How xyz:NVDA behaves around the clock
The NVIDIA market on Hyperliquid is xyz:NVDA, listed by trade.xyz on the xyz HIP-3 dex. It is a perpetual future on 1 share of NVIDIA Corporation common stock (Nasdaq: NVDA), priced in USD. Nothing on Hyperliquid holds or lends NVIDIA shares: you post USDC, the contract pays the price difference, and funding moves between longs and shorts every hour. That one design choice explains most of what is different from buying the stock at a broker, so this section walks through it session by session.
Weekdays: the oracle follows the US market, including the night
While external prices exist, trade.xyz's relayer feeds the oracle a fair price built from the regular session, the pre-market, the post-market and an overnight session that comes from Blue Ocean ATS (BOATS). The result is 24/5, Sunday 8:05 PM to Friday 8:00 PM ET of external pricing, far longer than the regular session most people associate with Nasdaq. News that lands after the close therefore reaches the perp the same evening through the post-market and overnight quotes, instead of waiting for the next opening bell. At night that price rests on one alternative trading system rather than the whole US market, and the perp inherits whatever the external price does.
Weekends: Hyperliquid's own book sets the price, inside bounds
From Friday 8:00 PM to Sunday 8:05 PM ET, plus US equity holidays there is no external NVIDIA price at all, yet the market stays open. The oracle then drifts toward the impact prices of the xyz:NVDA order book as an exponential moving average with a 30-minute time constant, so a burst of weekend selling moves it gradually rather than in one print. To stop a thin weekend book from running away, the mark is held within ±5% of a reference price that starts at the last external price. When the oracle has covered 90% of the way to a bound, the reference re-anchors at that bound; NVDA allows 2 re-anchors per direction. Compounded, that caps a weekend at roughly +15.8% or −14.3% from Friday's close, after which the bound is a hard limit until Sunday evening.
Two consequences follow. First, a position whose liquidation price sits outside the active bounds cannot be liquidated while those bounds apply, so a stop that relies on a liquidation far away is simply paused until the bounds reach it. Second, the trade.xyz docs tell traders to size for the maximum range rather than the instantaneous one. Compare that range with the leverage on offer: at 20x an isolated long sits about 2.56% from its liquidation price, well inside a single 5% weekend step.
Sunday evening: the snap back to the external price
When external pricing resumes, the oracle does not glide back. It switches to the externally derived price on the next update, and the discovery reference resets to that price with both reset counters back at zero. If the weekend book drifted away from where the overnight session opens, the mark closes that gap at once. Positions opened on Saturday at the weekend price carry that gap risk, in either direction, which is why the weekend price on Hyperliquid is best read as the market's guess of Monday rather than a quote you can lock in elsewhere.
Holidays, dividends and splits
US market holidays extend the internal session in the same way as a weekend; those left in 2026 are November 26 (closed), November 27 (early close 1 PM ET), December 24 (early close 1 PM ET), December 25 (closed). On dividends the rule is short: perp holders receive no dividends; a dividend shows up only through pricing and funding. A stock split is different, and it does interrupt the market: a stock split settles every open position (PnL realised, orders cancelled) and the market reopens on the post-split basis, so you must open a new position afterwards. trade.xyz has done this once already, for Kioxia: all positions settled at the 28 September 2026 TSE close and cancelled orders; trading reopened at one third of that price. An open NVDA position, stop or take-profit would be closed out the same way at settlement and would have to be placed again after reopening.
Funding and fees on a stock perp
Funding on xyz:NVDA follows Hyperliquid's hourly formula with trade.xyz's multiplier of 0.5x on top, and it is paid against the oracle price. A long held for weeks therefore pays or earns the running basis between the perp and NVIDIA rather than a broker's margin interest; the 7-day table on this page shows what that has looked like recently. Fees are the lowest part of the cost here: the market runs in HIP-3 growth mode, which cuts the fee by 90% against a standard HIP-3 market, and a growth-mode setting can only change once every 30 days per asset. The deployer also caps open interest at $500M; near that cap, orders that would add exposure are rejected even when the book has liquidity.
Where else NVIDIA perps trade
Lighter, Aster, edgeX and Ondo Perps all list an NVIDIA perpetual too (table below), each with its own oracle, hours and margin rules. Ondo's contract, for example, trades 24/7, on the external price from Sunday 8:00 PM to Friday 8:00 PM ET and on Ondo's internal order-book price from Friday 8:00 PM to Sunday 8:00 PM ET. Like xyz:NVDA it keeps trading through Saturday, but its weekend price comes from Ondo's own order book, not from xyz:NVDA's. Same ticker, different weekend price.