Which price xyz:SP500 follows, hour by hour
The S&P 500 market on Hyperliquid is xyz:SP500, deployed by trade.xyz on its xyz HIP-3 dex and trading since March 18, 2026. It is a perpetual on the S&P 500 Index itself (licensed to trade.xyz by S&P Dow Jones Indices), settled in USDC. Single stocks on the same dex follow one share price; an index perp has a harder job, because the index itself is only calculated while US stock exchanges are open. trade.xyz fills the rest of the week from two other sources, so the useful question for a trader is not "what are the hours" but "which price am I trading against right now". There are three answers.
US cash hours: the index value itself
During the cash session, from the opening bell to the close, the relayer feeds the oracle the live S&P 500 value. You can check how tightly the perp holds to it at the close: on October 19, 2026 the last full minute before the close ended at 7,688.8 on xyz:SP500, while the index closed at 7,690.73. That is the level a cash-market investor sees in a broker app or on the evening news, not the futures quote that trades around it.
Evenings and nights: the future, discounted back to spot
After the close, the index stops updating but its futures keep trading. trade.xyz then prices the market from the dated future, currently the December 2026 (Z6) future, used until December 14, 2026, 15:00 UTC, and divides out the cost of carry. The rate it uses is the interest rate minus the forward dividend yield (d = r − q), read from the gap between the future and the spot index, measured continuously during the cash session as a 1 hour moving average and then frozen until the next opening bell. The practical effect: an overnight move in E-mini futures carries through to the perp, but expressed as a spot-equivalent level. Anyone who lines up a futures chart next to the Hyperliquid chart will see the futures sitting higher by the carry; that gap is by design, not a mispricing to trade against. At the cash open the oracle switches back to the index, and because the frozen rate was taken from the previous session, the switch itself should only show the change in the basis since then. The docs list the roll schedule up to the December contract; the contract after it is not published yet.
The daily break and the weekend: Hyperliquid's own book
Futures pause for an hour each weekday evening from Monday to Thursday and close for the weekend, and so do the external prices: they follow the futures week, 23/5, Sunday 6:00 PM to Friday 5:00 PM ET with a daily 5-6 PM ET gap. The maintenance hour from Monday to Thursday and the whole weekend fall back on internal pricing: the oracle drifts toward the impact prices of the xyz:SP500 book with a 30-minute time constant. trade.xyz limits that drift with a band of ±2% around the last external price and lets it re-anchor once per direction, so the most a weekend can carry the mark is roughly +4.04% or −3.96%. One rule follows from the bounds: a position whose liquidation price sits outside the active bounds cannot be liquidated while those bounds apply.
Set that against the leverage. At 50x the maintenance margin is 1% of the position, so an isolated position at full leverage is liquidated by a move of about 1.01%, 51% of one weekend step. Weekend positions also pay funding at a gentler rate than on crypto perps: since December 19, 2025 every trade.xyz market applies a multiplier of 0.5x to Hyperliquid's funding formula, which trade.xyz says brings the baseline to about 5.5% a year and makes weekend funding less aggressive. Futures holidays work like a short weekend; the ones left in 2026 are in the hours table below.
Margin and order size on an index perp
Unlike many single-stock markets on the xyz dex, SP500 accepts cross margin, so the whole account balance can back the position (isolated is still available). The deployer caps open interest at $1.25B, the largest of the 129 open-interest caps on the xyz dex on October 20, 2026; near the cap, orders that add exposure are rejected. With a leverage cap this high, Hyperliquid limits a single market order to $30M; larger orders have to go in as several orders or as limits. Fees are small next to that leverage: the market runs in HIP-3 growth mode, which cuts the fee by at least 90% against a standard HIP-3 market.
xyz:SP500 or mkts:US500
A second S&P 500 market lives on the Markets by Kinetiq dex, listed since July 1, 2026. It references the SPY ETF price (NYSE: SPY), so its price is about a tenth of the S&P 500 level: at the October 19 close SPY ended at $766.48 and mkts:US500 at 766.10, and at build time SP500 traded at 10 times the US500 price. A one per cent move is a one per cent move on both, but position sizes in units, price ticks and stop levels are not interchangeable. Its oracle comes from Kaiko, with exchange prices in US hours, exchange and ATS quotes in extended and overnight hours, an internal price on weekends and US holidays; overnight that means alternative-trading-system quotes on the fund rather than index futures, and its internal price uses a slower time constant of 1 hour. SPY is a fund that pays out dividends, so its price drops on each ex-dividend date; trade.xyz's method already prices dividends through the r − q rate, while the Markets pages we read describe no adjustment for it. Trading US500 through the markets.xyz website adds that front end's builder fee of 0.05% at the entry tier, on top of the market's own 0.009% taker fee; the same market traded on app.hyperliquid.xyz carries no Markets builder fee.
Three things named after the S&P 500 that are not this market
First, SPX on Hyperliquid's main dex is a memecoin perp (SPX6900) priced around $0.36 with a 5x cap, not the S&P 500; Lighter and Aster use the same ticker for that token. Second, Hyperliquid spot lists tokenized ETF products from third-party issuers (for example “Wrapped SP500 xStock” and “EQX Tokenized SPY”): tokens you hold, with their own issuers, not this perpetual. Third, other venues list S&P 500 exposure under their own names (table below), each with its own hours: Ondo's index perp, for example, trades 24/7, on the external price from Sunday 6:00 PM to Friday 5:00 PM ET (with a daily 5–6 PM break) and on Ondo's internal order-book price at all other times, including all of Saturday, so like xyz:SP500 it trades on Saturday, on a price from Ondo's own order book rather than xyz's. Finally the licence: S&P Dow Jones Indices has exclusively licensed the S&P 500 Index to trade.xyz, which calls SP500 the only officially licensed perpetual contract on the S&P 500. The disclaimer that comes with it states that the S&P 500 perpetual contract is not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices, whose only relationship to trade.xyz is the licence of the index and trademarks.