The daily trading volume for the NVDA-USDC perpetual contract on the decentralized exchange Hyperliquid soared to a record $2.14 billion, according to CoinGlass data. This contract, provided by the Trade.xyz protocol, was second only to Bitcoin in trading volume on Hyperliquid during the same timeframe.
Surge in Nvidia Derivative Trading
Nvidia futures outpaced Ethereum, Solana, and XRP in trading volume on Hyperliquid, marking a significant shift in trader interest toward equity-linked crypto derivatives. CoinGlass indicated that the total volume of Nvidia derivatives across major tracked crypto exchanges reached $9.51 billion within 24 hours.
Mini dictionary: Hyperliquid is a decentralized derivatives exchange focusing on perpetual futures contracts, supported by blockchain infrastructure for non-custodial trading. The Trade.xyz protocol enables advanced derivative products to be issued on decentralized markets, often offering exposure to both crypto and equity assets.
The increased activity follows major changes at Nvidia, one of the world’s leading chip designers. The company’s co-founder and longtime CEO Jensen Huang resigned on November 12 under the shadow of an internal investigation. Following Huang’s departure, Chief Financial Officer Colette Kress assumed the position of interim CEO.
Volatility Impacts Traditional and Crypto Markets
On Nasdaq, Nvidia’s stock (NVDA) declined as much as 14% during the trading session before recovering to close at $166.19, down 4.34% for the day.
The sudden market volatility affected leveraged traders significantly. CoinGlass reported that traders lost a combined $40.86 million across crypto exchanges. Of this, $26.23 million was attributed to the on-chain ticker XYZ:NVDA, while the base NVDA contract contributed $14.63 million in liquidations. The largest single liquidation on Hyperliquid involved a $1.54 million long position.
| Contract | Total Liquidations | Largest Single Liquidation | Price Change |
|---|---|---|---|
| NVDA Perpetual (XYZ:NVDA + Base) | $40.86 million | $1.54 million (long) | Up 5.6% to $171.17 |
| XRP | $20.75 million | N/A | Down 2.5% to $1.0192 |
Within the base NVDA contract, liquidated long positions reached $8.87 million, while short positions accounted for $5.89 million. At the same time, Nvidia futures prices on crypto exchanges rose 5.6% to $171.17.
Crypto Market Sell-Off and Liquidations
Liquidations on NVDA contracts were almost double those seen in XRP, where traders suffered $20.75 million in losses. XRP’s price fell 2.5% to $1.0192, with long positions constituting $19.6 million, or 94.5%, of its liquidations.
The wave of liquidations accompanied a broad sell-off across digital assets. Bitcoin dropped by 5.3% over 24 hours to $69,450.50, while Ethereum decreased 4.1% to $1,958.71.
| Asset | 24h Price Change | Largest Trader Loss |
|---|---|---|
| Bitcoin (BTC) | -5.3% to $69,450.50 | $919.56 million |
| Ethereum (ETH) | -4.1% to $1,958.71 | $297.24 million |
In total, crypto exchanges liquidated 187,389 traders with combined losses reaching $1.65 billion over 24 hours. CoinGlass reported that 88% of these liquidations came from long positions. Bitcoin traders incurred the largest losses at $919.56 million, followed by Ethereum at $297.24 million.
CoinGlass reported that large-scale liquidations swept across $NVDA, Bitcoin, and Ethereum contracts, with over $1.6 billion lost and 88% of liquidations coming from long positions.
Upcoming Nvidia Earnings
Nvidia plans to release its quarterly financial results on November 17, a report that is likely to influence both traditional equity and crypto-linked Nvidia derivatives trading moving forward.
