Trade the S&P 500 on Hyperliquid

The officially licensed S&P 500 perp, and on most days the busiest HIP-3 market on Hyperliquid.

Updated Fact-checked November 4, 2026 Data as of 2026-11-04 10:16 UTC 12 sources
Short answer

Yes. trade.xyz's xyz:SP500 perpetual references the S&P 500 Index under a licence from S&P Dow Jones Indices, is margined and settled in USDC and trades 24/7 on Hyperliquid. It is the highest-leverage equity market on the venue. In the 24 hours to 2026-11-04 10:16 UTC, xyz:SP500 traded $630M with $380M open interest at a mark of $7,634.50 (Hyperliquid API).

Live market data

xyz:SP500 HIP-3 · run by trade.xyz
Live
Mark price
$7,634.50
24h change
+1.23%
24h volume
$630M
Open interest
$380M
Funding (1h)
+0.0006%
Funding (annualized)
+5.5%
Max leverage
50x
Taker / maker fee
0.009% / 0.003%

Growth mode on (deployer fee scale 1): fees are 0.2x core perp rates. Fees are tier 0 before staking or referral discounts.

Hyperliquid API snapshot, 2026-11-04 10:16 UTC. Positive funding means longs pay shorts; it is charged every hour, and the annualized figure is the current hourly rate × 8,760 (it changes every hour). Open interest is in USD at the mark price.

What xyz:SP500 tracks

xyz:SP500 references the S&P 500 Index, the free-float market-cap-weighted index of 500 leading US companies. trade.xyz says S&P Dow Jones Indices has licensed the index to it exclusively, making this the only officially licensed S&P 500 perpetual. The licence covers use of the index; S&P doesn’t sponsor, endorse or make any representation about the product (disclaimer).

It is a linear perp margined and settled in USDC. A move from 7,000 to 7,070 is a 1% gain on a long, paid in USDC. There are no dividends: the index is a price index, and the perp doesn’t pass through the yield that an ETF such as SPY pays.

How the price is built

trade.xyz’s relayer uses two inputs. During the US cash session (9:30 AM–4:00 PM ET) the oracle is the live spot index value. While it watches the spot index, it also measures the basis to the front S&P 500 futures contract and keeps a one-hour moving average of the implied discount rate. Outside the cash session, while futures trade, the oracle is the futures price discounted back to an implied spot level at that rate. That’s how the perp has a sensible “index” price at 3 AM on a Tuesday, when the index itself isn’t calculated.

The futures leg rolls quarterly. For the December 2026 contract (Z6), trade.xyz’s table shows it active until 2026-12-14 15:00 UTC.

Hours: 23/5 external price, 24/7 trading

The external price for xyz:SP500 runs Sunday 6:00 PM to Friday 5:00 PM ET, with a daily maintenance gap from 5:00 to 6:00 PM ET Monday to Thursday, and it follows futures-market holiday closures. Outside those hours the market keeps trading and the oracle switches to trade.xyz’s internal pricing, which follows Hyperliquid’s own order book inside discovery bounds. When the external feed returns, the price snaps back to it, which can move the mark in one step.

The S&P 500 perp has the tightest band on trade.xyz: ±2% per band with one re-anchor per direction, so the weekend market can move at most about +4.0% / −4.0% from Friday’s close before it hits a hard cap. Its maximum leverage is also the highest of any equity market on Hyperliquid (live figure above), which makes that cap matter: at 50x, a 2% move against you is all of your margin.

Fees

The market runs in growth mode as of November 2026: about 0.009% taker / 0.003% maker at tier 0, versus 0.09% / 0.03% for standard HIP-3 markets. On a $10,000 position that’s roughly $0.90 to open as a taker. A referral code takes a further 4% off; see our referral code.

For a tech-heavy index, see XYZ100, trade.xyz’s US 100 index. trade.xyz also lists the Japan 225 (xyz:JP225), Korea 200 (xyz:KR200) and NIFTY 50 (xyz:NIFTY), all much smaller.

Contract specs

xyz:SP500 · trade.xyz

TracksThe S&P 500 Index, licensed from S&P Dow Jones Indices (trade.xyz says it is the only officially licensed S&P 500 perpetual).
Price sourceDuring the 9:30 AM–4:00 PM ET cash session, the spot index value. Outside it, the price of the front S&P 500 futures contract discounted to an implied spot level using the basis observed in the last cash session.
External hoursExternal price 23/5: Sunday 6:00 PM to Friday 5:00 PM ET, with a daily 5:00–6:00 PM ET gap Monday to Thursday.
Outside those hoursDuring the daily gap, weekends and futures holidays the market keeps trading on internal pricing, limited by discovery bounds.
Max leverage50x (live from the API)
Margin modeCross or isolated (your choice); live from the API
Price limits±2% per band, 1 re-anchor per direction
SettlementCash-settled in USDC; no shares, coins or barrels change hands.
Spec sourcetrade.xyz Specification Index (reviewed November 4, 2026)

How to trade it

  1. Check you're allowed to. Hyperliquid's terms restrict the United States, Ontario and other places, and trade.xyz's terms bar US persons. If you're in a restricted place, stop here.
  2. Set up a Hyperliquid account with a fee discount. Connect a wallet at app.hyperliquid.xyz and set a referral code before your first trade: our code gives 4% off fees on your first $25M of volume. Full walkthrough: how to start trading on Hyperliquid.
  3. Deposit USDC. Every market here is margined and settled in USDC. See how to deposit USDC to Hyperliquid.
  4. Open the market. Use trade.xyz (its link applies the same Hyperliquid referral) or the official Hyperliquid app, which lists HIP-3 markets alongside core perps. Search for xyz:SP500. Each HIP-3 dex keeps its own margin, separate from core perps, so the app may ask you to move USDC into that dex first.
  5. Choose margin mode and leverage. Some HIP-3 markets are isolated-only (the margin mode row above says which). Leverage is a ceiling, not a target: at 10x, a 10% move against you wipes out your margin, and liquidation comes earlier than that.
  6. Place a small first order and set a stop. Limit orders pay the lower maker fee. Watch the funding rate: you pay or receive it every hour you hold the position.

Risks

  • It's a perp, not the asset. You get cash-settled price exposure in USDC. No share ownership, votes or dividends, and the price you trade can drift from the underlying, especially when its home market is closed.
  • The deployer runs the oracle. trade.xyz publishes the price that drives funding and liquidations, sets leverage limits and can halt and settle a market. Each HIP-3 deployer stakes 500,000 HYPE that validators can vote to slash if the deployer's actions harm the protocol, which is an incentive, not insurance for your position.
  • Outside market hours the price is set by traders here. When the underlying market is shut, the oracle follows this order book within discovery bounds. When the real market reopens, the price can jump to wherever it opens, and stops can fill far from where you set them.
  • Liquidation. If your equity falls below maintenance margin (half the initial margin at max leverage), the position is closed at market. With cross margin, a loss here can take collateral from your other cross positions.
  • Funding cuts both ways. Rates change every hour. A positive rate costs longs money every hour the position is open; over weeks that adds up.
  • Thin books. Smaller markets can have wide spreads; big orders and liquidations move the price.

Nothing here is investment advice or a price forecast. Leveraged perps can lose more than you expect, fast.

Questions people ask

Can you trade the S&P 500 on Hyperliquid?

Yes. trade.xyz's xyz:SP500 perp tracks the S&P 500 Index under a licence from S&P Dow Jones Indices. It is margined and settled in USDC and trades 24/7.

What hours does the Hyperliquid S&P 500 perp trade?

It trades 24/7. Its external price runs Sunday 6:00 PM to Friday 5:00 PM ET (spot index in the 9:30 AM–4:00 PM cash session, discounted index futures otherwise); weekends and the daily 5–6 PM ET break use internal pricing within ±2% bands.

Is the Hyperliquid S&P 500 perp the real S&P 500?

It is a licensed derivative on the index, not a fund or ETF. You get cash-settled price exposure in USDC; there are no dividends, and S&P Dow Jones Indices does not sponsor or endorse it.

Can I trade this on Hyperliquid from the US?

No. Hyperliquid's terms restrict the United States (and Ontario, among others), and trade.xyz's terms bar US persons. ICE said on October 29, 2026 that it is backing a US version of trade.xyz's markets, subject to CFTC approval; nothing is live for US users yet.

Sources

  1. trade.xyz docs: Specification Index
  2. trade.xyz docs: Equity indices (cash-session spot, discounted futures)
  3. trade.xyz docs: US equity indices (S&P 500 licence, XYZ100)
  4. trade.xyz docs: S&P 500 disclaimers
  5. trade.xyz docs: Discovery bounds
  6. trade.xyz docs: Fees and growth mode
  7. trade.xyz docs: Holiday closures
  8. trade.xyz docs: General disclaimer (restricted persons)
  9. The Block: ICE moves to bring trade.xyz Hyperliquid perps to the US (2026-10-29)
  10. Hyperliquid info API (metaAndAssetCtxs, snapshot 2026-11-04 10:16 UTC)
  11. Hyperliquid Docs: HIP-3 builder-deployed perpetuals
  12. Hyperliquid Docs: Fees (HIP-3 and growth mode)