NVIDIA on-chain futures trade 2.21% above cash close amid $5.89B volume

By Tom Whitfield

$5.89 billion was traded across 144 instruments on Hyperliquid's xyz market on Friday, November 13, while NVIDIA's on-chain futures traded 2.21% above its last regular-session cash close.

At 07:00 New York time, the US stock market remained shut. The xyz market traded around the clock and carried $4.27 billion in open interest, extending price formation beyond the cash session.

What did the cash-close gaps show?

NVIDIA traded at $169.87 against a $166.19 cash close. The other major equity-linked gaps pointed lower for AMD and Nebius, while Micron and SanDisk retained modest premiums.

• NVIDIA: $169.87 versus $166.19, a 2.21% premium.
• AMD: $577.56 versus $585.30, a 1.32% discount.
• Nebius (NBIS): $127.29 versus $128.64, a 1.05% discount.
• Micron (MU): $804.30 versus $798.44, a 0.73% premium.
• SanDisk (SNDK): $942.71 versus $937.46, a 0.56% premium.

These gaps measure distance from the last regular-session close, separately from each instrument's 24-hour change. The distinction matters because close-to-futures pricing and rolling performance answer different questions for investors.

Which instruments led volume?

NVIDIA ranked first with $1.90 billion in 24-hour trading volume. The Nasdaq 100 and S&P 500 followed, while SK hynix and the Semis 3x ETF completed the top five.

• NVIDIA: $1.90 billion.
• Nasdaq 100 (XYZ100): $503.95 million.
• S&P 500 (SP500): $415.52 million.
• SK hynix (SKHX): $303.83 million.
• Semis 3x ETF (SOXL): $297.80 million.
• AMD: $263.62 million.
• SanDisk: $195.46 million.
• WTI crude (CL): $173.35 million.
• SpaceX (SPCX): $153.58 million.
• Nebius: $147.18 million.
• Brent crude (BRENTOIL): $142.61 million.
• Micron: $119.27 million.

Six semiconductor-linked lines occupied six of the 12 leading volume slots. Benchmark contracts, oil and SpaceX also ranked inside the list, showing that the 24-hour market was not confined to direct technology exposure.

Which contracts gained or lost ground?

Cerebras led the listed gainers, while Nebius posted the largest decline. NVIDIA's 24-hour gain was distinct from its 2.21% premium to the prior cash close.

• Gainers: Cerebras (CBRS) 14.96%, SOXL 6.10%, NVIDIA 5.70%, Brent crude 3.84%, and Alphabet (GOOGL) 3.54%.
• Losers: Nebius 16.62%, ANT 2.31%, Circle (CRCL) 2.17%, Silver (SILVER) 1.71%, and Strategy (MSTR) 1.56%.

WTI crude rose 3.10% to $87.55, while SpaceX gained 0.92% to $140.70. Coinbase (COIN) fell 2.61% to $127.81, and the Euro (EUR) declined 0.36% to $1.11.

How did volume distribute by asset class?

US stocks formed the largest bucket. Indices ranked second, and commodities third, according to the xyz market's asset-class breakdown.

• US stocks: $3.12 billion.
• Indices: $922.28 million.
• Commodities: $563.97 million.
• Korea-linked instruments: $425.40 million.
• ETFs: $303.41 million.
• Others: $240.34 million.
• Private companies: $216.82 million.
• Crypto equities: $90.08 million.
• FX: $9.02 million.

The distribution shows a pronounced equity concentration even though xyz lists instruments spanning stocks, indices, energy, crypto-linked equities and currencies. It separates the broad $5.89 billion headline from much smaller activity in FX and crypto equities.

When the US cash market opens after the 07:00 snapshot, regular-session prices will provide the first reference point for testing whether the stated cash-close gaps persist, compress or reverse.