Hyperliquid has just been launched S&P 500 regular contract above $100 million in 24 hour trading volume within days of its debut, quickly becoming one of the 10 largest blockchain markets. The initial increase shows the high demand for 24/7 onchain access to traditional products.
The market was he started Through a licensing agreement between Trade(XYZ) and S&P Dow Jones Indices, which defined the trade as the first and only one with a perpetual license to reference the S&P 500 and backed by group information.
The launch adds to the rapid growth of Hyperliquid’s HIP 3 ecosystem, which allows for license-free deployment of endless new markets. The open interest in the HIP 3 markets has recently increased to about $1.43 billion, more than 100 times more than six months ago, as funds, assets, and capital goods grew along with crypto pairs.
Trade(XYZ), which S&P described as the world’s leading hyperliquid financial market, has managed more than $100 billion since October 2025 and is now trading at more than $600 billion.
The S&P 500 contract also comes at a time when Hyperliquid is becoming a key area for hourly price discovery. At the beginning of this month, the oil market Trade(XYZ) took a lot of action during the period of global instability, with reports showing the weekend over $1 billion.
In response, Trade(XYZ) released its version of the Discovery Bounds framework, a strategy designed to reduce volatility in hourly prices while allowing markets to move while traditional exchanges are closed. The revised order was placed ahead of the launch of the S&P 500 as onchain trading of traditional commodities continues to grow.
