Nvidia bets traded $1.95 billion on Hyperliquid in a day, more than ether, as bitcoin fell
In the 24 hours to 6:38 a.m. ET Friday, the day after Nvidia announced its CEO's exit, its main perpetual market on Hyperliquid outtraded ether's and trailed only bitcoin's. Stock and commodity markets now hold 35% of the exchange's open bets, CoinGecko data show.
Key points
- Hyperliquid's Nvidia perpetual traded $1.95 billion in 24 hours to 6:38 a.m. ET on November 13, 2026, ahead of ether's $1.91 billion. Only bitcoin, at $5.90 billion, traded more.
- The Nvidia market rose 4.3% in 24 hours to $170.70 and held $188.6 million in open bets.
- Hyperliquid's 347 markets traded $15.89 billion. Stock, index and commodity markets made up $6.00 billion of that and $2.20 billion of $6.25 billion in open bets.
- Bitcoin's market fell 5.7% and ether's 4.8% on the exchange over the same 24 hours.
What moved
Hyperliquid is an onchain exchange for perpetual futures, bets on a price with no expiry date (new to Hyperliquid? Read our guide). Besides crypto, it lists markets that track stocks, indexes and commodities, which trade around the clock.
Nvidia said on Thursday, November 12, 2026, that its board accepted Jensen Huang's resignation as CEO, as we reported in our rumor check. The same day, bitcoin fell below $70,000.
CoinGecko's Hyperliquid data, read at 6:38 a.m. ET on Friday, show the exchange's Nvidia market traded $1.95 billion in 24 hours. That beat ether's market, at $1.91 billion. Only bitcoin traded more, at $5.90 billion. The Nvidia price stood at $170.70, up 4.3% over the 24 hours, while bitcoin's market was down 5.7% and ether's 4.8%.
Hyperliquid's busiest markets, 24 hours
US$ billion
Source: CoinGecko API, Hyperliquid tickers, read November 13, 2026, 6:38 a.m. ET
How big the non-crypto side is
CoinGecko listed 347 Hyperliquid markets. The 179 crypto markets traded $9.89 billion in the day and held $4.04 billion in open bets, the money in positions nobody has closed. The 168 markets that track stocks, indexes and commodities traded $6.00 billion and held $2.20 billion, about 35% of all open bets on the exchange.
Nvidia's market held $188.6 million in open bets, second among the non-crypto markets, behind an S&P 500 market at $231.3 million. Brent oil and gold markets held about $150 million each. A Nebius market fell 19.0% and still traded $147.7 million.
Across all venues CoinGecko tracks, Hyperliquid ranked fifth by open interest, behind Binance, XT.com, OKX and Gate.
Which side is paying
Funding is a small fee that passes between the two sides of a perpetual to keep its price near the spot price. When it is positive, traders betting on a rise (longs) pay traders betting on a fall (shorts).
Nvidia's funding was plus 0.001% per hour, so buyers were still paying to hold their bets after the CEO news. Bitcoin and ether were also slightly positive on Hyperliquid, even though bitcoin funding was negative on Binance, Bybit and OKX at the same time. Of the 347 markets, 47 had negative funding. Among markets with more than $1 million in open bets, the steepest was Monero's XMR, at minus 0.021% per hour on $62.2 million.
The public data show the size of the bets and the fees, not who holds them or whether any were force-closed.
LC Insight analysis
This section is our reading of the facts above, not a statement of fact.
- We think the Nvidia volume shows Hyperliquid has become a place where traders react to stock news while stock markets are closed. Ether, a top-two crypto, was outtraded by one company's stock bet on a crash day.
- A 4.3% rise in the Nvidia market does not tell us how the stock itself will trade. Perpetual prices can drift from the share price when the stock market is shut.
- With 35% of open bets outside crypto, Hyperliquid's volume no longer rises and falls with crypto alone. That may cushion it in a crypto slump.
What's next
- Whether the Nvidia market keeps trading more than ether once US stock markets open
- Hyperliquid's non-crypto open bets against $2.20 billion
- The Nvidia market price against the share price at the open
Disclaimer. This article is based on public information and the sources listed below as of the update time shown. It is for information only and is not investment, legal or tax advice. Figures may change as companies and authorities publish new data.
Sources
- CoinGecko API, Hyperliquid perpetual tickers with 24-hour volume, open interest and funding (read November 13, 2026, 6:38 a.m. ET)
- CoinGecko API, derivatives exchanges ranked by open interest (read November 13, 2026, 6:37 a.m. ET)
- LC Insight, Rumor vs record: Nvidia says Huang resigned (November 13, 2026), citing Nvidia's 8-K filing
