You can trade perpetual futures that track US equity and index prices, including the S&P 500. You cannot buy shares.
What an equity perpetual is
A contract referencing a stock or index price, settled in USDC, with no expiry. Price exposure and nothing else — no ownership, no dividends, no voting rights.
It tracks the underlying through an oracle, and hourly funding keeps the contract tethered to that reference the same way it does for BTC.
They trade when the stock market is closed
Equity and index perps run continuously. A position on an S&P 500 perp can be opened at 3am on a Sunday, and the price keeps moving through weekends and holidays while the cash market is shut.
That cuts both ways. Gap risk doesn’t disappear; it arrives during hours when liquidity is thinnest and a move can run further before anyone takes the other side.
How these markets got listed
Through HIP-3, which lets a deployer stake HYPE and launch a market rather than waiting for the protocol. That’s why the tradeable set includes commodities and equity indices alongside crypto.
Liquidity is thinner than BTC
Newly deployed markets have shallower books. Market orders are expensive here, and execution quality matters more than on major crypto perps.