Hyperliquid's Nvidia contract reached nearly $2 billion in 24-hour trading volume, second only to Bitcoin on the platform. The surge tracks public scrutiny of Nvidia CEO Jensen Huang, and the contract trades around the clock.
Hyperliquid's Nvidia perpetual futures contract reached nearly $2 billion in 24-hour trading volume, ranking second on the platform behind only Bitcoin perpetuals. Bitcoin's contract reached around $3 billion in daily volume over the same period.
What traders get with the NVDA contract
The NVDA contracts are cash-settled and margined in USDC, with up to 20x leverage and trading every day of the week. Traditional equity markets close on weekends, but this contract does not.
They do not represent direct ownership of Nvidia stock. Instead, they let participants speculate on the company's market movements. The primary NVDA market also carried open interest exceeding $500 million.
Scrutiny of Nvidia's CEO drives activity
The surge in NVDA perp activity correlates with public scrutiny of CEO Jensen Huang, including reports of internal investigations that rattled the stock. Moves of between 3% and 10% or more in the perp have been recorded in connection with CEO-related news.
The around-the-clock schedule matters here. When news breaks over a weekend, retail traders typically have nowhere to act on it until Monday morning, while a perpetual futures contract on a decentralized exchange does not wait for the opening bell.
HIP-3 opened the door to non-crypto markets
Hyperliquid's HIP-3 framework, launched around October 2025, lets third-party developers create markets across asset classes beyond crypto. That structure made non-crypto perpetuals possible at scale.
Sources: Crypto Briefing, Crypto Briefing
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