S&P Dow Jones Indices has licensed its flagship S&P 500 Index to Trade[XYZ] for a perpetual futures contract on Hyperliquid-marking the first officially sanctioned onchain product offering continuous, leveraged exposure to the index.
The contract enables eligible non-U.S. traders to take long or short positions without expiration, operating 24/7 using official S&P Dow Jones data. It expands perpetual derivatives beyond crypto into traditional equity benchmarks.
Trade[XYZ] reports over $100 billion in onchain volume since October 2025, with an annualized run rate exceeding $600 billion.
This move follows S&P Dow Jones’ July collaboration with Centrifuge to tokenize the S&P 500 using proof-of-index infrastructure.
Tokenized equities are gaining traction. Onchain value has surged from $300 million to $1.09 billion since early 2025, per RWA.xyz data. Circle Internet Group leads with $136.8 million, followed by Exodus Movement and Alphabet.
