SP500-USD is a perpetual futures contract on Polymarket that tracks the price of S&P 500 (SP500). It lets you go long or short on SP500 using pUSD as collateral, with no expiry date, so you can hold your position as long as you want. Right now, SP500-USD is trading at $7,480.0, up 0.01% in the last 24 hours.

You can trade SP500-USD with up to 20x leverage on Polymarket. The default margin mode is Isolated. For example, with 20x leverage and a $1,000 position, you're controlling $20,000.00 worth of SP500. Higher leverage amplifies both gains and losses, and at current settings, a 20x long position would have a liquidation price around $7,285.5.

SP500-USD uses two prices. The oracle price (7,480) reflects S&P 500's real-time stock price from external data feeds. The mark price (7,477.2) is Polymarket's calculated fair value used for P&L and liquidations. Right now, the spread between mark and oracle is just $2.8 (0.04%), which means the contract is tracking SP500's spot price very closely. A funding rate of 0.0006% is applied every funding cycle to keep these prices aligned.

Yes. On the SP500-USD trading page, select Short at the top of the order panel, set your amount and leverage (up to 20x), and hit Trade. You'll profit when SP500's price drops.

In the last 24 hours, SP500-USD has done $2,180,966.08 in trading volume with $6,151,402.12 in open interest. The order book is currently showing $2,180,966.08 in total volume. You can view the full order book depth directly on the SP500-USD page by expanding the Order book section.

The current funding rate for SP500-USD is 0.0006%, resetting in the next funding cycle. A positive funding rate (like 0.0006%) means long positions pay short positions, and this indicates slightly more demand on the long side right now. Funding rates are dynamic and update each cycle, so check this page for the latest rate.

The (7,477.2) is Polymarket's calculated price used to determine your unrealized P&L and liquidation thresholds, and it's what matters for your position. The (7,480) is the external reference price pulled from real-time S&P 500 stock data. When these two are close (currently within 0.04%), it means the market is efficiently priced with minimal premium or discount.

Beyond SP500-USD, Polymarket offers perpetuals on other popular Indices assets including NAS100-USD. Each contract works the same way: pUSD-settled, no expiry, with leverage up to 20x.

Polymarket perpetuals supports both and Cross Margin shares collateral across all open positions, which can help prevent liquidation, but may put more of your balance at risk. Isolated Margin assigns collateral to each position individually, so only the funds allocated to that position are at risk of liquidation.

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