By Keel Research Team · Updated May 9, 2026
Trade the S&P 500 as a perpetual on Hyperliquid — the first officially licensed 24/7 S&P 500 perpetual.
The S&P 500 perpetual on Hyperliquid (xyz:SP500) is the first officially licensed 24/7 S&P 500 perpetual, deployed by TradeXYZ in March 2026 under an agreement with S&P Dow Jones Indices. The market tracks the S&P 500 index via an oracle feed during US market hours and trades continuously on Hyperliquid the rest of the time. Settlement is USDC; max leverage 20x; funding hourly. The S&P 500 perp gives traders direct, around-the-clock exposure to broad US equity market direction without holding individual constituent stocks. It complements single-stock perps like NVDA and TSLA for traders running paired-trade or beta-hedge strategies. The licensed-index status matters because it makes the product legally distinct from the synthetic-index perps that came before, with branded SPX/SP500 use rights from the actual index provider.
Keel is a Strategy OS for AI-assisted systematic trading on Hyperliquid. Backtest a strategy that trades SP500 against funding, momentum, or rotation signals, optimize parameters across thousands of variants, 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 (TradeXYZ) | Perpetual (USDC) | 24/7 | Up to 20x | 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.
TradeXYZ has a licensing agreement with S&P Dow Jones Indices to use the S&P 500 trademark and methodology. This makes the xyz:SP500 perp a sanctioned product distinct from earlier synthetic-index perps that referenced the index without permission.
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.
Funding is computed hourly from the gap between perpetual price and an oracle reference. When the perp trades above the oracle, longs pay shorts; below, shorts pay longs. The rate is small per hour (typically ±0.01% range) but compounds over a 24-hour period. The exact mechanics match Hyperliquid’s standard perpetual funding model.
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.
Trade Nvidia (NVDA) as a perpetual contract on Hyperliquid — 24/7, on-chain, up to 20x leverage.
Trade Tesla (TSLA) as a perpetual contract on Hyperliquid — TradeXYZ (USDC) or Felix (USDH).
Trade the Nasdaq-100 as a perpetual on Hyperliquid — the highest-OI HIP-3 product, up to 30x leverage.