MarketVector Indexes has licensed its U.S. semiconductor benchmark to Paragon, enabling the perpetual futures platform on Hyperliquid to offer contracts linked directly to the MarketVector US Listed Semiconductor 25 Continuous Index.
The agreement brings a custom 24/5 version of MarketVector’s flagship semiconductor benchmark to an onchain derivatives market for the first time. The index is designed to extend pricing beyond regular U.S. equity market hours using Pyth Network’s real-time pricing infrastructure.
The move gives traders exposure to a basket of major U.S.-listed semiconductor companies through perpetual futures rather than through an exchange-traded fund or another derivative instrument.
Index Extends Beyond U.S. Market Hours
The new MarketVector US Listed Semiconductor 25 Continuous Index, or MVCSMH, is an extended-hours version of the MVIS US Listed Semiconductor 25 Index (MVSMH).
MarketVector said the continuous index uses Pyth’s pricing infrastructure to calculate the benchmark during overnight, pre-market and post-market sessions. It represents the first extension of calculation hours for the flagship semiconductor index.
More than $75 billion in assets currently track MarketVector’s U.S.-listed semiconductor benchmark through linked funds and ETFs traded across global markets and time zones.
Paragon becomes MarketVector’s first client on Hyperliquid, adding a perpetual futures product that references the underlying index directly.
According to MarketVector, direct index referencing avoids exposure to fund-level expenses, tracking differences and the premiums or discounts that can affect ETF-based products.
Josh Kaplan, head of research and investment strategy at MarketVector Indexes, said the collaboration with Pyth and Paragon creates a version of the benchmark that can operate across a larger portion of the global trading day.
Semiconductor Exposure Moves Onchain
The partnership comes as semiconductor stocks have become increasingly central to investor interest around artificial intelligence, data centers and advanced computing.
Paragon founder Taha El-Magbri said semiconductors are central to the AI buildout and that the new index brings leading U.S.-listed semiconductor companies into a single benchmark that can be traded through Hyperliquid.
The structure also reflects a broader effort by financial-market infrastructure providers to bring established equity benchmarks into blockchain-based trading environments.
MarketVector has previously worked with Pyth and Coinbase on continuous equity indexing initiatives covering areas including artificial intelligence, China, defense and emerging innovators.
The company said the latest collaboration extends that framework into onchain derivatives by adapting an established benchmark to the trading requirements of a decentralized market.
Raline Sexton, director of digital asset business strategy at MarketVector Indexes, said the company worked with Paragon to create a structure based on the underlying semiconductor index rather than using an ETF as a proxy.
The new product does not replace the existing MVIS US Listed Semiconductor 25 Index. Instead, MVCSMH extends its methodology and pricing framework into additional trading hours and an onchain derivatives format.
