As Nvidia CEO Jensen Huang faced a foreign intelligence probe over the weekend, perpetual futures contracts on the chipmaker plunged up to 4.2% below Friday’s close before traditional U.S. markets reopened.
Binance Leads Weekend Derivatives Volume
Trading data from the weekend showed that centralized exchange Binance handled 44% of Nvidia perpetual futures volume across the largest venues, trading $360.35 million in 24 hours, according to Binance Research. The contract, listed on March 26, 2026, settles in USDT, allows 10x margin, and does not involve underlying Nvidia shares. Binance’s turnover rate hit 3.98x, indicating rapid position flips rather than long-term open interest growth, with open interest reported at $90.57 million.
Management uncertainty at $Nvidia emerged over the weekend. With US stocks closed, stock perps provided early price discovery — Binance NVDAUSDT printed a −4.2% low vs the last US close ahead of the US reopen. Over the past 24h, @Binance ranked #1 in NVIDIA perpetual volume… pic.twitter.com/fHspwe8jQ0
The gap between the volume share and open interest share observed by analysts highlights that this turnover points to fast trading rather than new positions being held over time. On platforms offering equity-linked perpetuals, large margin positions like this one may become more common and face closer monitoring by market observers.
Working back from those figures, The Crypto Times calculates that eight venues together traded about $819 million in volume and held about $301 million in open interest. Roughly $459 million in volume and $210 million in open interest were generated by the remaining seven venues altogether. Nvidia stock closed at $186.64 on Friday, November 6, putting Binance’s 4.2% low at about a certain level.
BREAKING: Nvidia stock, $NVDA, falls over -5% in reaction to the Jensen Huang situation as premarket trading opens. The stock has now erased -$225 billion in market cap today. pic.twitter.com/QMIkJjxDHI
Whales Drive Volume on Hyperliquid Decentralized Exchange
By 3:30 p.m., the xyz contract dropped as far as $180.15 amid $200 million in volume as perpetuals on decentralized exchange Hyperliquid traded instantly upon the news release. A large trader opened a short position on 30,000 Nvidia perpetual contracts on Hyperliquid using 10x margin, with a notional value estimated at approximately $5.4 million.
For platforms like Hyperliquid, high-profile trades of this magnitude can drive extra trading volume and focus toward their equity perpetual offerings. As such financial products continue to expand, large on-chain positions of this scale will likely maintain scrutiny from traders and observers, with the specific risk that if Nvidia’s price rises instead of falls, the position could face significant losses or forced liquidation.
Here is my think piece on Jensen and Nvidia stock for CNBC Investing Club members.https://t.co/GEN0skqLKx
CNBC reported that prediction contracts tied to Huang’s potential exit also saw increased activity, with a Kalshi contract asking when Jensen Huang might leave as Nvidia CEO seeing over $105,000 traded on Sunday. Pre-market trading in options on Nvidia saw $15 million in options premium traded across about 40,000 contracts, with just under $10 million tied to puts, according to SpotGamma data.
When the markets close, we lose real-time feedback,
said Options Action contributor Mike Khouw, noting that emerging products highlight the growing need for information as traditional financial exchanges extend market hours trading.
Perps have filled a significant gap or void in the market,
said Rich Repetto, a former exchange analyst and market structure expert. They provide access as well as price discovery to markets when there otherwise would be a vacuum.
Nvidia Board Investigates Allegations of Foreign Intelligence Operation
At 3:00 p.m. ET on November 8, Nvidia’s board made it known that an independent director committee, supported by outside legal counsel, would examine allegations that Huang was the target of a foreign intelligence operation. The board stated it has no reason to believe national security or company secrets were compromised and retains confidence in Huang.
SPY vs SPY: Nvidia stock down 5% pre-market bc of a chinese spy but $SPY the ETF is up 70bps in pre-market trading. Another eg of how indexing is a team sport. pic.twitter.com/qUkq9jDaFE
The reports trace back to an October 29 New York Times investigation into Alice Huang, an executive at Singapore-based Nvidia customer Megaspeed, whom U.S. officials reportedly regard as a Chinese intelligence asset. The two individuals are not related, and China’s embassy has denied the allegations.
Nvidia has scheduled its third-quarter fiscal 2027 earnings release for Tuesday, November 17, featuring a conference call at 5:00 p.m. ET.
BREAKING: China officially denies allegations that its intelligence services were involved in the situation with Nvidia, $NVDA, CEO Jensen Huang. China calls these allegations "groundless speculation and slander." Nvidia's board is running an independent investigation.
Readers are advised to always do their own research and consult a qualified financial advisor before making any investment decisions, as investing in crypto assets and derivatives involves significant risk.
Nvidia CEO Affair Fallout: Binance NVDAUSDT Drops 4.2% vs Last US Close, Volume and Open Interest Rank No. 1 Among Top 8 Platforms Binance Research said management-related uncertainty at Nvidia emerged over the weekend. With US stocks closed, Binance’s NVDAUSDT perpetual… pic.twitter.com/zD1l8Hxp54
