New listing: NFT index perp

New listing: NFTI-USD

Hyperliquid is debuting an NFT index perp called NFTI. An NFT index is an easy way to long or short the NFT market compared to trading individual collections, which have less liquidity. NFTI includes the following blue-chip collections: Bored Ape Yacht Club, Mutant Ape Yacht Club, Azuki, DeGods, Pudgy Penguins, and Milady Maker.

How does NFTI work?

The index is a 3-minute EMA of the aggregate floor price. The aggregate floor price is sum of the floor price of each collection, with BAYC divided by 10. Floor prices are taken from OpenSea; CryptoPunks were not included because they’re not listed on OpenSea. If there’s interest in trading CryptoPunks, they could be included in a separate product down the road.

Why add NFT trading to Hyperliquid?

After subdued volumes over the summer, NFT trading is starting to pick back up, and NFT platforms have been receiving renewed attention. In addition, some members of the Hyperliquid community are very passionate about NFTs and have been asking for ways to speculate on the NFT market on Hyperliquid.

Hyperliquid’s goal is to be the go-to platform for all crypto users, defi and cefi alike. Expanding the types of products on the platform is an important part of that growth journey.

Conclusion

NFTI-USD is now live on Hyperliquid: https://app.hyperliquid.xyz/trade/NFTI. Trading is on low leverage and isolated margin only. Beware of low liquidity, high volatility, and increased liquidation risk. Do not trade assets you are unfamiliar with and do not understand the risks for. Exercise control. NFA.

Feedback is always welcome. Community discussion takes place in the Discord server: https://discord.gg/hyperliquid.