S&P Dow Jones Indices announced Wednesday that it is bringing the S&P 500 to the blockchain via the Hyperliquid platform, making it easier for investors to trade the most-tracked stock index 24 hours a day.
The company said it licensed its flagship stock index for trading[XYZ]which is launching the first officially authorized S&P 500 perpetual contract on the Hyperliquid blockchain.
Simply put, this means that qualified non-US investors can trade the S&P 500 onchain 24/7 without using traditional exchanges.
Perpetual futures contracts, or “perps,” are derivatives with no expiration dates that allow investors to place bets on an asset’s price without owning it, using funding rates, typically spaced a few hours apart, to keep prices in line with spot markets. Their infinite duration (perpetual futures contracts never expire, unlike traditional contracts), highly leveraged options and 24/7 access have made them extremely popular in the crypto space, generating billions in daily trading volume across exchanges.
For the S&P 500, this is the first time it has been converted into a perpetual product with the official backing of S&P. It also uses the firm’s real-time index data, bringing a more traditional financial standard into crypto trading. This guarantees the accuracy of index trading while the traditional market remains closed.
S&P says the goal is to expand where and how its indexes can be used. “This collaboration expands access” to its benchmarks in digital markets, said S&P Chief Product Officer Cameron Drinkwater.
24//7 trading
The move opens the door for non-US investors to gain leveraged exposure to the S&P 500 through a blockchain-based platform.
For example, if major macro news hits on the weekend when the market is closed, traders traditionally have to speculate how the S&P 500 will move on Monday when the market opens. But with these new perpetual contracts, traders can place bets immediately and with accuracy as soon as the news breaks. Recently, crypto traders were able to trade oil futures on decentralized exchange Hyperliquid during a weekend when the first missile hit Iran, while traditional oil markets remained closed.
Act[XYZ] runs on Hyperliquid, a decentralized network built for fast trading. The platform says its markets are always open, unlike exchanges that close after hours and on weekends. XYZ markets have exceeded $100 billion since October, with an annual run rate of more than $600 billion.
The news appears to have helped HYPE, the Hyperliquid platform’s native token. The token is up 2.2% over the past 24 hours, 14.2% over the past 7 days, and 35.5% over the past month. Hyperliquid has recently become a crypto trader’s platform of choice for trading in markets outside of traditional finance.
Recently, Maelstrom CIO and BitMEX co-founder Arthur Hayes said that traders are increasingly using Hyperliquid to access markets not available on traditional platforms, noting that the HYPE token could reach $150, citing the platform’s strong revenue, real trading activity and disciplined token supply.
Act[XYZ] said the S&P 500 is only the starting point as it looks to bring more traditional assets onto the chain. “The S&P 500 is a natural starting point. It represents the most widely tracked stock index on earth and has been the defining benchmark for global equities for decades,” said Collins Belton, Chief Operating Officer and General Counsel of Trade.[XYZ]s 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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