Jensen, a Chinese Spy, and a Sunday Night: Nvidia’s Price Was Set by Perps, Not Nasdaq
By Arnab Shome
AI summary of the source article
Nvidia traded lower on crypto perpetual futures platforms and overnight alternative trading systems following news of a board investigation into CEO Jensen Huang. With traditional exchanges closed, venues like Hyperliquid provided initial off-hours price discovery.
Why it matters
With US cash markets shut, crypto perpetual platforms were "the only place for price discovery," meaning the contract "took the first reaction on thinner liquidity."
Key facts
- Nvidia's board announced an independent investigation on 8 November following reports that CEO Jensen Huang was the target of foreign intelligence efforts.
- With Nasdaq closed, Nvidia perpetual futures on Hyperliquid and after-hours trading on Blue Ocean dropped about 3.4% to 4.5%.
- Hyperliquid's NVDA-USDC perpetual contract recorded approximately $197.9 million in 24-hour volume and $117.5 million in open interest.
Source excerpt · Finance Magnates
Nvidia shares were priced for the first time after the board announced a probe into CEO Jensen Huang on venues that do not depend on the Nasdaq calendar. Crypto perpetual futures, an overnight alternative trading system and retail apps all quoted the stock while the exchange was closed. London's trading industry is coming home! Hyperliquid’s market page for the Nvidia perpetual showed a mark price…