S&P Dow Jones Indices granted trade.xyz the right to offer the first officially licensed derivative contract based on the S&P 500 on Hyperliquid, a decentralized trading platform that has quietly becoming a major venue for leveraged digital-asset trading. The contract — known as a perpetual, because unlike a conventional futures contract it never expires — will allow eligible non-US investors to bet on or against the index around the clock, using official S&P data for the first time.