Nvidia's stock was closed when its price crashed. Crypto kept trading it.
Three things the overnight move shows:
1. Hyperliquid's NVDA perp fell nearly 12% to $160.99 (CoinDesk) after the WSJ reported Nvidia's board was preparing to remove CEO Jensen Huang. As of the latest reports, he has not been formally removed.
2. This is now a real market. NVDA perps hold the most open interest of any tradfi-linked contract on Hyperliquid, and rank fourth overall behind only bitcoin, ether and HYPE futures. Cumulative NVDA perp volume across exchanges hit a record above $4 billion, with Binance about 44% of it (Coinglass).
3. Crypto is the after-hours venue. When equities are shut, this is where the first price gets set, and centralized venues followed with similar losses.
My view: the useful signal is the plumbing, not the headline. Weekend and overnight price discovery for big stocks is moving on-chain, and Hyperliquid, home of $HYPE, is where much of it trades. What it doesn't do, so far, is move $BTC, which sat near $73,650, inside its 48-hour range.
Would you trust a perp price over a closed stock market?
#Hyperliquid #TradFi #Perps
Disclosure: I can earn Binance Write to Earn rewards from this post.
Three things the overnight move shows:
1. Hyperliquid's NVDA perp fell nearly 12% to $160.99 (CoinDesk) after the WSJ reported Nvidia's board was preparing to remove CEO Jensen Huang. As of the latest reports, he has not been formally removed.
2. This is now a real market. NVDA perps hold the most open interest of any tradfi-linked contract on Hyperliquid, and rank fourth overall behind only bitcoin, ether and HYPE futures. Cumulative NVDA perp volume across exchanges hit a record above $4 billion, with Binance about 44% of it (Coinglass).
3. Crypto is the after-hours venue. When equities are shut, this is where the first price gets set, and centralized venues followed with similar losses.
My view: the useful signal is the plumbing, not the headline. Weekend and overnight price discovery for big stocks is moving on-chain, and Hyperliquid, home of $HYPE, is where much of it trades. What it doesn't do, so far, is move $BTC, which sat near $73,650, inside its 48-hour range.
Would you trust a perp price over a closed stock market?
#Hyperliquid #TradFi #Perps
Disclosure: I can earn Binance Write to Earn rewards from this post.