Jensen, a Chinese Spy, and a Sunday Night: Nvidia's Price Was Set by Perps, Not Nasdaq

What happened

After Nvidia’s board announced a probe into CEO Jensen Huang, the shares were quoted while Nasdaq was closed on crypto perpetual futures, an overnight trading system and retail apps. Hyperliquid’s Nvidia contract showed a $178.48 mark price, while several venues were around $180.30, below Friday’s $186.64 Nasdaq close.

Confirmed

Global impact / market context

Overnight quotes gave investors an early indication of how traders were reacting before Nasdaq reopened. But the article says the first reaction came through thinner liquidity, meaning fewer available buyers and sellers; prices in that setting can move more sharply and may not match regular-session trading.

Analyst inference

The article reports different measures across venues: Hyperliquid’s contract was down 4.54% over 24 hours, while other overnight quotes were about 3.4% below Friday’s close and Robinhood showed about a 3.7% decline. These figures use different platforms and comparisons.

Confirmed

What to watch

1. Compare Nvidia’s price after Nasdaq reopens with the overnight quotes; a gap would show whether regular-session buyers and sellers accept or reverse the early indication. Analyst inference
2. Watch for further board or company information about the probe into Jensen Huang, since new details could change investors’ expectations for Nvidia’s business and shares. Analyst inference
3. Check whether overnight trading volume and open interest change; the article reports about $197.9 million in volume and $117.5 million in open interest on Hyperliquid. Confirmed

Evidence

• financemagnates.com