Pyth Network Powers First Licensed S&P 500 Perpetual Contract Onchain

• The S&P Dow Jones has launched the primary S&P 500 perpetual futures contract on-chain, with the Pyth Community offering the value feeds.
• On the primary day of buying and selling, the perpetual market on Hyperliquid hit $100 million as traders welcomed the prolonged market hours and world entry.

This week, the S&P Dow Jones Indices introduced it might introduce the market-leading S&P 500 to Hyperliquid, marking the primary time the index could be accessible on-chain.

The corporate, which is the world’s largest indices supplier, revealed it had licensed its largest index to commerce.xyz, a buying and selling platform constructed on Hyperliquid providing on-chain perpetual futures markets. It was the primary time non-US traders might entry the index through a digitally native product that operates 24/7 on a decentralized platform.

The product is powered by Pyth Networks, one of many largest decentralized oracle networks. The mission revealed on Friday that commerce.xyz depends on its proprietary composite feed to energy its prolonged session pricing.

The primary formally licensed S&P 500 perpetual contract is reside on @tradexyz.

Commerce[XYZ] makes use of Pyth’s proprietary composite feed to energy the prolonged session pricing.

The S&P 500 perp trades practically across the clock, from Sunday 6PM ET to Friday 5PM ET. However the money index solely… https://t.co/tt4mg3XDLZ

— Pyth Community 🔮 (@PythNetwork) March 20, 2026

The brand new index on Hyperliquid is constructed to commerce practically across the clock. Whereas some advertising and marketing supplies from S&P Dow Jones point out the product might be reside 24/7, Pyth says it can commerce from Sunday 6 PM ET to Friday 5 PM ET. Even then, it might lack a dependable knowledge supply, because the money index is just revealed throughout common U.S. market hours. Past this window, buying and selling platforms lack any knowledge to facilitate buying and selling.

The Community says:

“Pyth fills that hole. The EMM6/USD feed is a composite worth constructed from actual futures buying and selling exercise, contributed by the corporations buying and selling these contracts. Upstream pricing from market contributors. Steady pricing. Onchain.”

Pyth-Powered Perpetual Futures Course of $100M on First Day

The perpetual futures on Hyperliquid have been an immediate success. On Friday, the primary day of buying and selling, the decentralized alternate recorded $100 million in quantity from traders eager to capitalize on the brand new product.

Whereas the ’24/7′ nature of the brand new perpetual futures has been its greatest promoting level, it additionally provides world entry without having for a dealer account, eliminating conventional gatekeepers. It additionally opens up the market to merchants past the US. Hyperliquid additionally helps immediate on-chain deposits and withdrawals, in contrast to the earlier setup, which took as much as 3 days for transactions to settle.

Historically, S&P futures contracts expire and should be rolled over. Nonetheless, with the brand new perpetual futures, a place can keep open indefinitely. It additionally permits a lot smaller positions for capital effectivity, and allows integration into DeFi methods as every part is on-chain.

Hyperliquid has develop into one of many essential tasks in crypto. Final month, it opened a DeFi coverage foyer in Washington with a $28 million seed fund to defend its pursuits, as CNF reported. It has additionally continued so as to add new options, most not too long ago a steady clearing public sale mechanism that permits tasks to boost funds extra simply on its protocol.