S&P Dow Jones Indices has licensed its S&P 500 Index to Trade[XYZ] to support a new perpetual futures contract launched on Hyperliquid. The product is described as the first officially licensed onchain offering that delivers continuous, leveraged exposure to the S&P 500 for eligible non-U.S. users.
The perpetual contract allows eligible non-U.S. traders to take long or short positions without an expiry date and uses official S&P Dow Jones Indices data to feed markets that operate around the clock, beyond standard exchange hours. By bringing an equity-index perpetual to Hyperliquid, the offering extends perpetual derivatives — historically concentrated in cryptocurrencies — into a major traditional benchmark.
Trade[XYZ] said its onchain markets have processed more than $100 billion in volume since October 2025 and currently show an annualized run rate exceeding $600 billion.
The launch follows earlier moves by S&P Dow Jones Indices to place the S&P 500 onchain. In July the firm worked with Centrifuge on a proof-of-index infrastructure and supported the debut of a tokenized index fund built on blockchain systems. Market observers have noted a sharp increase in perpetual DEX volumes through 2025 as onchain derivatives markets mature.
Across the crypto industry, exchanges and platforms have been expanding perpetual trading into traditional assets by using tokenized securities and derivatives tied to real-world markets. Examples include Binance’s January rollout of “TradFi” perpetual contracts — USDT-settled, no-expiry derivatives for commodities like gold and silver — and Kraken’s introduction of tokenized perpetuals offering leveraged exposure to U.S. stock indexes, gold and individual companies. Coinbase has also announced plans to offer round-the-clock trading for Bitcoin and Ether futures in the U.S. and to explore perpetual-style contracts.
Tokenized equities have also grown. 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 remains concentrated: the largest onchain holdings include Circle Internet Group (~$136.8 million), Exodus Movement (~$83 million) and Alphabet (~$72.9 million), with Tesla and the iShares Silver Trust also among the top assets.
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