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S&P 500 Perpetual Futures Launch on Hyperliquid

S&P 500 gets its first licensed onchain perpetual futures contract outside traditional finance for non-US users.

  • S&P Dow Jones Indices has licensed its S&P 500 Index for an onchain perpetual futures contract on Hyperliquid, the first officially licensed product offering continuous, leveraged exposure to the index for eligible non-US users.
  • The move extends perpetual derivatives beyond crypto into traditional finance, allowing eligible non-US traders to take long or short positions on the index without an expiry date using official index data.
  • The TradFi perpetuals market is expanding, with major exchanges like Binance and Kraken launching similar contracts for commodities, equities, and indexes, while tokenized equities have grown to a market cap of about $1.09 billion.

This week, S&P Dow Jones Indices licensed its flagship S&P 500 Index to Trade[XYZ] to launch a perpetual futures contract on the Hyperliquid protocol, marking a milestone for onchain derivatives. The contract provides eligible non-US traders with continuous, leveraged exposure to the benchmark equity index via official data, operating outside traditional exchange hours.

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Consequently, equity index exposure is now directly accessible on Hyperliquid, extending the utility of perpetual derivatives into traditional financial markets. The platform’s onchain markets have processed over $100 billion in volume since October 2025, according to Trade[XYZ], with an annualized run rate exceeding $600 billion.

This initiative follows the index maker’s partnership with Centrifuge in July to bring the S&P 500 onchain through proof-of-index infrastructure. Meanwhile, major crypto exchanges are aggressively expanding perpetual trading into traditional assets.

In January, Binance launched USDT-settled “TradFi” perpetual contracts for commodities like Gold and silver. Kraken then expanded this model to equities in February, introducing tokenized perpetual futures for US stock indexes and specific companies.

Tokenized equities have also seen significant growth. Data from RWA.xyz shows the total onchain value has risen to about $1.09 billion from roughly $300 million at the start of 2025.

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