S&P Dow Jones Indices has licensed its S&P 500 Index to Trade[XYZ] for the launch of a perpetual futures contract on Hyperliquid, a development described by the index provider as the first officially licensed on-chain product offering continuous, leveraged exposure to the index for eligible non-U.S. users. The contract enables long or short positions on the index without an expiry date, with markets operating around the clock outside traditional exchange hours and data sourced from S&P Dow Jones Indices itself.

The move signals an important pivot in the crypto industry’s appetite for traditional financial benchmarks, extending on-chain derivatives beyond cryptocurrencies into mainstream equity exposure. Trade[XYZ] asserts that its on-chain markets have processed more than $100 billion in volume since October 2025, with an annualized run rate exceeding $600 billion, underscoring growing liquidity in tokenized, perpetual-style products.

Key takeaways

• The S&P 500 is now accessible on-chain through a perpetual futures contract on Hyperliquid, licensed by S&P Dow Jones Indices for eligible non-U.S. users.
• The contract offers 24/7, non-expiring exposure to the index, using official S&P Dow Jones Indices data for pricing and settlement.
• Trade[XYZ] reports on-chain volume surpassing $100 billion since October 2025, with an annualized run rate above $600 billion, highlighting strong liquidity.
• This development follows a July collaboration between the index maker and Centrifuge to bring the S&P 500 on-chain via proof-of-index infrastructure and a tokenized index fund.
• Other major exchanges are expanding perpetuals into traditional assets, including Binance’s TradFi contracts, Kraken’s tokenized futures, and Coinbase’s plan for 24/7 BTC/ETH futures in the U.S.
• Tokenized equities on-chain have grown to roughly $1.09 billion in total value, with Circle Internet Group, Exodus Movement, and Alphabet among the largest holders, per RWA.xyz data.

On-chain access to the S&P 500 and beyond

In a strategic pivot for the crypto market, S&P Dow Jones Indices’ licensing enables Trade[XYZ] to list a perpetual futures contract tied to the S&P 500 index on Hyperliquid. The product is positioned as a pioneering on-chain offering that provides continuous, leveraged exposure to a leading U.S. equity benchmark for eligible non-U.S. users, with pricing and settlement anchored to official index data.

Cointelegraph notes that the contract’s design eliminates expiry dates, a hallmark of traditional perpetuals, while maintaining a governance and data backbone aligned with the S&P 500’s official methodology. The arrangement marks a notable step in integrating established financial benchmarks with blockchain-native trading venues, highlighting a trend toward wider adoption of on-chain derivatives beyond the crypto-native asset class.

Trade[XYZ] emphasizes liquidity and accessibility, pointing to more than $100 billion in on-chain volume since late 2025 and an annualized run rate above $600 billion. While those figures underscore interest, they also set expectations for how quickly institutional-grade benchmarks can scale within a tokenized framework. This data aligns with broader market signals that on-chain perpetuals are moving deeper into traditional assets, offering leveraged exposure with 24/7 trading hours.

The development arrives on the heels of a July collaboration with Centrifuge to put the S&P 500 on-chain through proof-of-index technology and a tokenized index fund built on blockchain-based systems. The aim is to blend the reliability of traditional index construction with the efficiency and accessibility of decentralized infrastructure, potentially lowering barriers to entry for users who want continuous exposure to the benchmark without the constraints of conventional market hours.

Related coverage has framed this as part of a broader shift toward on-chain tokenization of traditional assets and perpetual derivatives, with perpetual DEX activity documented as a burgeoning wave in 2025. The broader context suggests that the S&P 500 on Hyperliquid could be a litmus test for how far on-chain versions of established financial instruments can scale and attract meaningful liquidity.

Expanding perpetuals into traditional markets

The broader crypto industry has been steadily moving toward perpetual-style contracts tied to real-world assets. In January, Binance launched TradFi perpetual contracts, offering USDT-settled derivatives linked to commodities such as gold and silver with around-the-clock trading and no expiry. The following month, Kraken expanded this model to equities, introducing tokenized perpetual futures that provide leveraged exposure to U.S. stock indexes, gold, and select companies.

Earlier in the year, Coinbase signaled plans to introduce round-the-clock trading for Bitcoin and Ether futures in the U.S. and to broaden its perpetual-style contracts. These moves collectively illustrate a converging path where crypto-native platforms seek to bridge on-chain liquidity with traditional asset classes, potentially widening the audience for perpetuals beyond pure crypto traders.

In parallel with these developments, tokenized equities have continued to grow on-chain. Data from RWA.xyz shows total on-chain value rising to about $1.09 billion from roughly $300 million at the start of 2025. The market remains relatively concentrated, with Circle Internet Group among the largest holdings at roughly $136.8 million, followed by Exodus Movement at about $83 million and Alphabet at around $72.9 million. Tesla and the iShares Silver Trust also feature prominently among on-chain holdings.

These numbers highlight a developing ecosystem where traditional brands and asset classes appear on-chain in a way that can complement or compete with existing financial channels. While on-chain equity exposure remains a small slice of the overall market, the velocity of growth and the involvement of mainstream players suggest a structural shift in how investors access diversified, time-unconstrained exposure to real-world assets.

For readers tracking the evolving landscape, these arrangements reinforce the importance of watching regulatory developments, market liquidity, and the quality of reference data that underpins on-chain pricing and settlement. The S&P 500 on Hyperliquid, and similar products in the pipeline, could shape user behavior, risk management practices, and the competitive dynamics between centralized and decentralized venues for traditional-asset derivatives.

Sources and related coverage include Cointelegraph’s reporting on perpetuals growth and the Centrifuge collaboration to bring the S&P 500 on-chain, as well as ongoing industry notes on TradFi perpetuals from major crypto exchanges and tokenized-equity data from RWA.xyz. For a deeper look at the broader trends in on-chain derivatives and tokenized assets, see the linked materials and ongoing industry analysis.

The Bank of Korea and nine commercial lenders began phase two of a digital won pilot, testing bank-issued deposit tokens backed by central bank infrastructure to determine whether the system can support government subsidy payments and consume transfers and payments nationwide.

The second phase of Project Hangang adds two banks, Kyongnam Bank and iM Bank, to the program’s original seven. The institutions will now begin large-scale testing of the won-pegged deposit tokens built on a wholesale central bank digital currency (CBDC) layer, several local news outlets reported.

“Participating banks are actively securing diverse use cases, such as large businesses and small merchants with high public relevance and significant payment fee burdens, focusing on the potential for drastically reduced fees when using digital currency for payments,” said Kim Dong-sub, who heads the Bank of Korea’s digital currency planning team, according news outlet Chosun,

A key goal is to reduce the cost of transactions. By utilizing the deposit tokens, the BOK hopes to offer a lower-cost payment alternative for both large companies and small businesses that are currently burdened by credit card processing fees, according to the bank.

The Phase 2 start comes as South Korea’s Digital Asset Basic Act (DABA), a sweeping framework meant to govern crypto trading and issuance in one of Asia’s most active digital asset markets, is delayed because of disagreements among regulators over stablecoin issuance. The thorniest issue centeres on who should have the legal authority to issue KRW-pegged stablecoins.

In the new tests, peer-to-peer transfers, which were challenging in Phase 1, will become possible.

Kim also said “the government aims to begin disbursing subsidies in digital currency during the first half of this year,” with electric vehicle charging infrastructure subsidies expected to be among the first use cases.

The Bank of Korea also mentioned plans to enable digital currency as a payment method for ‘AI agents’, which are artificial intelligence systems that search for and purchase goods and services.

Tehran Sends Strong Signals in the Face of Escalation

According to the statements made by the Iranian authorities, the political and military organization of the country is stable enough to lose the leadership. According to Foreign Minister Abbas Araghchi, the institutions were operating normally. Besides, authorities reiterated that personal losses cannot undermine the system at large. These utterances are meant to show strength as the war spreads.

The oil prices shifted downwards with the escalation of geopolitical tensions in the Middle East. The prices of crude fell by over 3 percent and closed at around 92 in the last trade period. Nevertheless, markets responded to a stable supply situation and not to conflict risks. None of the significant disturbances in production or shipping of oil constrained price pressure.

The activity of shipping via the Strait of Hormuz was maintained at a moderate rate, which sustained a stable supply globally. Further, Iran permitted some commercial ships to pass through the important passage. Furthermore, Iraq and Kurdish leaders started again with oil exports through the Ceyhan port of Turkey. The situation created an addition to the supply chain in the international markets and lessened the apprehensions concerning scarcity.

Sanctions relief pushes in the wrong direction

The United States gave a temporary lift on sanctions imposed on the Russian oil shipments stuck at sea. This move gave it the opportunity to supply more supply to the international markets in the short run. As a result, the availability of crude was elevated, weighing on prices even though conflict risks were still there. Even a minor addition of supply, observed by analysts, could have an impact on prices in the existing circumstances.

Geopolitical risks are still pitted against stable supply flows by energy markets. Although tensions are strong, traders are focusing on real disruption of the situation as opposed to possible threats. Also, the existent equilibrium between the supply and demand has curbed price spikes. The oil markets are still sensitive to the developments as the conflict goes on.

Bitcoin’s hash rate is tumbling as the Middle East conflict drives up energy prices, adding pressure to the mining sector and broader market.

The drop in hash rate is likely tied to geopolitical tensions due to the war against Iran and surge in oil prices, given that an estimated 8% to 10% of global bitcoin mining operates in energy markets sensitive to energy costs.

With hash rate down roughly 8% over the past week to 920 EH/s, the network may be entering another phase of miner capitulation. Historically, such periods have coincided with downside pressure on bitcoin’s price, which is currently trading below $72,000, roughly 5% below its Monday high.

As a result, the network is set for an approximately 8% downward difficulty adjustment, which would mark the second-largest negative shift in the past five years, according to mempool.space.

This decline follows one of the largest difficulty drops on record in mid-February, highlighting significant volatility in mining activity.

As a result of rising competition, persistently low transaction fees, and bitcoin price volatility, this has squeezed margins and pushed many publicly traded miners to diversify into AI and high-performance computing, alongside increased bitcoin sales to support operations, acting as a headwind for the bitcoin price.

The Federal Reserve Open Market Committee (FOMC) announced on Wednesday that it would hold the Federal Funds rate steady at 3.5-3.75%, as it monitors macroeconomic impacts from the ongoing war in the Middle East.

Economic activity has expanded at a “solid pace,” Federal Reserve Chairman Jerome Powell said, adding that consumer spending remains “resilient,” while business investment continued to grow. 

However, the housing sector remains weak, and the labor market shows signs of softening, Powell said, while inflation remains “somewhat elevated” above the Fed’s 2% target.

This higher inflation and weak labor market is creating a tension between the Federal Reserve’s dual mandate of maximizing employment and stabilizing prices, Powell Said. He added that the war in the Middle East has further clouded the economic outlook. He said:

“The implications of events in the Middle East for the US economy are uncertain in the near term. Higher energy prices will push up overall inflation, but it is too soon to know the scope and duration of the potential effects on the economy.”

Interest rate policy impacts risk asset markets like cryptocurrencies and equities, with lower rates stimulating asset prices and higher rates acting as a restrictive force on risk asset prices, as investment capital flows from riskier asset classes to government bonds. 

Related: Fed holds rates amid higher inflation outlook: Bitcoin bounces to $72K

Traders see no chance of rate cuts, while analysts say liquidity will flow

97% of market participants forecast no change in interest rates at the April 2026 FOMC meeting. While 3% forecast a rate hike of 25 basis points (BPS), according to data from the Chicago Mercantile Exchange (CME).

A rate hike of 25 basis points would spike the Federal Funds Rate to a range between 3.75% and 4.00%.

Arthur Hayes, a market analyst and co-founder of the BitMEX crypto exchange, said he is waiting for the Fed to slash rates before he resumes buying Bitcoin (BTC). 

Hayes also said that the ongoing war between the US and Iran would likely cause the Federal Reserve to ease monetary policy to finance the war. 

Others, like macroeconomist Lyn Alden, say that the Federal Reserve has entered a “gradual print” phase in which new money is steadily being created, slowly raising up all asset prices.

Magazine: Is China hoarding gold so yuan becomes global reserve instead of USD?