Ethereum

Hyperliquid

<h2 id="header-0">Key Facts</h2>
<ul>
 <li>Nvidia perpetual futures on Hyperliquid traded about $960 million on Nov. 11 and about $1.7 billion on Nov. 12 through midday, in UTC days, both records and above Ethereum, Hyperliquid data show.</li>
 <li>About 62% of the past day's Nvidia volume traded outside regular US stock hours, as Nvidia fell after Wednesday's close and Jensen Huang resigned before Thursday's open.</li>
 <li>HYPE has fallen almost 10% in a week, and the protocol revenue that funds its buybacks was $2.1 million on Nov. 11, below last week's high of $3.6 million, DefiLlama data show.</li>
</ul>
Nvidia perpetual <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/glossary/perpetual-futures">futures</a> outtraded Ethereum (<a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/currencies/ethereum/">ETH</a>) on Hyperliquid for two days running, as Jensen Huang resigned as chief executive. Hyperliquid (<a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/currencies/hyperliquid/">HYPE</a>) has still fallen almost 10% in a week.
Traders used the <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/glossary/decentralized-exchange-dex">exchange</a> to trade Nvidia outside regular stock market hours, when most of the news broke. The protocol revenue that funds HYPE buybacks still trails last week's high.
A DeFi writer described the shift on Thursday.
"Tokenized stocks &amp; RWA perps made it easy for crypto natives to dump their btc, eth, sol etc and buy equities," Ignas, a co-founder of the DeFi studio Pink Brains, <a target="_blank" rel="noopener noreferrer nofollow" href="https://x.com/DefiIgnas/status/2120892886640390484">wrote</a>.
<h2 id="header-1">How Big Was Nvidia's Day? Bigger Than Ethereum on Hyperliquid</h2>
Hyperliquid's Nvidia contract traded $2.35 billion in the 24 hours to 12:10 p.m. ET on Thursday, almost twice Ethereum's total, Hyperliquid data show. Before this week, its busiest day since September was $317 million on Nov. 5.
The contract offers up to 20 times <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/glossary/leverage">leverage</a>. Open <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/glossary/open-interest">interest</a>, the value of positions still held, stood near $495 million.
Stock-linked markets on the trade.xyz platform also outtraded all of Hyperliquid's crypto markets over the same 24 hours, as they have on several days since late October.
<h2 id="header-2">Why Trade It There? Most Volume Came Outside Stock Hours</h2>
Nvidia shares fell after the closing bell on Wednesday. The company then said in a <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.sec.gov/Archives/edgar/data/0001045810/000104581026000082/nvidiaannouncesceotransiti.htm">filing</a> before Thursday's open that Huang had resigned.
Hyperliquid's contract trades around the clock, so it caught both moves.
About 62% of the past day's <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/glossary/trading-volume">volume</a> traded outside regular US stock hours, CoinMarketCap calculations based on Hyperliquid data show.
The contract tracked the stock closely. Both bottomed near $149 at Thursday's open and recovered much of the drop by midday.
Some large traders bought the drop. One wallet added to a long position with exposure equal to 60,000 Nvidia shares, on-chain tracker Lookonchain reported.<tweet-embed url="https://x.com/lookonchain/status/2120880448654168438"></tweet-embed>
<h2 id="header-3">Does HYPE Benefit? Revenue Trails Last Week's High</h2>
HYPE traded at $71.00 at 12:10 p.m. ET on Thursday, CoinMarketCap data show.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/c0e4efbee41144b8932052824e1f0864.png">
Hyperliquid's price over the past seven days, including Thursday's slide toward $70. Source: <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/currencies/hyperliquid/">CoinMarketCap</a>
Hyperliquid sends its protocol revenue to an Assistance Fund that buys back HYPE. Part of each trading fee goes elsewhere first, including to outside teams that build markets, such as trade.xyz, according to Hyperliquid's documentation.
The record Nvidia day on Nov. 11 brought in $2.1 million of protocol revenue, DefiLlama data show. That was below each of the two days before it and well short of $3.6 million on Nov. 4.
GLC Research flagged the gap earlier. HIP-3 markets, the segment that includes trade.xyz, contributed about 4% of Hyperliquid's 30-day protocol revenue, the desk <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/article/hyperliquid-hype-gives-back-ice-rally">reported</a> on Nov. 7.
The buyback fund spent $149 million on HYPE in the third quarter, according to a report by Four Pillars and GLC Research.<tweet-embed url="https://x.com/HyperliquidR/status/2120803357057257647"></tweet-embed>
<h2 id="header-4">What Comes Next? McKenna Expects More Macro-Driven Trading</h2>
Nvidia's slide predates this week. The stock has lost about 27% in a month, and the desk <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/article/bitcoin-risks-drop-70k-ai-stock-selloff">tied</a> Bitcoin's slide toward $70,000 to a wider AI stock selloff on Nov. 8.
The next test is whether Nvidia's trading surge produces a sustained rise in protocol revenue and the HYPE buybacks it funds.
"Macro events will continue to drive Hyperliquid activity," McKenna, managing partner at the investment firm Arete, <a target="_blank" rel="noopener noreferrer nofollow" href="https://x.com/Crypto_McKenna/status/2120814058769379596">wrote</a>.
Further Reading: <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/article/hyperliquid-hype-gives-back-ice-rally">Hyperliquid Price Gives Back ICE Rally as Stock Bets Earn Little</a>

Nvidia Perps Outtrade Ethereum on Hyperliquid After CEO Exit

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