Nvidia Perpetual Futures Drop Up to 3.3% on Hyperliquid

Nvidia perpetual futures on Hyperliquid fell 3.1% to 3.3% over 24 hours, while the xyz:NVDA contract recorded more than $130 million in volume across several snapshots.

trade.xyz operates the market through Hyperliquid’s HIP-3 framework, which lets outside builders launch perpetual futures. The contract gives traders leveraged exposure to Nvidia’s share price without ownership of shares and settles in USDC, a dollar-pegged stablecoin.

The market offers up to 20x leverage. At that level, a 3% move against a position would reduce its margin by about 60%, before fees and funding costs. Recent hourly funding readings included a rate around 0.00063% and negative spikes.

These contracts trade around the clock, including while U.S. stock exchanges are closed, with oracle feeds providing prices. The Nvidia market is part of a broader Hyperliquid lineup of stock, ETF and index perpetuals that previously included 109 markets.