- S&P Dow Jones launches the first S&P 500 perpetual futures contract on-chain, with price feed provided by Pais Network.
- On the first day of trading, HyperLiquid’s permanent market reached $100 million as investors welcomed extended market hours and global access.
This week, S&P Dow Jones Indices announced that it is bringing the market-leading S&P 500 to HyperLiquid, making the index accessible on-chain for the first time.
The world’s largest index provider has announced that it has licensed its largest index to trade.xyz, a trading platform built on Hyperliquid that provides an on-chain perpetual futures market. This was the first time that investors outside the United States could access the index through a digitally native product running 24/7 on a decentralized platform.
This product is powered by Pyth Networks, one of the largest decentralized oracle networks. The project revealed on Friday that trade.xyz relies on a proprietary composite feed to power extended session pricing.
The first officially licensed S&P 500 perpetual contract is now available on @tradexyz.
Trade(XYZ) uses Pyth’s unique composite feed to power extended session pricing.
The S&P 500 PERP trades nearly 24 hours a day, from Sunday at 6pm ET to Friday at 5pm ET. However, only cash index… https://t.co/tt4mg3XDLZ
— Pyth Network 🔮 (@PythNetwork) March 20, 2026
Hyperliquid’s new index is built to be traded nearly 24 hours a day. Although some marketing materials for S&P Dow Jones indicate the product will operate 24/7, Pais said it will trade from 6pm ET on Sunday to 5pm ET on Friday. Still, the Cash Index is only published during regular U.S. market hours, leaving a lack of reliable data sources. After this period, the trading platform will lack data to facilitate trading.
The network said:
“Pyth fills that gap. The EMM6/USD feed is a composite price built from actual futures trading activity and provided by the companies trading these contracts. Upstream pricing from market participants. Continuous pricing. On-chain.”
Perpetual futures powered by Pyth processed $100 million on day one
Hyperliquid’s perpetual futures were an immediate success. On Friday, the first day of trading, the decentralized exchange recorded $100 million in trading volume from investors looking to take advantage of the new product.
While the “24/7” nature of the new perpetual futures is its biggest selling point, it also provides global access without the need for a broker account, eliminating traditional gatekeepers. It also opens the market to traders outside the United States. Hyperliquid also supports instant on-chain deposits and withdrawals, unlike previous setups that took up to three days to settle transactions.
Traditionally, S&P futures contracts expire and must be rolled over. However, new perpetual futures allow positions to remain open indefinitely. It also allows for much smaller positions for greater capital efficiency, and since everything is on-chain, it allows for integration into DeFi strategies.
Hyperliquid has become one of the leading projects in the cryptocurrency space. As CNF reported, the company last month raised $28 million in seed funding and opened a DeFi policy lobby in Washington to protect its interests. We also continue to add new features, most recently adding a continuous liquidation auction mechanism that allows projects to more easily raise funds on the protocol.
