TradeXYZ Lands Official S&P 500 License for On-Chain Perpetual

S&P Dow Jones Indices has licensed the S&P 500 to TradeXYZ, enabling the launch of the first officially sanctioned perpetual futures contract based on the index.

This marks the first time eligible non-U.S. investors can gain leveraged exposure to the S&P 500 through an officially licensed, digitally native instrument designed for 24/7 trading on a decentralized platform. Unlike traditional S&P 500 futures, the contract carries no fixed expiry, allowing traders to hold long or short positions without rolling.

The S&P 500 sits at the center of a global trading ecosystem generating over $1 trillion in daily volume across linked exposures in exchange-traded futures, options, ETFs, and structured products, the company noted in a press release. The new perp extends that ecosystem on-chain using official SPDJI index data, a distinction TradeXYZ frames as critical for institutional-grade liquidity.

"We believe digitally-native investors should demand the institutional-quality standards that define our indices, and we are thrilled to work with TradeXYZ to do so," said Cameron Drinkwater, Chief Product & Operations Officer at S&P Dow Jones Indices.

TradeXYZ's Rapid Rise

TradeXYZ is the perpetuals arm of Unit, the Hyperliquid tokenization layer. The protocol's XYZ100 market was the first HIP-3 deployment, tracking Nasdaq futures. Launched in October, TradeXYZ began its breakout at the end of November after Hyperliquid rolled out its "growth mode" upgrade, which reduced fees on HIP-3 permissionless perpetuals markets by over 90%, triggering a sharp spike in volumes.

The platform has since crossed $1 billion in open interest and routinely processes more than $1 billion in daily volume, according to DeFiLlama.

Less than a month after deploying XYZ100, the platform added tokenized NVDA and TSLA markets and has continued adding pairs weekly.

The HYPE token rallied roughly 3% to $42 following the announcement, placing it among today’s top gainers amid a broad market selloff.