Injective’s onchain central limit orderbook (CLOB) has seen incredible growth across Real World Asset (RWA) perpetuals in 2025, surpassing $6 billion in total trading volume. RWAs traded as perps via Injective’s financial infrastructure, largely through Helix, now span equities, indices, commodities, FX, Pre-IPO, and exotics.

What are exotics? Assets that sit just outside the traditional financial mold. A good example would be the H100/USDT Perp market on Helix. This groundbreaking market, powered by Squaretower, enables users to trade the hourly rental price of NVIDIA’s H100 GPU, a vital component in powering today’s most advanced AI models, directly onchain.

What is Squaretower?

GPU-hour rental pricing can be volatile and opaque. Squaretower is building financial infrastructure for the compute economy by creating new financial primitives for AI compute, enabling compute buyers and cloud providers to hedge risk. 

At the core of Squaretower’s public markets is its H100 hourly index, powered by Squaretower’s data on Nvidia H100 compute rental pricing. 

Squaretower’s Growth on Injective

To date, the H100 market has traded more than $20.3 million in total volume on Injective. This early traction earned Squaretower a recognition in Messari’s 2026 Theses, where it was highlighted as an ‘Early Player’ in the emerging compute derivatives market. 

The Theses posits that compute is effectively a new commodity, and serves a vital function for institutions and startups hedging not only price, but also availability.

“Importantly, compute derivatives are not limited to price hedging. Availability risk may prove even more critical. For example, an AI company launching a new model may require guaranteed access to a fixed number of H100 GPU-hours during a specific future window. A derivative contract tied to delivery or availability, rather than just spot price, could allow that firm to hedge execution risk, while compute suppliers monetize future capacity.

These primitives blur the line between financial derivatives and infrastructure markets, reinforcing synergies with DePIN and InfraFi”.

Squaretower sits squarely at this intersection. By combining a custom price feed that tracks the hourly cost of accessing H100s and Injective’s institutional-grade onchain orderbook, Squaretower transforms real-world infrastructure into a liquid, globally tradable market.

Why did Squaretower Choose Injective ?

Squaretower set out to launch an entirely new category of financial instruments. Trading the real-time cost of AI compute had no existing playbook, required rapid iteration, and demanded infrastructure that imposed zero unnecessary constraints. Injective was built for exactly this use case.

Injective’s onchain central limit orderbook allows bleeding-edge, experimental markets to go live with effectively no friction. Squaretower was able to define custom market parameters, plug in a novel price feed, and deploy a perpetual tied to a real-world infrastructure index without battling rigid protocol design or offchain workarounds. This made it possible to move from concept to production quickly while preserving full transparency and onchain settlement.

Just as importantly, Injective supports true price discovery for assets that have never traded before. The high-performance CLOB leverages institutional-grade shared liquidity to enable continuous two-sided markets, tight spreads, and real-time signaling, which is essential when launching instruments that do not yet have an established reference price or liquidity base.

Finally, Injective’s focus on real world assets and institutional participation means Injective can be an early player in novel compute markets. As compute derivatives evolve from experimental markets into essential financial infrastructure, Injective offers a scalable, compliant, and globally accessible foundation for bringing real-world compute risk fully onchain.

Looking Ahead

Squaretower’s H100 perpetual is more than a novel exotic market. It demonstrates how real-world infrastructure, even something as physical and capacity-constrained as AI compute, can be abstracted into a liquid, globally accessible financial instrument on Injective.

As demand for compute continues to accelerate, markets that price, hedge, and allocate compute efficiently will become increasingly critical. Squaretower’s work shows how Injective’s onchain orderbook can serve as the foundation for this next wave of real world assets, pushing beyond traditional finance into entirely new categories of onchain markets.

For teams looking to build novel markets or deploy bespoke financial infrastructure, Injective provides the tools to bring first-of-their-kind assets fully onchain. Learn more here.

About Injective

Injective is a lightning fast interoperable layer one blockchain optimized for building premier Web3 finance applications. Injective provides developers with powerful plug-and-play modules for creating unmatched dApps. INJ is the native asset that powers Injective and its rapidly growing ecosystem. Injective is incubated by Binance and is backed by prominent investors such as Jump Crypto, Pantera and Mark Cuban.

Website | Telegram | Discord | Blog | Twitter | Youtube | Facebook |LinkedIn | Reddit | Instagram | Orbit Newsletter