Hyperliquid NVDA HIP-3 Market Reaches $535 Million Open Interest

Open interest in Hyperliquid’s NVDA HIP-3 market reached $535 million on Nov. 12, rising 5.8-fold over the seven days through that date. The reading was about 2.4 times the previous peak of $227 million, recorded in June.

Daily trading volume in the market also passed $1 billion for the first time. The NVDA market operates within HIP-3, which Hyperliquid opened to third-party perpetual markets in October 2025.

Where does the NVDA market rank?

The NVDA market ranked fourth on Hyperliquid, behind Bitcoin, Ether and the HYPE token. It was the platform’s largest HIP-3 market by open interest. By Nov. 12, it had moved ahead of every other market in that segment.

Open interest across all HIP-3 markets had reached a record $4.3 billion in August. The November reading placed substantial exposure in one third-party market, while Bitcoin, Ether and HYPE remained larger markets overall. Open interest measures positions still open, making it a scale measure rather than a record of completed trades.

How are traders positioned?

The market’s reported position snapshot covered 9,517 trading wallets, with 83% holding long positions.

• Average entry price for longs: $169.55.
• Mark price: $160.66.
• Combined unrealized losses on long positions: $14.6 million.

The average long entry sat above the mark price, which explains the negative aggregate mark-to-market value reported for those positions. These were unrealized losses on open positions, not realized losses from closed trades.

Wallet participation does not reveal position size by itself. The market included a 191,000-share directional long alongside the largest, non-directional short, showing how a broad wallet base can coexist with concentrated positions.

Who holds the largest positions?

Jump held the largest position, a 348,000-share short valued at about $56 million. The position was classified as non-directional. Its size was 157,000 shares above the largest directional long, which held 191,000 shares.

The largest directional position was worth about $30.7 million. It was built over 24 hours at an average entry price of $174.43, with an unrealized loss of about $2.6 million.

Market makers represented 70% of short open interest. That concentration of short-side activity differs from the wallet count, where 83% of participants held longs. The two measures describe different components of positioning, rather than a simple split between bullish and bearish traders.

What does the position mix show?

The breakdown complicates any attempt to read the market from wallet counts alone. A large majority of wallets held longs, while market makers accounted for 70% of short open interest and the largest short sat outside directional positioning.

The $535 million headline measures open exposure, including the Jump short and the 191,000-share directional long. It does not establish the market’s next price direction, and the reported $14.6 million in long losses remained unrealized at the snapshot. The first-time $1 billion-plus daily turnover marks heavier use of the NVDA market, while August’s $4.3 billion HIP-3 record provides the broader scale comparison.

What should traders watch next?

Hyperliquid’s third-party perpetual structure makes the next reporting periods the relevant test of durability. Traders will need separate readings of wallet direction, market-maker shorts and large directional positions to assess whether the concentration persists.

The next market-structure test is whether $535 million of open interest and $1 billion-plus daily volume persist after the seven-day expansion.