In a historical milestone, the trading volume for NVDA USDC perpetual contracts has surged to $2.14 billion on the decentralized exchange Hyperliquid, marking an all-time high. According to CoinGlass data, Bitcoin was the only asset to outpace Nvidia’s contracts on Hyperliquid during this period. These contracts are offered through the Trade.xyz protocol.
Nvidia Derivatives Outshine Ethereum and Solana
Nvidia futures have also surpassed Ethereum, Solana, and XRP in trading volume over the same timeframe. CoinGlass data shows that Nvidia-related derivatives across all tracked crypto exchanges rose to a total of $9.51 billion. The Trade.xyz protocol is recognized for delivering traditional market assets as blockchain-based derivative products.
The increase in trading volume of Nvidia-linked derivatives put Hyperliquid ahead of all contracts except Bitcoin, with total market volume reaching $9.51 billion.
This spike in trading activity coincided with a significant leadership change at Nvidia. Jensen Huang, co-founder and sole CEO in the company’s history, stepped down amidst an internal investigation on November 12. Nvidia’s Chief Financial Officer, Colette Kress, has been appointed as interim CEO.
Price Volatility Fuels Massive Liquidations
On the Nasdaq, NVDA shares plummeted by up to 14% within the day but managed to recover a significant portion of losses, closing at $166.19 with a 4.34% decline. Conversely, Nvidia-related futures on crypto exchanges gained 5.6% in the same period, reaching $171.17.
The dramatic market movements resulted in a staggering $40.86 million in losses for leveraged investors. Of this, $26.23 million stemmed from the chain-based XYZ:NVDA product, while $14.63 million came from the core NVDA contract. The most substantial individual liquidation on Hyperliquid was a $1.54 million long position.
In the core NVDA contract, $8.87 million in long positions and $5.89 million in short positions were liquidated. Total liquidations in Nvidia contracts almost doubled the $20.75 million seen in XRP liquidations during the same timeframe.
XRP experienced $20.75 million in liquidations, predominantly from long positions amounting to $19.6 million.
Broader Market Faces Selling Pressure
XRP prices declined by 2.5% to $1.0192, with 94.5% of the liquidations occurring from long positions. The broader market also encountered selling pressure. Bitcoin dropped 5.3% over 24 hours, pulling back below the $70,000 threshold to $69,450.50. Ethereum saw a 4.1% decrease, retreating to $1,958.71.
Within the last 24 hours, CoinGlass data revealed that positions of 187,389 traders in crypto exchanges were closed, leading to a total liquidation of $1.65 billion. Long positions accounted for 88% of this total. The largest losses were recorded in Bitcoin at $919.56 million, followed by Ethereum at $297.24 million.
Market participants are now turning their attention to Nvidia’s quarterly earnings report, anticipated on November 17. This announcement is expected to further heighten volatility in both traditional markets and Nvidia-linked derivatives on crypto exchanges.
