Hyperliquid Secures Official S&P 500 Perpetual Futures License from S&P Dow Jones
Eligible traders outside the United States can now access leveraged positions on the benchmark index continuously through a decentralized infrastructure powered by official index data.
In a groundbreaking development, S&P Dow Jones Indices has granted Trade[XYZ] licensing rights to its flagship S&P 500 Index, enabling the creation of a perpetual futures product on Hyperliquid. The company characterizes this as the inaugural officially sanctioned onchain instrument that delivers uninterrupted, leveraged access to the index for qualified users residing outside the United States.
Based on the announcement released on Wednesday, this derivative product enables qualified traders beyond US borders to establish both bullish and bearish positions on the benchmark index with no termination date, featuring round-the-clock market availability that extends beyond conventional trading windows while utilizing authentic index information sourced directly from S&P Dow Jones Indices.
This product introduction also represents Hyperliquid's expansion into equity index territory, pushing the application of perpetual derivative instruments past their traditional cryptocurrency boundaries and into the realm of established financial market indicators.
Trade[XYZ] disclosed that its blockchain-based trading venues have facilitated transaction volumes exceeding $100 billion from October 2025 forward, achieving an annualized velocity surpassing $600 billion.
This development follows a prior collaboration where the index provider partnered with Centrifuge during July to migrate the S&P 500 onto blockchain infrastructure via proof-of-index technology and the introduction of a tokenized fund product constructed on distributed ledger systems.
Crypto exchanges expand perpetual trading into traditional assets
Initiatives aimed at integrating conventional financial instruments into cryptocurrency ecosystems are materializing through multiple approaches, encompassing both tokenized asset representations and perpetual derivative products connected to established markets.
During January, Binance unveiled "TradFi" perpetual instruments, presenting USDT-settled derivatives connected to physical commodities including gold and silver with continuous trading availability and no maturity dates. In the subsequent month, Kraken broadened this approach to include equity markets, rolling out tokenized perpetual futures that deliver leveraged participation in American stock indices, precious metals and individual corporate securities.
More recently this month, Coinbase announced plans to implement continuous trading operations for Bitcoin (BTC) and Ether (ETH) futures contracts within the United States while simultaneously developing perpetual-format instruments.
Concurrently, tokenized equity products have experienced consistent expansion. Information compiled by RWA.xyz indicates aggregate blockchain-based value climbing to approximately $1.09 billion from around $300 million recorded at the beginning of 2025.
This marketplace continues to display considerable concentration, dominated by a combination of tokenized stock products and exchange-traded instruments. Circle Internet Group represents approximately $136.8 million in aggregate value, with Exodus Movement capturing $83 million and Alphabet securing $72.9 million, while Tesla and the iShares Silver Trust similarly rank among the most significant positions.
