- The S&P Dow Jones has launched the first on-chain S&P 500 perpetual futures contract, with the Pyth Network providing the price feeds.
- On its first day of trading, the perpetual market for Hyperliquid reached $100 million as investors welcomed the extended market hours and global access.
This week, the S&P Dow Jones Indices announced that they would introduce the market-leading S&P 500 into Hyperliquid, marking the first time the index would be accessible on-chain.
The company, the world’s largest provider of indices, announced that it had licensed its largest index to trade.xyz, a trading platform built on Hyperliquid that offers on-chain perpetual futures markets. It was the first time that non-US investors could access the index through a digital 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 own curated 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 own curated feed to drive extended session pricing.
The S&P 500 offender trades almost around the clock, from 6:00 PM ET on Sunday to 5:00 PM ET on Friday. But only the cash index… https://t.co/tt4mg3XDLZ
— Pyth Network 🔮 (@PythNetwork) March 20, 2026
The new index on Hyperliquid is built to trade virtually around the clock. While some S&P Dow Jones marketing materials indicate the product will be live 24/7, Pyth says it will trade from Sunday 6:00 PM ET to Friday 5:00 PM ET. Even then, it would lack a reliable data source, as the cash index is only published during regular US market hours. Outside of 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 companies trading these contracts. Upstream prices from market participants. Continuous prices. Onchain.”
Pyth-powered perpetual futures handle $100 million on day one
The perpetual futures on Hyperliquid were an instant success. On Friday, its first day of trading, the decentralized exchange recorded a volume of $100 million from investors eager to take advantage of the new product.
While the ’24/7′ nature of the new perpetual futures has been the biggest selling point, it also provides global access without the need for a brokerage account, eliminating traditional gatekeepers. It also opens the market to traders outside the US. Hyperliquid also supports instant on-chain deposits and withdrawals, unlike the previous configuration where transactions took up to 3 days to clear.
Traditionally, S&P futures contracts expire and must be rolled over. However, with the new perpetual futures, a position can remain open indefinitely. It also allows for much smaller positions for capital efficiency, and allows for integration into DeFi strategies because everything is on-chain.
Hyperliquid has become one of the most important 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 makes it easier for projects to raise money based on the protocol.