Injective launches onchain futures market tracking Nvidia GPU rental costs
The new index tracks rental prices for five Nvidia GPUs, offering leveraged trading and potential hedging against fluctuations in AI computing costs.
Injective, a Layer-1 blockchain, has introduced a perpetual futures market tracking the rental prices of five Nvidia GPUs, aiming to enable traders to speculate on AI computing costs with up to 10x leverage. The Super Intelligence Compute Index (SICI) follows rental prices for Nvidia's H100, B200, H200, A100, and RTX 4090 chips, with the H100 receiving the highest weight of 40%.
The index is updated hourly using a trailing seven-day average of rental prices from compute marketplaces. Traders can take positions on whether the index will increase or decrease, using USDC as margin. This launch builds upon Injective's earlier market focused on H100 rental prices, expanding it to cover five GPU models. As companies develop AI models, they often rent computing power from providers like CoreWeave and Nebius instead of purchasing Nvidia GPUs.
The futures market may help developers hedge against rising computing costs and assist GPU providers in protecting against decreasing rental revenue. The introduction of this market comes amid concerns from industry experts and leaders about the future of AI cloud providers, with some predicting that more than 80% could cease operations independently by 2030.
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