Trade the S&P 500 (SP500) perp 24/7, permissionless
The benchmark index of 500 large US companies, covering most of the US stock market by value. The number most investing performance is judged against. You cannot buy an index itself, only something that tracks it. The SP500 perp on Based does that around the clock, long or short, from a self-custody wallet.
S&P 500 (SP500)
$7,684+0.5%24h
Index (S&P DJI) · United States · quoted in USD
SP500 trading hours on Based vs the futures market
Index futures trade nearly around the clock on weekdays, but they take a break every evening and shut down from Friday evening to Sunday evening, plus exchange holidays. The SP500 perp on Based runs 24/7: no daily break, no weekend close, no holiday calendar.
The trade-off is the instrument. It is a perpetual future tracking the S&P 500 level, not the index itself or its stocks. Positions carry liquidation risk, and funding fees apply while they are open.
How trading SP500 works here
The SP500 market lives on Hyperliquid, a decentralised platform, as a perpetual future that tracks the S&P 500 level. Based is the self-custody wallet you trade it from, not a broker. You get exposure to the index level, long or short, with leverage available. You do not own the component stocks, so there are no dividends and no voting rights. Like every perp, positions carry liquidation risk, and funding fees apply while they are open.
Getting in takes a self-custodial wallet and USDC. No brokerage account, no bank account, no application.
Fees are flat and public: TradFi perps start at 0.011% taker and 0.005% maker, all-in, before any staking discounts. The full schedule is on the fees page.
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Frequently asked questions
- Can I trade the S&P 500 on weekends?
- Yes. Index futures close every weekday evening and stay shut from Friday evening to Sunday evening, plus exchange holidays. The SP500 perp on Based tracks the index level 24/7, weekends and holidays included.
- Do I need a broker or futures account to trade SP500?
- No. Based is not a broker. It is a self-custody wallet that connects you to Hyperliquid, the decentralised platform where the SP500 market runs. No futures account, no brokerage account and no bank account.
- Do I own the stocks in the S&P 500 when I trade SP500?
- No. What you trade through Based is a perpetual future on Hyperliquid tracking the index level: a derivative. You get exposure to the level, long or short, but no shares, no dividends and no voting rights. Positions carry liquidation risk, and funding fees apply while they are open.
- What do I need to start trading SP500?
- A self-custodial wallet and USDC to fund it. Connect the wallet, deposit, and trade. Setup usually takes a few minutes and does not involve an account application.
Start in three steps
- Step 1
Connect a wallet
Any self-custodial wallet works. No account application, no paperwork.
- Step 2
Fund it
Deposit USDC. You do not need a bank account to do it.
- Step 3
Trade 24/7
Stock perps, crypto perps and prediction markets. Nights, weekends, holidays.
Based is a self-custody wallet, not a broker. Markets are perpetual futures on Hyperliquid: derivatives with liquidation risk and funding fees, not the underlying stocks or coins.