# CHIP perpetual > The CHIP perpetual on Hyperliquid: the governance token of USD.AI, a protocol that lends dollars against GPUs, and what a leveraged view on GPU-backed credit is and is not. Updated 2026-09-06. Canonical: https://gpuquant.com/docs/instruments/chip The governance token of USD.AI, a protocol that lends dollars against GPUs and pays depositors from the interest. A view on GPU-backed credit, not a GPU rental price. ## What it is USD.AI is a protocol that lends dollars against GPUs. Depositors put in dollars, operators who own GPUs borrow against the hardware, and the depositors are paid from the interest those loans earn. CHIP is the protocol’s governance token, which is what this perpetual is a claim on: a leveraged view on the token, and through it on the protocol’s prospects. It is the one instrument on Tradable Compute that is a view on the financing of GPUs rather than on their sale, their rental or their manufacture. A neocloud’s share moves with what its GPUs earn; CHIP moves with whether operators want to borrow against GPUs, what that credit earns, and whether the collateral holds its value. ## Its place in compute GPU-backed credit sits between two numbers this site publishes: the rental price, which is the income a financed GPU produces, and the residual value, which is what the collateral is worth if the loan fails. When rental prices fall faster than the curve expected, both the income and the collateral behind every loan fall together, which is the risk the protocol is built to price and the one a token holder is exposed to. > **Not a GPU price** > > This row is a claim on a token or a company, and a perpetual on it is a leveraged view on that claim. It is not a GPU rental price and it tracks none of the indices on Market Data. ## The contract A perpetual on Hyperliquid's main market, named `CHIP`, quoted in US dollars and settled in USDC. It is a leveraged claim on the token's price and not on the token: it confers nothing the token does. A perpetual has no expiry. Instead, funding is paid every hour between longs and shorts, in whichever direction pulls the perpetual’s price toward the venue’s index of the underlying, and the panel shows the current rate and the countdown to the next payment. The venue's maximum leverage on it is **3x**, margin is cross by default, so the whole account backs the position, sizes are in whole units of CHIP, and the smallest order the venue accepts is $10 of notional. Prices are quoted to 6 decimals. Hyperliquid charges its own trading fees, 0.045% on a taker fill and 0.015% on a maker fill at its base tier, and the panel shows the rates that apply to your account where the venue reports them. GPUQuant adds 0.01% of the filled notional, charged by the venue on the fill and never on an order that does not fill. An account enabled from this site is referred by GPUQuant at the venue, which lowers the venue’s own fees; the terms page says by how much. ## Reading it beside the data - [H100 residual value](https://gpuquant.com/docs/market-data/h100-residual-value): What one H100 is still worth, which is the value of the collateral a GPU-backed loan stands on. - [H100 forward curve](https://gpuquant.com/docs/market-data/h100-forward-curve): The expected rental income over the next three years, which is what a borrower repays from. - [H100 neocloud index](https://gpuquant.com/docs/market-data/h100-neocloud-index): What an operator earns per GPU-hour today on the specialist clouds. ## Trading it here From the row on Tradable Compute, with an order signed in your own wallet and executed by the venue. The address you log in with is your account at the venue; your collateral stays there and never passes through GPUQuant. The first order signs two one-time approvals, a ceiling on GPUQuant's fee and an agent key held in your browser that signs orders and cannot withdraw; after that every order is signed locally, and what the venue reports as filled is what the page shows. Funding the account, the approvals, the order types and the fees are described once for every instrument on [Tradable Compute](https://gpuquant.com/docs/tradable-compute). ## Risks A perpetual is a leveraged contract. At the venue's maximum leverage a move of a fraction of the price against you liquidates the position, and a fast market can lose more than the margin posted. The liquidation price shown before you confirm is an estimate from the venue's own formula; the venue's engine decides. Prices on the page come from the venue's public feed and can lag or drop, and a market order fills at the book's prices up to the slippage limit shown, not at the price you saw. CHIP is the token of a young protocol. Its price depends on the protocol’s own design, its emissions and its fees, and on the wider crypto market, far more than on any GPU price on this site. The token trades at cents, so the venue quotes it to six decimals and a small dollar move is a large percentage move. The book is thinner than an equity perpetual’s, and a market order of any size moves it. Nothing on this site is investment, legal or tax advice. The full terms are on [Terms and risk](https://gpuquant.com/terms). ## Sources - [USD.AI](https://usd.ai), the project or company behind the underlying. - [Hyperliquid](https://app.hyperliquid.xyz/trade/CHIP), the venue's own view of the market. - [Open an account at Hyperliquid](https://app.hyperliquid.xyz/join/GPUQUANT), with GPUQuant's referral code. - [Tradable Compute](https://gpuquant.com/docs/tradable-compute), how every instrument is executed, funded and charged from this site.