- The S&P Dow Jones has launched the first S&P 500 perpetual futures contract on-chain, with the Pyth Network providing the price feeds.
- On the first day of trading, the perpetual market on Hyperliquid hit $100 million as investors welcomed the extended market hours and global access.
This week, the S&P Dow Jones Indices announced it would introduce the market-leading S&P 500 to Hyperliquid, marking the first time the index would be accessible on-chain.
The company, which is the world’s largest indices provider, revealed it had licensed its largest index to trade.xyz, a trading platform built on Hyperliquid offering on-chain perpetual futures markets. It was the first time non-US investors could access the index via a digitally native product that operates 24/7 on a decentralized platform.
The product is powered by Pyth Networks, one of the largest decentralized oracle networks. The project revealed on Friday that trade.xyz relies on its proprietary composite feed to power its extended session pricing.
The first officially licensed S&P 500 perpetual contract is live on @tradexyz.
Trade[XYZ] uses Pyth’s proprietary composite feed to power the extended session pricing.
The S&P 500 perp trades nearly around the clock, from Sunday 6PM ET to Friday 5PM ET. But the cash index only… https://t.co/tt4mg3XDLZ
— Pyth Network 🔮 (@PythNetwork) March 20, 2026
The new index on Hyperliquid is built to trade nearly around the clock. While some marketing materials from S&P Dow Jones indicate the product will be live 24/7, Pyth says it will trade from Sunday 6 PM ET to Friday 5 PM ET. Even then, it would lack a reliable data source, as the cash index is only published during regular U.S. market hours. Beyond this window, trading platforms lack any data to facilitate trading.
The Network says:
“Pyth fills that gap. The EMM6/USD feed is a composite price built from real futures trading activity, contributed by the firms trading these contracts. Upstream pricing from market participants. Continuous pricing. Onchain.”
Pyth-Powered Perpetual Futures Process $100M on First Day
The perpetual futures on Hyperliquid were an instant success. On Friday, the first day of trading, the decentralized exchange recorded $100 million in volume from investors keen to capitalize on the new product.
While the ’24/7′ nature of the new perpetual futures has been its biggest selling point, it also offers global access with no need for a broker account, eliminating traditional gatekeepers. It also opens up the market to traders beyond the US. Hyperliquid also supports instant on-chain deposits and withdrawals, unlike the previous setup, which took up to 3 days for transactions to settle.
Traditionally, S&P futures contracts expire and have to be rolled over. However, with the new perpetual futures, a position can stay open indefinitely. It also allows much smaller positions for capital efficiency, and enables integration into DeFi strategies as everything is on-chain.
Hyperliquid has become one of the main projects in crypto. Last month, it opened a DeFi policy lobby in Washington with a $28 million seed fund to defend its interests, as CNF reported. It has also continued to add new features, most recently a continuous clearing auction mechanism that enables projects to raise funds more easily on its protocol.