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.
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.
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.
Trade[XYZ] has accumulated substantial trading activity since launching in late 2025. The platform has processed more than $100.0B in cumulative volume since October of that year, with current throughput translating to an annualized run rate exceeding $600.0B. Collins Belton, Chief Operating Officer and General Counsel of Trade[XYZ]’s parent company, framed the S&P 500 as a natural anchor product. “It represents the most widely tracked equity index on earth and has been the defining benchmark for global equities for decades,” he said.
This is a developing story.
