NVIDIA’s NVDA-USDC perpetual futures contract on Hyperliquid recorded more than $2 billion in 24-hour trading volume on November 12, 2026, the same day the company’s board announced the immediate resignation of co-founder and longtime Chief Executive Officer Jensen Huang.
The trade.xyz HIP-3 market ranked as the second-most active perpetual on the platform that day, trailing only Bitcoin and surpassing Ethereum, according to data displayed on the Hyperliquid trading interface.
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At the time of publishing (5:30 PM UTC), the NVDA-USDC perpetual listed under the xyz deployment showed approximately $2.35 billion in 24-hour volume, open interest near $495 million, and a last price of $164.35, down roughly 6% in the day.
NVIDIA Board Announces Immediate Leadership Change
The NVIDIA Board of Directors stated that Huang resigned as President, Chief Executive Officer, and a member of the Board, effective immediately. Colette Kress, who has served as Executive Vice President and Chief Financial Officer since joining the company in 2013, was appointed Interim Chief Executive Officer while retaining her finance responsibilities. The board also named Harvey C. Jones, a longtime director and former Chief Executive Officer of Synopsys, as the company’s first Chair of the Board.
In the official announcement, Chair Jones said the board has full confidence in Kress and the existing leadership team and expects operations, customer commitments, and the product roadmap to continue without interruption. Kress noted that NVIDIA’s strength has always come from its people and that the company will continue building on the foundation Huang established over 33 years. The company confirmed that third-quarter fiscal 2027 results remain scheduled for November 17.
Earlier in the week, the board had opened an independent review following reports involving Huang. The resignation came amid those developments and produced sharp price moves in both the underlying equity and related derivatives.
Hyperliquid’s trade.xyz NVDA Market Records Historic Turnover
The contract offers up to 20x leverage and is settled in USDC. It operates under Hyperliquid Improvement Proposal 3 (HIP-3), which allows third-party deployers such as trade.xyz to list perpetual markets on Hyperliquid’s on-chain order book while the protocol handles matching, margin, and settlement.
Earlier coverage by The Crypto Times noted that NVIDIA-linked perpetuals on Hyperliquid had already reacted to the board’s initial investigation announcement, with the contract declining more than 4 percent ahead of regular U.S. equity market hours. The latest volume figure marks a further acceleration. Because the market trades continuously, it captured activity both before and after the formal resignation statement, including periods when traditional U.S. exchanges were closed.
Hyperliquid’s broader perpetual futures volumes have expanded significantly. The platform has led public-chain perpetual volume over multi-week periods, and HIP-3 markets have become a substantial share of overall activity. Trade.xyz has been the primary deployer of equity, index, commodity, and pre-IPO perpetuals under the HIP-3 framework.
Growing Role of On-Chain Perpetuals in Equity Price Discovery
The volume spike illustrates how builder-deployed perpetual markets on Hyperliquid can serve as continuous venues for equity-linked exposure. Contracts such as NVDA-USDC do not convey ownership of the underlying shares; they provide synthetic price exposure settled in USDC. Funding rates, mark prices, and oracle mechanisms are designed to keep the perpetual aligned with the reference price, subject to the parameters set by the deployer.
Regulatory developments continue to shape the environment. Recent steps by the Commodity Futures Trading Commission have clarified pathways for certain equity perpetual futures on qualifying U.S. venues. Separately, entities associated with Hyperliquid have pursued futures commission merchant registration and other regulated structures.
Market participants continue to monitor both the transition at NVIDIA and the behavior of related on-chain contracts. The combination of a major corporate event and sustained high volume on a decentralized perpetual venue underscores the increasing intersection between traditional equity developments and crypto-native trading infrastructure.
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