ORCL perpetual

A perpetual on one share of Oracle (NYSE: ORCL), the fourth hyperscaler in GPUQuant's reference price and one of the largest GPU buyers. Equity exposure, not a GPU rental price.

What it is#

Oracle is a database and enterprise software company whose cloud, Oracle Cloud Infrastructure, has become one of the largest buyers and landlords of NVIDIA GPUs, renting whole clusters to AI labs. It joined the GPUQuant reference price as the fourth hyperscaler in August 2026.

This perpetual is a claim on the price of one Oracle share, quoted in dollars on Hyperliquid and cash-settled, with none of the rights a share carries.

Its place in compute#

Oracle is unlike the other three hyperscalers in how it prices: one price per GPU-hour for a whole bare-metal shape, the same in every region, with no separate charge for the host. That published price is one of the four legs of the H100 and B200 reference prices, and Oracle’s row under each shows it. The share is a claim on a capital-intensive build-out of AI capacity, financed ahead of the contracts that fill it.

The contract#

A perpetual listed by trade.xyz on Hyperliquid's builder-dex layer under the name xyz:ORCL. A perpetual on one share of Oracle (NYSE: ORCL), the fourth hyperscaler in GPUQuant's reference price and one of the largest GPU buyers. 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 ORCL 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: The H100 list price, with Oracle's own regional average in a row under it.
• B200 reference price: The B200 list price, where Oracle's row shows whether it has listed the part at all.
• Silicon Data H100 hyperscaler index: What hyperscaler H100 capacity rents for once negotiated and committed-use deals are counted, which sits well below the list price.

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.

Most of Oracle’s revenue is software, so the share can move on nothing to do with compute.

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

Sources#

• Oracle, 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.