Hyperliquid’s NVDA HIP-3 Market Reaches $535 Million in Open Interest

Open interest in Hyperliquid’s NVDA HIP-3 market reached $535 million on Nov. 12, about 2.4 times its previous peak of $227 million in June. It was the platform’s largest HIP-3 market and ranked fourth overall. Daily trading volume also passed $1 billion for the first time.

Open interest rose 5.8-fold over the seven days through Nov. 12. Across all HIP-3 markets, open interest had reached a record $4.3 billion in August. Hyperliquid opened HIP-3 to third-party perpetual markets in October 2025.

The NVDA market had 9,517 trading wallets, and 83% held long positions. Longs had an average entry price of $169.55, above the $160.66 mark price, and their combined unrealized losses totaled $14.6 million.

The largest position was a 348,000-share short held by Jump, valued at about $56 million and classified as non-directional. The largest directional position was a 191,000-share long worth about $30.7 million. It was built over 24 hours at an average entry price of $174.43 and had an unrealized loss of about $2.6 million. Market makers represented 70% of short open interest.