> The index of every page is at https://docs.nova.markets/llms.txt. The complete documentation in one file is at https://docs.nova.markets/llms-full.txt.

# What is Nova?

Address: https://docs.nova.markets/#/what-nova
Section: Introduction

**Nova is the perpetuals exchange reshaping market formation for Hyperliquid.** Nova introduces Conviction Markets, the market formation primitive on the House of All Finance. **Decide what lists next on Hyperliquid and earn from every market, forever.**

There are 10x more capital markets that should exist onchain than actually do. The infrastructure to create them hasn’t been built. The first solver for capital origination is Nova.

**Hyperliquid is where flows converge. Nova is where new flows enter.**

The process of deciding which markets should exist, sizing them, sourcing their first liquidity, and assembling their first traders has historically sat inside exchange listing committees and bank structuring desks and has not been rebuilt for onchain finance. The rebuild to unbundle that work and run it as an efficient market process needs to happen with a new primitive for market formation.

Conviction Markets is that primitive.

Market demand is distributed. The people closest to latent demand are not exchange teams. They are domain experts, obsessive traders, niche communities, researchers, hedgers, people living inside the information flow before it becomes consensus. A commodities desk knows a venue should exist for a specific asset before any listing committee has discussed it. A macro analyst has been tracking an index for years and knows exactly who would trade a perpetual on it.

Conviction Markets gives these participants a direct economic path from identifying demand to originating a market and retaining a claim on what they helped create. A market is proposed and becomes immediately tradable. Real capital at risk reveals whether demand is real or theoretical. If the market proves sustained activity, it moves into a full orderbook inheriting the liquidity and trader base it already accumulated during formation.

Most exchanges acquire traders after a market is listed. By then, those traders may already have positions, habits, PnL history, and venue preference somewhere else. The exchange is competing for flow after the market already has a home.

**Securitization did this to bank balance sheets. AMMs did this to market making. Conviction Markets do this to market formation.**

The earliest moment to win a trader is the moment they first believe a market should exist. Conviction Markets captures traders at exactly that moment before there is an orderbook, before the market is widely known, before other venues are competing for the same flow. These traders have positions and history with the market from inception. They are not arriving later as mercenary flow. They are part of the market’s formation. Every Conviction Market is a trader acquisition funnel.

The next billion-dollar markets start here.