bets on the price of an asset 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 24-hour 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 become an officially backed perpetual product of the S&P. It also uses the company’s real-time index data, bringing a more traditional financial standard to cryptocurrency trading. This ensures the accuracy of index trading while the traditional market remains closed.
S&P says the goal is to expand where and how its indices can be used. “This collaboration expands access” to its benchmarks in digital markets, said S&P chief product officer Cameron Drinkwater.
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The move opens the door for non-U.S. investors to gain leveraged exposure to the S&P 500 through a blockchain-based platform.
For example, if big macroeconomic news comes 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 immediately and accurately place bets as soon as the news is published. Recently, cryptocurrency traders were able to trade oil futures on the decentralized exchange Hyperliquid over 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 surpassed $100 billion since October, with an annualized run rate of over $600 billion.
The news appears to have helped HYPE, the native token of the Hyperliquid platform. The token is up 2.2% in the last 24 hours, 14.2% in the last 7 days, and 35.5% in the last month. Hyperliquid has recently become the favorite platform for cryptocurrency traders to trade in markets outside of traditional finance.
Recently, Maelstrom CIO and BitMEX co-founder Arthur Hayes said traders are increasingly using Hyperliquid to access markets not available on traditional platforms, and noted that the HYPE token could reach $150, citing the platform’s strong revenue, real trading activity, and disciplined token supply.
Trade[XYZ] He said the S&P 500 is just the starting point as he looks to bring more traditional assets into the chain. “The S&P 500 is a natural starting point. It represents the world’s most widely followed equity index and has been the defining benchmark for global equities for decades,” said Collins Belton, chief operating officer and general counsel at Trade[XYZ]The parent company.
The announcement builds on S&P DJI’s previous decentralized finance initiatives, including its recent launch of the S&P Digital Markets 50 index, the company said.
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