S&P Dow Jones Indices has licensed its S&P 500 Index to Trade[XYZ] for the launch of a perpetual futures contract on Hyperliquid, described as the first officially licensed onchain product offering continuous, leveraged exposure to the index for eligible non-U.S. users.
The contract lets eligible non-U.S. traders take long or short positions on the index with no expiry date, and it uses official S&P Dow Jones Indices data to support markets that operate continuously outside traditional exchange hours. The product brings equity index exposure onto Hyperliquid, extending perpetual derivatives beyond cryptocurrencies into traditional financial benchmarks.
Trade[XYZ] said its onchain markets have processed more than $100 billion in volume since October 2025, with an annualized run rate exceeding $600 billion.
This move follows S&P Dow Jones Indices’ July collaboration with Centrifuge to bring the S&P 500 onchain via proof-of-index infrastructure and the launch of a tokenized index fund built on blockchain-based systems. Related coverage has noted significant growth in perpetual DEX volumes in 2025 as onchain derivatives mature.
Crypto exchanges have been expanding perpetual trading into traditional assets through tokenized assets and perpetual derivatives tied to real-world markets. In January, Binance launched “TradFi” perpetual contracts offering USDT-settled derivatives linked to commodities such as gold and silver with 24/7, no-expiry trading. Kraken later introduced tokenized perpetual futures providing leveraged exposure to U.S. stock indexes, gold and specific companies. Coinbase has announced plans to offer round-the-clock trading for Bitcoin and Ether futures in the U.S. and to expand into perpetual-style contracts.
Tokenized equities have grown steadily. Data from RWA.xyz shows total onchain value rising to about $1.09 billion from roughly $300 million at the start of 2025. The market is relatively concentrated, led by a mix of tokenized equities and exchange-traded products: Circle Internet Group (~$136.8 million), Exodus Movement (~$83 million), Alphabet (~$72.9 million), with Tesla and the iShares Silver Trust also among the largest holdings.
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