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.
S&P Dow Jones Indices and trade[XYZ] have joined forces to launch the first official S&P 500 perpetual contract, available exclusively on Hyperliquid.
For 69 years, the S&P 500 has been a defining reference point for global finance. Until now, access to that benchmark has been…
— trade.xyz (@tradexyz) March 18, 2026
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.
Perpetual derivatives differ from traditional futures by eliminating fixed expiration dates, allowing traders to maintain positions indefinitely while paying or receiving funding rates based on market conditions. The structure has gained significant traction in crypto markets, where perpetuals represent the dominant derivatives instrument by volume.
This is a developing story.
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