Hyperliquid's XYZ Market Shows SOXL Trading 4.01% Below Cash Close

SOXL, the 3x leveraged semiconductor ETF, traded 4.01% below its last regular-session close on Hyperliquid's xyz market as of November 14 at 07:00 New York time, with US exchanges shut for the weekend. The on-chain stock futures venue recorded $3.28 billion in 24-hour volume across its 144 instruments, alongside $4.19 billion in open interest.

SOXL changed hands at $55.98 against a cash close of $58.32, the widest discount among the session's most-traded contracts. SanDisk (SNDK) traded at $865.20, a 2.24% discount to its $885.01 close. The gaps measure contract prices against the last regular-session close, not against their own 24-hour changes — a distinction the venue's data makes explicit. In plain words: traders on Sunday priced these assets well below where Friday's cash market left them.

How did the major contracts trade?

NVIDIA (NVDA) stood at $162.25, a 0.37% discount, and led 24-hour turnover with $538.75 million. The Nasdaq 100 contract XYZ100 traded at $27,735, 0.75% below its cash close, on $470.40 million in volume. The S&P 500 contract SP500 posted a 0.27% discount at $7,541.60, with turnover of $479.13 million and open interest of $484.41 million — the largest open position on the venue alongside NVDA's $392.00 million.

SOXL itself recorded $237.31 million in volume, and SNDK added $170.95 million. The concentration is notable: the top three instruments accounted for roughly $1.49 billion, close to half of the market's total turnover.

Which names moved most?

Over 24 hours, SOXL fell 15.01%, the steepest decline on the board. Nebius (NBIS) lost 11.32%, AMD dropped 9.39%, the South Korea 3x ETF (KORU) fell 8.55% and SNDK declined 8.26%. The losers clustered in semiconductors and leveraged tech exposure.

A handful of names moved higher. Meta gained 2.43%, Microsoft added 1.02% and ANT rose 0.97%. Commodities were broadly flat: WTI crude slipped 0.17% and gold lost 0.43%.

Where did the volume sit?

US stocks generated $1.26 billion in turnover, the largest share, followed by indices at $950.48 million. The remaining categories were far smaller:

• Commodities: $260.71 million
• ETFs: $242.46 million
• Korea: $197.83 million
• Others: $144.36 million
• Private companies: $136.85 million
• Crypto equities: $75.48 million
• FX: $8.71 million

Private-company volume was dominated by SpaceX (SPCX), which accounted for $122.69 million — nearly 90% of that category.

The figures show a market where weekend price discovery for US equities now runs on-chain at meaningful scale, with more than $3 billion traded while regulated US venues sit dark. What the data does not show is how those gaps resolve: whether the discounts narrow toward Monday's cash open, or whether on-chain liquidity sets the reference price that traditional markets must then absorb. Monday's regular session will provide the first test of whether the weekend's pricing proves predictive.