By Keel Research Team · Updated October 2, 2026
Trade the S&P 500 as a perpetual on Hyperliquid — 24/7, on-chain, self-custodial.
Venue facts read from Keel’s instrument table Oct 2, 2026, 21:40 UTC (hourly sync of Hyperliquid market metadata) · last listing change observed Oct 2, 2026, 21:00 UTC.
The S&P 500 perpetual on Hyperliquid (xyz:SP500) tracks the S&P 500 index via an oracle feed during US market hours and trades continuously on Hyperliquid the rest of the time. It is a HIP-3 builder-deployed market. The perp gives traders direct, around-the-clock exposure to broad US equity market direction without holding individual constituent stocks, and complements single-stock perps such as NVDA and TSLA for paired-trade or beta-hedge strategies. Index perps typically carry a higher leverage cap than single names; the live cap is shown above.
Keel is a Strategy OS for AI-assisted systematic trading on Hyperliquid. Backtest a strategy that trades SP500 against funding, momentum, or rotation signals, change a parameter and re-run it, then deploy live with funding-aware execution and full risk controls.
Free to start — connect a Hyperliquid wallet when you’re ready to go live.
| Venue | Product | Hours | Leverage | Custody |
|---|---|---|---|---|
| Hyperliquid (xyz dex) | Perpetual (USDC) | 24/7 | Up to 50x | Self-custody |
| Robinhood / brokerage | Spot stock | US market hours | Margin (limited) | Custodial |
| CFD broker | CFD | Extended hours | Varies | Custodial |
Comparison shown for orientation. Not legal, tax, or investment advice. Confirm current product terms with each venue directly. See Hyperliquid vs Robinhood for a deeper side-by-side breakdown.
The contract references the S&P 500 index level through the builder’s oracle during US market hours. Between sessions the Hyperliquid order book sets the price, with funding anchoring it back to the index when the oracle resumes.
SPY is an ETF on the NYSE that trades during US market hours. The xyz:SP500 perpetual trades 24/7 on Hyperliquid as a perpetual futures contract, with funding rates and leverage. Different product, same underlying index.
SP500 on the xyz dex offers up to 50x leverage, read from the venue’s market metadata. The market can be held cross or isolated. Margin requirements scale with position size; the live cap and margin tiers are on the Hyperliquid market page.
Funding is computed from the gap between the perpetual price and an oracle reference: when the perp trades above the oracle, longs pay shorts; below, shorts pay longs. Core Hyperliquid perps settle funding hourly; a HIP-3 builder sets the schedule for its own markets, so confirm the cadence on the market page. The per-period rate is small but compounds over multi-day holds.
Hyperliquid perpetuals trade 24/7. Off-hours (overnight, weekends, holidays), the perp may diverge from the underlying spot price since traditional markets are closed and price discovery happens here. Funding pulls the perp back toward the oracle over time.
Yes. You connect a wallet (e.g. via Hyperliquid’s native UI or a builder app); keys never leave your control. Hyperliquid is a non-custodial exchange.
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