Key Highlights
- NVDA-PERP launch on Hyperliquid introduces the first community-managed perpetual swap for a single stock on a decentralized trading platform.
- The HIP-3 framework allows anyone to create new markets through auctions, shifting control of listings from Hyperliquid to its users.
- Despite a brief network pause linked to Popcat trades, Hyperliquid’s decentralized market activity and participation have continued to grow steadily.
Nvidia’s stock token, NVDA-PERP, is now trading on Hyperliquid. For the first time, a single stock can be traded as a perpetual swap on a crypto platform, combining stock trading with blockchain technology.
As per Hyperliquid trading dashboard data, the NVDA-PERP went live for trading earlier today and it has gained nearly $12 million in 24 hours. The perp has attracted over $5.8 million in open interest.
It is currently trading at $192.54 against USDC, showing a 1.24% dip in the past 24 hours. It opened at $194.63, hit a high of $205.00, and reached a low of $191.20, showing active yet cautious investor sentiment.
According to analyst Flood, “NVDA-PERP live on Hyperliquid. The first ever truly permissionless perpetual swap on single name equities in Crypto.” This development positions Hyperliquid as a growing force bridging crypto and traditional equity markets.
Trading on NVDA has seen 1,362 units, showing moderate activity. There are slightly more sell orders above the current price, suggesting some selling. At the same time, buyers are stepping in around $191, pointing to possible support at that level.
Hyperliquid expands permissionless market creation
The NVDA-PERP listing follows Trade.XYZ’s recent acquisition of Apple (AAPL) and Microsoft (MSFT) tickers through HIP-3 auctions. In these auctions, Trade.XYZ secured Apple for 500 $HYPE ($20,600) on November 9 and Microsoft for 527.83 $HYPE ($21,006) on November 12.
HIP-3, introduced on October 13, gives users full control over launching new markets. Anyone can now participate in Dutch Auctions and win the right to create a new perpetual market every 31 hours. Each creator must lock 500,000 HYPE as collateral, ensuring fairness and preventing manipulation. Consequently, market deployers manage oracles, leverage limits, and settlement systems while earning half the trading fees.
This framework democratizes listings and decentralizes governance, aligning incentives for transparency and responsibility. Ronin added, “$NVDA is now live on tradexyz trade it 24/7 with up to 10x leverage. Tokenized stocks are bridging TradFi and crypto.”
Hyperliquid’s temporary bridge pause amid Popcat incident
Despite the updates, Hyperliquid briefly faced technical disruptions this week. The Arbitrum-based bridge temporarily paused deposits and withdrawals after a wave of suspicious Popcat trades. Users initially feared a security breach, but operations resumed within hours.
An admin known as ‘iliensinc’ confirmed, “The blockchain is not under maintenance. The Arbitrum bridge is temporarily paused. Other deposits and withdrawals should be unaffected.” A community vault reportedly lost $4.9 million following the liquidation of an overleveraged Popcat position. Trader MLM admitted to managing the position, noting it was “clearly a deliberate attempt to mess with Hyperliquid and the community-owned vault.”
The situation reignited debates about Hyperliquid’s decentralization, especially after the platform delisted JELLYJELLY, a Solana-based meme coin, following similar volatility. However, trading has since stabilized, and market participation remains strong.
Hyperliquid’s launch of NVDA-PERP introduces 24/7 trading of Nvidia with leverage, managed by the community rather than a central exchange. With HIP-3 and Trade.XYZ’s framework, this setup changes how financial assets are created, traded, and monitored on-chain.
Also Read: Vitalik Buterin Unveils Ethereum’s New Trustlessness Manifesto
