NVIDIA's perpetual futures position volume rises to fourth o
On Hyperliquid, Nvidia (NVDA) perpetual futures open interest rose to $535 million, ranking fourth on the platform, growing 5.8x over 7 days, with 24-hour volume topping $1 billion for the first time. Of the 9,517 trading wallets, 83% hold long positions; the average long entry price is $169.55, above the mark price of about $160.6, with cumulative unrealized losses of about $14.6 million.
Event Timeline
- [11-12 04:13] Nvidia futures open interest on Hyperliquid grows 5.8x in 7 days, single-day volume tops $1 billion for the first time (Odaily Planet Daily)
- [11-12 05:25] Nvidia perpetual futures open interest jumps to fourth on Hyperliquid; 83% of trading wallets are long yet carry cumulative unrealized losses of $14.6 million (Wu Blockchain)
Background and Impact
On November 12, 2026, Odaily Planet Daily (04:13) and Wu Blockchain (05:25) reported in succession that the Nvidia (NVDA) perpetual futures has become the largest HIP-3 market by open interest on Hyperliquid, with open interest of $535 million, ranking fourth among all markets on the platform, behind only BTC, ETH and HYPE. Over the past 7 days, the market's open interest grew 5.8x, reaching 2.4 times the previous high of $227 million set in June this year; single-day volume (24-hour volume in Wu Blockchain's figures) exceeded $1 billion for the first time.
On position structure, the two sources' data agree: 9,517 wallets currently participate in trading this market, of which 83% hold long positions, while market makers account for 70% of short open interest. The largest single position is a 348,000-share NVDA short held by Jump, worth about $56 million, which source 1 notes is a non-directional position; the largest directional position is a 191,000-share long opened by one address in the past 24 hours, worth about $30.7 million, with an average entry price of $174.43, currently showing an unrealized loss of about $2.6 million.
Longs overall are in unrealized loss. According to Wu Blockchain, the market-wide average long entry price is $169.55, above the current mark price of about $160.66, with longs' cumulative unrealized loss at about $14.6 million. In the same set of figures from Odaily Planet Daily, the average long entry price is likewise $169.55, but the mark price is written as $160.6, indicating a slight difference between the two in the decimal place of the mark price, while the other key numbers are consistent; neither provided further explanation of how the unrealized losses formed. Judging from these materials themselves, this reflects that when price moves down, unrealized losses concentrate on the long side of wallets, while the shorts held by market makers form their main counterparty.
In terms of scope of impact, the NVDA HIP-3 market has risen from a marginal instrument to the fourth-largest market by open interest on Hyperliquid; the 5.8x growth over 7 days and the $1 billion single-day volume mean that external stock price volatility will transmit more directly to on-chain derivatives. For most users, the entry point for accessing futures trading remains centralized platforms, for example opening accounts and trading major coins via Binance app registration/download or OKX app registration/download; Huobi HTX app registration/download, Gate.io app registration/download and Bitget app registration/download pages also provide futures entry points; while instruments like NVDA currently appear in Hyperliquid's HIP-3 market. Nodes to watch going forward are whether open interest can hold above the June high, how the gap between the mark price and the $169.55 average long entry price changes, and whether the long share loosens. The above is a compilation of on-chain data and does not constitute any investment advice.
FAQ
### Will the $14.6 million unrealized loss trigger further chain reactions?
The available materials do not disclose margin levels, liquidation prices or liquidation data, so it cannot be judged. Public indicators that can be tracked are whether open interest retreats from $535 million, changes in the mark price relative to the $169.55 average long entry price, and whether the 83% long wallet share declines.
### What tier does the Nvidia futures belong to on Hyperliquid?
It belongs to the HIP-3 market, is the largest within it by open interest, and ranks fourth among all markets on the platform, behind only BTC, ETH and HYPE, with $535 million in open interest and 24-hour volume topping $1 billion for the first time.
### What preparation do ordinary users need to gain exposure to such instruments?
The materials do not cover account opening procedures or thresholds. Note that the NVDA futures is an on-chain HIP-3 market instrument; the gap between its mark price and average entry price has already left longs with cumulative unrealized losses of about $14.6 million, so users should confirm the rules and risks themselves before participating.