# NVDA perpetual > The NVDA perpetual on Hyperliquid: one share of NVIDIA, which designs the H100, H200 and B200 this site prices, and how its share relates to the rental price of its GPUs. Updated 2026-09-06. Canonical: https://gpuquant.com/docs/instruments/nvda A perpetual on one share of NVIDIA (Nasdaq: NVDA), which designs the H100 and B200 this site prices. Equity exposure, not a GPU rental price. ## What it is NVIDIA designs the H100, the H200 and the B200 this site prices, and the CUDA software that runs on them; it owns no fab, and TSMC fabricates and packages every part. Its datacenter business is most of its revenue. This perpetual references one NVIDIA share. It is a claim on the price of that share, quoted in dollars on Hyperliquid and cash-settled, with none of the rights a share carries. ## Its place in compute NVIDIA sells GPUs; it does not rent them. Its share is a claim on how many parts it ships and at what margin, and the rental price of those parts is the return its customers earn, which can fall while its sales rise. The two are joined through the forward curve: what a GPU is expected to earn decides what a buyer will pay for it, and the residual value on this site is that calculation for one part. > **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:NVDA`. A perpetual on one share of NVIDIA (Nasdaq: NVDA), which designs the H100 and B200 this site prices. 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 **20x**, margin is cross by default, so the whole account backs the position, sizes are in NVDA to 3 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 reference price](https://gpuquant.com/docs/market-data/h100-reference-price): What the hyperscalers charge for an hour of the part NVIDIA sold them. - [H100 neocloud index](https://gpuquant.com/docs/market-data/h100-neocloud-index): What the specialist clouds charge for the same hour, and how fast it has fallen. - [H100 forward curve](https://gpuquant.com/docs/market-data/h100-forward-curve): What the market expects an H100-hour to earn out to three years, which is what a buyer of the part is paying for. - [H100 residual value](https://gpuquant.com/docs/market-data/h100-residual-value): What one H100 is still worth today, from that curve. ## 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. The share prices future generations as much as the current one, so it can move on a product announcement while every rental price on this site holds still. Nothing on this site is investment, legal or tax advice. The full terms are on [Terms and risk](https://gpuquant.com/terms). ## Sources - [NVIDIA](https://www.nvidia.com), the project or company behind the underlying. - [Hyperliquid](https://app.hyperliquid.xyz/trade/xyz%3ANVDA), 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.