What is S&P 500 index?
The S&P 500 tracks 500 large companies listed in the United States across all major sectors. It is weighted by the market value of shares available to the public, so the biggest companies have the most influence. S&P Dow Jones Indices publishes it, and it is widely used as a measure of the US stock market.
The xyz:SP500 perpetual tracks the price of S&P 500 index, settles in USDC and never expires. It is listed on XYZ, a builder exchange: a market run by an outside team on Hyperliquid's order book. You can go long or short with up to 50× leverage, around the clock.
Contract details
- Market
xyz:SP500on XYZ (builder exchange)- Tracks
- The price of S&P 500 index
- Settlement
- USDC, no expiry
- Leverage
- 50× at any size
- Margin
- Cross or isolated
- Size step
- 0.001 SP500
- Funding
- Paid every hour
- Fees on Hypurr Desk
- 0.034% market, 0.028% limit
- Trading hours
- Around the clock, every day
Size a SP500 trade from its stop
Hypurr Desk asks where your stop goes and how much of your account you are willing to lose there, then works out the size. An example at 7,586.7, from when this page was built:
- Account
- $1,000.00
- Risk
- 1% = $10.00
- Stop
- 2% below entry, at 7,435.0
- Size
- 0.063 SP500 ($477.96)
- Loss at the stop, fees included
- $9.88
- Leverage
- 25× cross, $19.12 margin
The stop sets the loss, not the leverage: leverage only decides how much margin the position ties up. Move the stop and the size follows, so a wider stop means a smaller position and the same loss. The stop is placed on the exchange with the entry. How risk sizing works.
Questions about SP500
What is the maximum leverage on SP500?
50×. Hypurr Desk sizes each order from your stop, so the leverage follows from how much you choose to risk.
How often is funding paid on SP500?
Every hour. When the rate is positive, longs pay shorts; when it is negative, shorts pay longs. The current rate is shown at the top of this page.
What does it cost to trade SP500 on Hypurr Desk?
At the exchange's base tier, 0.034% of the position value for market orders and 0.028% for limit orders that rest on the book, including the 0.025% Hypurr Desk fee. There is no subscription and no sign-up.
Can I trade S&P 500 index when its home market is closed?
Yes. The perpetual trades around the clock, every day, including weekends and holidays. Prices can jump when the main market reopens, so a stop may fill away from its price.
Do I own S&P 500 index when I trade this market?
No. A perpetual tracks the price of S&P 500 index and settles gains and losses in USDC. You never hold the underlying asset, and positions can be closed out if losses use up their margin.
