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The daily trading volume of the NVDA-USDC perpetual contract on the decentralized exchange Hyperliquid has reached a record $2.14 billion, according to CoinGlass. The contract is provided by the Trade.xyz protocol, and only Bitcoin had higher trading volume on Hyperliquid over the same period.
Nvidia futures also surpassed Ethereum, Solana and XRP in trading volume, and the combined volume of Nvidia derivatives across all tracked crypto exchanges reached $9.51 billion, according to CoinGlass.
The latest surge in trading comes amid the resignation of Jensen Huang, the co-founder of Nvidia and the only CEO in the history of the company. Huang stepped down on Nov. 12 amid an internal investigation, and Nvidia CFO Colette Kress has taken over as interim CEO.
On Nasdaq, the price of NVDA went down by as much as 14% during the day, but the stock later recovered most of the loss and closed at $166.19, down 4.34%.
Nvidia futures liquidations reach $40.86 million
Sharp price moves cost leveraged traders on crypto exchanges $40.86 million, according to CoinGlass. Of that amount, $26.23 million came from the on-chain ticker XYZ:NVDA, and $14.63 million came from the base NVDA contract. The largest single liquidation on Hyperliquid was a $1.54 million long position.
In the base NVDA contract, $8.87 million in long positions and $5.89 million in short positions were liquidated. During the same period, the price of Nvidia futures on crypto exchanges went up by 5.6% to $171.17.
Liquidations in the NVDA contracts were almost twice as large as those in XRP, where traders lost $20.75 million over the same period. The price of XRP went down by 2.5% to $1.0192, and long positions accounted for 94.5% of XRP liquidations, or $19.6 million.
The liquidations came amid a sell-off across major cryptocurrencies. The price of Bitcoin dropped below $70,000 to $69,450.50, down 5.3% over 24 hours, and Ethereum fell 4.1% to $1,958.71.
Over the past 24 hours, crypto exchanges liquidated 187,389 traders for a total of $1.65 billion, and 88% of that amount came from long positions, according to CoinGlass. Bitcoin traders lost the most at $919.56 million, followed by Ethereum traders at $297.24 million.
Finally, Nvidia is expected to report its quarterly earnings on Nov. 17.