RENDER perpetual
The RENDER perpetual on Hyperliquid: the token of the Render Network, a marketplace for idle GPU capacity, and what it is exposed to in the compute economy.
The token of the Render Network, a marketplace that rents idle GPUs for rendering and AI work. A view on decentralized GPU demand, not a GPU rental price.
What it is#
The Render Network is a marketplace for GPU work. Owners of idle GPUs run node software and are paid in RENDER for rendering jobs sent to them; the network was built by OTOY around its OctaneRender software and priced 3D rendering first, and has since taken on machine-learning work. The token moved from Ethereum to Solana in 2023, and jobs are priced through a burn-and-mint mechanism that ties the token’s supply to the work done on the network.
This perpetual is a leveraged view on the RENDER token, quoted in dollars on Hyperliquid. It is not a claim on any GPU or on any rendering job.
Its place in compute#
A decentralized GPU network competes on price with the specialist clouds for the work that can tolerate its model: batch jobs that do not need a single cluster with fast interconnect. The neocloud index is therefore the price it competes against, and a falling rental price on the specialist clouds squeezes what a node operator can charge. The token’s price also carries its own supply mechanics and the crypto market’s beta, which usually move it more than any compute price does.
The contract#
A perpetual on Hyperliquid's main market, named RENDER, 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 5x, margin is cross by default, so the whole account backs the position, sizes are in RENDER to 1 decimal, and the smallest order the venue accepts is $10 of notional. Prices are quoted to 4 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 centralized GPU capacity, which a decentralized network has to undercut to win the work.
- H100 reference price: The hyperscaler list price, the top of the range the network prices under.
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 as a whole and with its own supply schedule, neither of which a GPU price on this site can explain.
Nothing on this site is investment, legal or tax advice. The full terms are on Terms and risk.
Sources#
- Render Network, 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.