Hyperliquid partners with TradeXYZ to launch the first on-chain S&P 500 perpetual futures contract, authorized by S&P Dow Jones, supporting 24/7 trading and driving traditional financial products into the crypto market. HYPE token surges nearly 2%, up 76% year-to-date, while Hyperliquid leads trading volume in the commodities market.

Gate News reported that on March 19, at the U.S. stock market opening, the Dow Jones Industrial Average fell 0.55%, the S&P 500 Index declined 0.82%, and the Nasdaq Index dropped 1.35%. Precious metals stocks experienced significant declines, with Coeur d'Alene Mines Corporation (CDE.N) down 8%, Newmont Corporation (NEM.N) down 9%, and Pan American Silver Corp (PAAS.O) down 6%. The Nasdaq China Dragon Index fell 1.9%.

On March 19, hawkish comments from the Federal Reserve triggered a decline in U.S. stocks, with the Dow Jones falling 0.64%, the S&P 500 down 0.79%, and the Nasdaq down 1.14%. Crypto-related stocks also declined across the board, with declines seen in Circle, CEX, Riot, and others.

As the trend of tokenizing real-world assets accelerates, the S&P 500 Index has officially entered the crypto derivatives market. Trade XYZ has launched S&P 500 perpetual futures on the Hyperliquid platform, supporting 24/7 trading. This initiative brings institutional index standards into the digital asset ecosystem, meeting user demand and reflecting the accelerating convergence of Wall Street and blockchain. Trading volume on the Hyperliquid platform is rising, with users able to take positions on multiple assets. Analysts believe that traditional financial trading models are undergoing structural changes.

Gate News reports that on March 19, Trade.xyz has deployed the S&P500/USDC (S&P 500, US stock market benchmark index) trading pair on the Hyperliquid platform through the HIP-3 protocol, supporting up to 50x leverage. The contract officially launched last night (March 18), and as of press time, cumulative trading volume has reached $31.5 million, with open interest rapidly climbing to $19.6 million.

Gate News reports that on March 19, Sky co-founder Rune Christensen conducted trading operations on the HyperliquidX platform, using 20x leverage to short the S&P 500 Index (the benchmark index of the US stock market). At the same time, Rune increased the size of his long position in Brent crude oil (the international benchmark for crude oil prices), currently using 7x leverage. Additionally, TWAP orders are running to further increase the position.

Gate News: On March 18, S&P Dow Jones Indices authorized the S&P 500 Index (Standard & Poor's 500 Index, the benchmark index for the US stock market) for perpetual futures trading on Hyperliquid.

Analysts point out that Ethereum has recently outperformed the S&P 500 index, though Federal Reserve policy decisions may impact its upward momentum. Despite prices remaining below last year's highs, institutional investors are actively increasing positions, demonstrating strengthened confidence in Ethereum, while the launch of new ETFs also reflects sustained market interest in digital assets and decentralized finance.

Circle Internet Group (CRCL) announced on March 18 the appointment of Kirk Koenigsbauer to its board of directors, where he will participate in the compensation and risk committee. He brings over 30 years of experience in global enterprise software and cloud services and currently serves as president and COO of Microsoft's Experiences & Devices Group.

US stocks closed on March 18: the Dow Jones rose 0.10%, the S&P 500 rose 0.25%, and the Nasdaq rose 0.47%. Multiple projects rose in the crypto market, with Circle up 5.15% and Solana down 0.91%. msx.com is a decentralized RWA trading platform that supports multiple US stock and ETF tokens.