Markets

NVDA/SPY

NVIDIA relative to SP500

NVDA+1.53%NVDA leads · 24h+0.41%SPY
Relative performance · indexed to 100
96.53−3.47%1M
Ratio 0.27995 · SPY per NVDA
NVDA96.02SPY99.47
Base
NVDA
NVIDIA xStockNVDAx
Equity
Mint
Xsc9…9qEh
Decimals
8
Quote
SPY
SP500 xStockSPYx
ETF
Mint
XsoC…DF2W
Decimals
8
What this market measures

Tracks NVDA performance relative to SPY.

The chart shows relative performance indexed to 100 at the start of the range. This is not the price of an Otus token and not the price of either asset - it is how NVDA has done against SPY, which can rise even when both are falling.

One company against the index that contains it. Strips out the market and leaves the idiosyncratic part.

Why a ratio, not two perps
One position, one liquidation level
A long-NVDA short-SPY pair built from two perps can be liquidated on a market-wide wick: the long leg blows up before the short leg pays out, even when the view was right. A ratio position only cares whether NVDA outperforms; its liquidation level is a ratio level.
Balanced by construction
Two legs drift out of balance and need constant rebalancing. A ratio position cannot drift. It is the relationship itself.
One margin, one fee
Two legs cost double margin, double fees and double funding. One position halves all three.
Pairs that exist nowhere else
Many pairs cannot be assembled from existing perps at all, because one side has no perp market. Tokenized equities and long-tail Solana assets first among them.
Identifier
nvda-spy
Listed
Sep 22, 2026
Creator
Unattributed
Trade

NVDA outperforms SPY.

Leverage10×
MarginUSDCUSDC
Entry ratio
0.27995
Liquidation ratio
0.25195(−10.0%)
Position size
USDC1,000.00

Margin settles to the Otus vault through a Jupiter swap from your wallet. Positions are marked against live ratios.