IO perpetual

The token of io.net, which pools GPUs from independent operators into clusters for AI work. A view on decentralized GPU supply, not a GPU rental price.

What it is#

io.net pools GPUs from independent operators, datacenters and crypto miners into clusters that machine-learning teams rent by the hour, and pays the suppliers in IO. It launched its token in 2024 on Solana. The pitch is the supply side of decentralized compute: capacity that already exists and sits idle, aggregated into something a training or inference job can use.

This perpetual is a leveraged view on the IO token, quoted in dollars on Hyperliquid, and not a claim on any of the GPUs the network aggregates.

Its place in compute#

io.net sells against the specialist clouds on price, so the neocloud index is the number it has to beat and the number that tells you how much room it has. The token’s price also carries the network’s own emissions and the crypto market’s beta.

The contract#

A perpetual on Hyperliquid's main market, named IO, 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 IO to 1 decimal, and the smallest order the venue accepts is $10 of notional. Prices are quoted to 5 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 neocloud index: The list price of an H100-hour on the specialist clouds, which is what an aggregated cluster is priced against.
• H100 reference price: The hyperscaler list price, the top of the range.

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.

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.

The token moves with the crypto market and its own supply schedule far more than with any compute price.

Nothing on this site is investment, legal or tax advice. The full terms are on Terms and risk.

Sources#

• io.net, the project or company behind the underlying.
• Hyperliquid, the venue's own view of the market.
• Open an account at Hyperliquid, with GPUQuant's referral code.
• Tradable Compute, how every instrument is executed, funded and charged from this site.