S&P Dow Jones Indices licenses brand for first official S&P 500 perp to trade on Hyperliquid

The S&P Dow Jones Indices has officially licensed the S&P 500 mark to Trade[XYZ], which will launch "the first and only officially licensed perpetual derivative contract" based on the S&P 500, according to a press release on Wednesday.

XYZ is a perps provider on Hyperliquid, the most popular decentralized derivatives exchange.

"This collaboration represents the first time eligible, non-US investors can gain leveraged exposure to the S&P 500 through an officially licensed, digitally native product designed for 24/7 trading on a decentralized platform," the announcement reads. 

Perps are a type of derivative contract native to the crypto ecosystem that enables traders to take leveraged long or short positions on an underlying asset without a fixed expiry. These contracts can trade 24/7.

While the majority of perps still occur on centralized platforms, such as Binance, the market share of DEXes has grown significantly.