Nvidia Perpetual Contracts Fall 12% to $160.99 Amid Volatility in the Stock
Key Facts
Nvidia-linked perpetual contracts on Hyperliquid fell about 12% to $160.99 at the time of a CoinDesk report published on the evening of November 11 and updated on November 12, 2026. The Nasdaq-listed stock had closed at $173 on Wednesday before falling more than 7% in after-hours trading, according to the report. EL7 data puts the November 11 close at $173.73. The difference reflects price action in the contract and the stock over two different periods, as NVDA contracts posted their decline after the U.S. market closed. CoinDesk covered the contracts’ move amid press reports about the possible dismissal of CEO Jensen Huang, noting that the company had announced no final decision.
NVDA contracts featured prominently among the markets available on Hyperliquid, but they were not the second-most-traded product by trading volume, as an unconfirmed account had claimed. CoinDesk said they were the largest market among traditional-asset derivatives on the platform and the fourth-largest market overall by open interest. They ranked behind BTC, ETH and HYPE contracts. This ranking measures open interest, or outstanding positions, and does not describe markets’ ranking by trading volume. The report did not confirm a trading-volume ranking for NVDA contracts on Hyperliquid.
More broadly, total trading in Nvidia-linked perpetual contracts across all platforms exceeded $4 billion by the time of the CoinDesk report, citing CoinGlass data. The figure represents aggregate activity across multiple trading platforms, not volume on Hyperliquid alone or trading in a single session. Binance accounted for 44% of the total cited in the report. That puts Nvidia contract activity within a broader wave of trading in stock-linked derivatives, while Hyperliquid’s share remains separate from the aggregate figure. Trading value measures executed transactions, while the open-interest ranking reflects the size of outstanding positions.
The stock peak cited in the report dates to October 6, when it reached $243 before its subsequent decline. That level provides a timeline for the stock’s move before its November 11 close at $173 and subsequent drop of more than 7% after the close. EL7’s $173.73 closing figure is also for the same session, with a slight difference from CoinDesk’s $173 figure. The contract’s $160.99 price is a reading at the time the report was prepared, not a closing price for the listed stock. The comparison therefore focuses on the contracts’ decline coinciding with the stock’s fall after the Nasdaq session ended, rather than on the two prices matching.
Equity-linked contracts on Hyperliquid allow continuous trading outside traditional exchange hours under HIP-3, a framework the platform launched in November 2025. Hyperliquid’s documentation says the framework expanded perpetual contracts to markets referencing stocks, commodities, indexes and other real-world assets. This places NVDA trading within the platform’s expansion into derivatives tracking traditional assets alongside cryptocurrency markets. The November 11 move shows how these contracts’ prices can change after the market in which the underlying stock trades has closed. CoinDesk linked the contracts’ decline to the market’s reaction to reports about Huang’s future, but said Nvidia had announced no final decision about him.