NVIDIA On-Chain Futures Trade 4.80% Below Cash Close on Hyperliquid

NVIDIA on-chain futures traded 4.80% below their last regular-session cash close as US stock exchanges remained shut at 07:00 New York time on Monday, November 9. Hyperliquid's xyz market, which trades around the clock, recorded $3.40 billion in 24-hour volume across 144 instruments, with open interest of $4.19 billion.

The cash-close gap put NVIDIA (NVDA) at $177.69 against a cash close of $186.64. SanDisk (SNDK) traded at $818.95, a 1.93% discount to its $835.06 close, while Micron (MU) sat at $683.97, 0.87% below $690.

Not every instrument tracked lower. The S&P 500 contract (SP500) changed hands at 7,424.60, a 0.65% premium to 7,376.86. The Semis 3x ETF contract (SOXL) stood at $46.27, also 0.65% above its $45.97 close.

Where the turnover concentrated

The Nasdaq 100 contract (XYZ100) led 24-hour turnover with $519.69 million. SK hynix (SKHX) followed at $385.88 million and NVIDIA at $328.78 million. The next tier of most-traded instruments:

• WTI crude (CL): $235.95 million
• S&P 500: $225.04 million
• Brent crude (BRENTOIL): $215.02 million
• SOXL: $191.68 million
• SanDisk: $125.14 million
• Micron: $107.63 million
• DRAM: $86.85 million
• SKHY: $85.42 million
• SpaceX (SPCX): $63.39 million

Which contracts moved most?

Unitree (UNITREE) led the listed 24-hour gainers, rising 7.21% to $104.99. AMD gained 3.61% to $463.63, Meta (META) added 2.06% to reach $623.49, Microsoft (MSFT) rose 1.77% to $539.55 and Alphabet (GOOGL) closed the leader board with a 1.73% advance to $289.85.

The South Korea 3x ETF contract (KORU) led declines, falling 5.65% to $6.62. NVIDIA dropped 5.22%, SK hynix lost 3.93%, SKHY fell 3.74% and Brent crude slipped 3.05%.

How volume split across asset classes

US stocks generated $916.80 million in turnover, indices $748.40 million and commodities $598.35 million. Korea-linked instruments accounted for $549.49 million, while other instruments drew $207.58 million, ETFs $199.50 million and private companies $131.71 million.

Crypto equities recorded $41.16 million in turnover. Strategy (MSTR) fell 3.44%, Circle (CRCL) lost 3.05% and Coinbase (COIN) declined 1.97%.

FX turnover reached just $6.65 million. The Euro (EUR) rose 0.38%, the Japanese yen (JPY) fell 0.30% and the British pound (GBP) gained 0.43%.

Cash-close premiums and discounts compare on-chain prices with the last regular-session close on each underlying asset's listing exchange. They are distinct from the 24-hour price changes reported above, since the xyz market prices continuously while the reference closes print once per session.

The 4.80% NVIDIA discount will resolve when US cash equities reopen and the next regular-session close sets a fresh reference price for the contract.