Official data shows that open interest (OI) for Nvidia (NVDA) contracts on Hyperliquid has exceeded $195 million, surpassing WTI crude oil and Micron Technology (MU) to rank fourth in the HIP-3 market. HIP-3 is Hyperliquid's market for tokenized stock perpetuals, where traders use USDC as margin to take long or short positions on stocks like Nvidia.
By comparison, Binance's NVDA perpetual contract OI sits at roughly $39.5 million, only one-fifth of Hyperliquid's total — a difference of nearly $155 million. Although Binance leads overall crypto derivatives, it trails the decentralized protocol sharply in this specific tokenized stock contract.
Nvidia's high market cap and volatility make it a popular trading target. The rapid OI growth on Hyperliquid reflects the increasing competitiveness of on-chain infrastructure for tokenized equities and a shift in trader preferences toward decentralized access to traditional market exposure.