Hyperliquid Launches NVDA-PERP, First Decentralized Single Stock Perpetual Swap
Hyperliquid has launched NVDA-PERP, the first community-managed perpetual swap for a single stock on a decentralized trading platform. Nvidia’s stock token now trades 24/7 with leverage on the crypto platform.
According to Hyperliquid’s trading dashboard, NVDA-PERP went live on November 12, 2025. It generated nearly $12 million in volume within 24 hours and reached over $5.8 million in open interest. The token is priced at $192.54 USDC after a 1.24% dip over the past day. NVDA-PERP opened at $194.63, hit a high of $205, and a low of $191.20.
Analyst Flood commented, “NVDA-PERP live on Hyperliquid. The first ever truly permissionless perpetual swap on single name equities in Crypto.” This launch helps position Hyperliquid as a key player bridging traditional equities and crypto markets.
Trading volume shows moderate activity with 1,362 units traded. Sell orders slightly outweigh buy orders above the current price, while buyers are active near $191, indicating support.
HIP-3 Framework Enables Permissionless Market Creation
NVDA-PERP follows Trade.XYZ’s recent acquisition of Apple (AAPL) and Microsoft (MSFT) tickers via HIP-3 auctions. Trade.XYZ secured Apple for 500 $HYPE tokens ($20,600) on November 9 and Microsoft for 527.83 $HYPE ($21,006) on November 12.
Introduced on October 13, HIP-3 allows anyone to create new markets through Dutch Auctions. Winners get the right to launch new perpetual markets every 31 hours. Each market creator must lock 500,000 HYPE tokens as collateral to ensure fairness and prevent manipulation. Market deployers manage oracles, leverage limits, and settlement protocols, earning half of trading fees.
This framework decentralizes governance and democratizes listings on Hyperliquid. Ronin stated, “$NVDA is now live on tradexyz. Trade it 24/7 with up to 10x leverage. Tokenized stocks are bridging TradFi and crypto.”
Technical Pause and Community Vault Loss During Popcat Incident
This week, Hyperliquid faced a brief technical pause on its Arbitrum bridge. The halt temporarily stopped deposits and withdrawals after suspicious Popcat trades. Users feared a hack, but operations resumed within hours.
An admin, ‘iliensinc,’ confirmed that the blockchain was not under maintenance but that the Arbitrum bridge was paused briefly. Other transactions remained unaffected.
A community vault lost $4.9 million after liquidating an overleveraged Popcat position. Trader MLM admitted managing the position, calling it “a deliberate attempt to mess with Hyperliquid and the community-owned vault.”
The incident sparked discussions on Hyperliquid’s decentralization, following past volatility issues like the delisting of Solana-based JELLYJELLY coin. Despite this, trading activity has stabilized, and user participation continues to grow.
