Hyperliquid’s S&P 500 perpetual tops $100 million in daily volume after licensed launch

Hyperliquid’s newly launched S&P 500 perpetual contract has seen significant early success, exceeding $100 million in 24-hour trading volume within days of its debut and establishing itself as one of the top 10 largest markets on the blockchain. This surge demonstrates a growing demand for continuous, onchain access to traditional assets. The product is the first officially licensed perpetual derivative based on the S&P 500, resulting from a licensing agreement between Trade[XYZ] and S&P Dow Jones Indices, utilizing institutional-grade index data. This launch contributes to the expansion of Hyperliquid’s HIP 3 ecosystem, which has experienced a substantial increase in open interest, reaching $1.43 billion—over 100 times higher than six months prior—driven by the popularity of tokenized equity, commodity, and macro products. Trade[XYZ] has processed over $100 billion in volume since October 2025 and is currently on track to exceed $600 billion annually. The S&P 500 contract also coincides with Hyperliquid’s growing role in after-hours price discovery, as evidenced by recent high weekend trading volumes in its oil markets during geopolitical events.

(Source：Crypto Briefing)