# NCLD perpetual > The NCLD perpetual on Hyperliquid: one share of the Roundhill Neocloud ETF, a basket of GPU-as-a-service and AI datacenter companies, and what the basket carries. Updated 2026-09-06. Canonical: https://gpuquant.com/docs/instruments/ncld A perpetual on one share of the Roundhill Neocloud ETF (Nasdaq: NCLD), a basket of GPU-as-a-service and AI datacenter companies. The neocloud sector in one line. Equity exposure, not a GPU rental price. ## What it is The Roundhill Neocloud ETF holds a basket of GPU-as-a-service and AI datacenter companies, so one share of it is the sector in one line rather than one company. Roundhill publishes the holdings and the fee on the fund’s own page. This perpetual is a claim on the price of one NCLD share, quoted in dollars on Hyperliquid and cash-settled, and confers nothing the ETF share does. ## Its place in compute A basket removes the single-name risk of any one neocloud and keeps the exposure that the sector shares: the rental price of a GPU, the cost of capital to buy fleets ahead of demand, and the depreciation of the hardware. Read it against the neocloud index the way you would read a single neocloud, with less of the noise. > **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 listed by trade.xyz on Hyperliquid's builder-dex layer under the name `xyz:NCLD`. A perpetual on one share of the Roundhill Neocloud ETF (Nasdaq: NCLD), a basket of GPU-as-a-service and AI datacenter companies. It is quoted in US dollars and settled in USDC, and it confers nothing the share does: no ownership, no vote and no dividend. Its collateral sits in a separate pocket of the account at the venue, which the order panel calls the Equities balance, or is drawn from the account's one balance where the account is set to trade every market from it. 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 market stays open when the listing’s stock exchange is closed, so the perpetual can move while the share cannot, and funding pulls the two back together when the exchange reopens. The venue's maximum leverage on it is **10x**, margin is isolated only, so each position is backed by the margin posted to it and nothing else, sizes are in NCLD to 2 decimals, and the smallest order the venue accepts is $10 of notional. Prices are quoted to 2 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](https://gpuquant.com/docs/market-data/h100-neocloud-index): What an H100-hour lists for on the specialist clouds, which is the revenue line of every neocloud. - [H100 forward curve](https://gpuquant.com/docs/market-data/h100-forward-curve): What the market expects that rental price to be over the next three years, which is what a fleet bought today will earn. - [H100 residual value](https://gpuquant.com/docs/market-data/h100-residual-value): What one GPU is still worth, which is the collateral behind the debt that financed the fleet. ## 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. An ETF’s holdings change when it rebalances, and its fee is charged inside the share price. The ETF’s own page is the source for both. Nothing on this site is investment, legal or tax advice. The full terms are on [Terms and risk](https://gpuquant.com/terms). ## Sources - [Roundhill Investments](https://www.roundhillinvestments.com/etf/ncld/), the project or company behind the underlying. - [Hyperliquid](https://app.hyperliquid.xyz/trade/xyz%3ANCLD), 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.