The S&P Dow Jones Indices has officially licensed the S&P 500 mark to Trade[XYZ], which will launch “the first and only officially licensed perpetual derivative contract” based on the S&P 500, according to a press release on Wednesday.
XYZ is a perps provider on Hyperliquid, the most popular decentralized derivatives exchange.
“This collaboration represents the first time eligible, non-US investors can gain leveraged exposure to the S&P 500 through an officially licensed, digitally native product designed for 24/7 trading on a decentralized platform,” the announcement reads.
Perps are a type of derivative contract native to the crypto ecosystem that enables traders to take leveraged long or short positions on an underlying asset without a fixed expiry. These contracts can trade 24/7.
While the majority of perps still occur on centralized platforms, such as Binance, the market share of DEXes has grown significantly.
Hyperliquid accounts for over 36% of the total perps DEX market share today, according to The Block’s data. Trade.xyz, built by Hyperliquid’s Hyperunit tokenization arm dominates the market for “Builder-Deployed Perpetuals” HIP-3 markets with nearly 90% of all open interest.
According to The Block Research, as of last weekend only seven of the top 30 markets on trade.xyz are crypto pairs, with the remaining being tokenized or synthetic versions of “traditional” assets such as commodity contracts for gold, silver, and crude oil, as well as synthetic contracts for the S&P 500, NASDAQ, and individual stocks.
Other Hyperliquid perps providers, including Dreamcash, backed by Tether, have also deployed unofficial tokenized versions of brand-name investment products like the S&P 500. HIP-3 contracts were launched in October to enable any third-party provider to spin up perps markets if they meet the 500,000 HYPE token security bond staking requirement.
On Tuesday, two of the top U.S. financial regulators, the Securities and Exchange Commission and Commodity Futures Trading Commission unveiled new guidance many digital commodities and “digital tools” are not securities, but also outlining a path for how a “non-security crypto asset” could become a security.
Shares offered to the public for index funds tracking the S&P 500, which acts as a benchmark for the largest U.S. corporations, are traditionally registered with the SEC.
© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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