S&P Dow Jones Indices said it has officially licensed its flagship S&P 500® index to Trade[XYZ], which has launched the first officially licensed perpetual derivative linked to the benchmark on Hyperliquid. The product gives users round-the-clock access to leveraged exposure to the S&P 500 through 24/7 trading.
The first officially licensed S&P 500 perpetual
In its announcement on the 18th, S&P DJI described the product as the first officially licensed perpetual derivative based on the S&P 500. The index is one of the most widely tracked equity benchmarks in the world, and trading tied to related futures, options, ETFs, and structured products exceeds $1 trillion per day.
S&P DJI Chief Operating Officer Cameron Drinkwater said digital-native investors should have access to the same institutional-grade standards associated with the company’s indices, adding that the firm was pleased to work with Trade[XYZ] on the launch.
Trade[XYZ] and access restrictions
Trade[XYZ], or XYZ, is described in the source material as the largest real-world asset market provider on Hyperliquid. Since going live in October 2025, it has processed more than $100 billion in cumulative volume, with annualized flow above $600 billion.
Collins Belton, chief operating officer and chief legal officer at XYZ’s parent company, said the project was built to bring the world’s most important markets on-chain, with the S&P 500 serving as the most natural starting point. The product is currently limited to eligible non-U.S. investors, while U.S. residents cannot access it because of regulatory restrictions.
S&P DJI’s digital-asset expansion
The deal adds to a multi-year push by S&P DJI into digital assets. The company launched its crypto index family, S&P Digital Market Indices, in May 2021; set up a dedicated DeFi unit in 2022; worked with Centrifuge in July 2025 to bring the S&P 500 on-chain; and in September 2025 saw the release of SPXA, described in the source as the first licensed S&P 500 index fund token.
Equity benchmarks enter the on-chain derivatives market
Real-world asset tokenization in DeFi has largely focused on fixed-income products such as Treasuries and credit instruments. This launch extends that trend to equity index exposure. For Hyperliquid, securing an official license from S&P DJI shows that its infrastructure is being used for products tied directly to a major traditional market benchmark.