The term market for GPU compute

Get the GPUs you need,
for the months you need them.

Compute is sold in three-year contracts. Demand moves every month. Silicon Liquid is where that gap trades — buy the months you need, turn idle months in a contract you already signed into cash, and lock next year's price today.

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How one trade works
1
A company buys three years of GPUs.

512 H100s, locked in at $2.90/GPU-hr. That is how compute is sold — long, and all up front.

The seller’s 3-year contract36 months, paid up front
MONTH 1MONTH 36OCT 26 → MAR 27
In use — running jobsIdle — paying for nothingSold on Silicon Liquid
The buyerneeds 512 GPUs · Oct–Dec 2026 · pays $2.75/GPU-hr
OCT
NOV
DEC
← slots into the seller’s idle window
Seller gets back
in cash, not expiring credits
Buyer gets
instead of signing three years
The contract moves
Nowhere
the provider consents, that is all
Silicon Liquid keeps the spreadbuys at $2.35 · sells at $2.75 · $0.40/GPU-hr = $449K
Market
H100$2.97+7.6%
H200$4.42-21.4%
B200$6.07-5.3%
B300$7.62+4.7%

Buying compute today is a private negotiation with no price, no depth and no exit.

No price

Four of the eight biggest providers won't publish a term price at any size. The four that do quote the same H100 anywhere from $3.19 to $6.16 an hour.

No depth

A listed price isn't a price you can fill. In April 2026, half the providers asked for even 64 GPUs were completely sold out.

No exit

Every block is non-refundable, non-cancellable and non-transferable. Don't use it, and you eat the whole contract.

+38%
H100 one-year contract pricing, Oct 2025 → Mar 2026
SemiAnalysis, 2 Apr 2026
3–4×
What short 3–6 month blocks cost versus standard term
Nebius Q2 2026 shareholder letter
43%
Disagreement between the two indices settling real money, same chip, same day
Silicon Data $3.10 vs Ornn $4.42 · H200 · 31 Aug 2026
How a trade works

Nothing gets transferred. It layers.

Almost every GPU contract says "you may not resell." So we don't move the contract — we stack a new one underneath it, with the provider's written permission. Everyone keeps what they already had.

The provider

Keeps running the machines. Still owns the support line and the SLA.

Nothing changes for them
The seller

Keeps their contract and stays responsible for it. Just stops paying for months they won't use.

Contract stays put
Silicon Liquid

Sits in the middle on our own paper. Buys the window, sells the block, never holds inventory.

This is us
The buyer

Added underneath as an approved user. Gets access, support and the SLA from the provider.

Gets the GPUs

The one thing that has to be true: the provider signs a standing permission letter. CoreWeave already granted exactly this right to NVIDIA — it's a negotiated term, not a law of nature.

See it move

One auction a month, not a book that's always empty.

Block trades are lumpy. A continuous order book at this size just shows you an empty screen — so we batch into a periodic auction instead, which is how thin markets have always cleared.

Open the full board →
Auction board
Next auction —:—:—
DeliveryBid sizeBidOfferOffer sizeLast
OCT26
1,024$2.59$2.752,048$2.67
NOV26
512$2.56$2.741,024$2.65
DEC26
512$2.53$2.73512$2.64
JAN27indic
256$2.50$2.72512$2.62
FEB27indic
256$2.48$2.72256
MAR27indic
$2.71256
Green bids · red offers · grey indications, never countedSimulated · $/GPU-hr · 256-GPU lots
Buy
Take a block for the months you actually need.

256 to 2,000 GPUs, one to six months, guaranteed fabric. Priced against a term curve you can check.

Sell
Sell idle capacity, whoever you bought it from.

List the unused window inside a contract you already signed with any provider. Paid in dollars, not credits that expire.

Hedge
Lock January's price in September.

Buy a forward-dated block at today's price. Real GPUs get delivered — no derivatives, no cash settlement.

Every trade prints a price nobody else has.

Every published GPU index prices on-demand spot. None of them price term. Ours is a by-product of trades we actually cleared — and you can click any print to verify it.

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