S&P Dow Jones Indices (S&P DJI) announced on Tuesday that it had granted Trade[XYZ] permission to use the S&P 500 to launch the first official S&P 500 perpetual contract based on the benchmark index on decentralized exchange Hyperliquid (HYPE).

The company said the new product will allow eligible non-U.S. investors to gain leveraged exposure to the S&P 500 through a digital asset that trades continuously and never expires. Perpetual derivatives allow traders to maintain long or short positions in an asset. 

The launch is the first time a major global equity index has been made available as an officially licensed perpetual contract on-chain. 

Hyperliquid was up over 2% in the last 24 hours. On Stocktwits, retail sentiment around HYPE dropped from ‘bullish’ to ‘neutral’ as chatter levels remained at ‘high’ over the past day. 

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