S&P 500 perpetual contract made its debut on Hyperliquid, marking it the first licensed perpetual derivative tied to the benchmark S&P 500 equity index ever offered on‑chain. Traders on Hyperliquid can now take leveraged positions on the US market 24/7 without needing to interact with traditional stock exchanges. https://twitter.com/tradexyz/status/2034260987197444255?s=20 The launch has had an immediate impact on the native token of Hyperliquid, HYPE. The token immediately jumped to an intraday high of $43.58 before pulling back to around $39.82 at press time. What the S&P 500 perp means for HYPE The listing of the S&P 500 perpetual contract alters market dynamics for Hyperliquid in a few key ways.