Nvidia stock didn’t trade this weekend, but its perpetual on Binance Futures did. Result: NVDAUSDT is showing -5.2% even before Wall Street opens this Monday.
Friday, 20:00–21:00 UTC: the final hour of the US session, the perp closes at $187.03. On Saturday and Sunday, it stays stuck between $187 and $189, with barely $34M in volume over all of Saturday.
Sunday evening: Nvidia’s board opens an independent investigation following reports concerning CEO Jensen Huang (CoinDesk). The 20:00 UTC candle drops from $187.88 to $180.68, or -3.8% in one hour.
Monday, 00:00 UTC: funding drops to -0.189%. Short sellers are now paying buyers, a sign of a rush into shorts. By 08:00 UTC, it’s already back up to +0.016%.
Monday, 12:00 UTC: low of $174.57. The perp is trading around $177.25 at 12:47 UTC. Since Sunday 20:00 UTC, open interest has doubled (from 399,000 to 796,000 NVDA) and $682M has been traded.
My take: this is no longer a gimmicky product. The market’s first reaction to the news took shape on a crypto exchange, several hours before US trading platforms reopened. But when open interest doubles this fast, that means fresh leverage on both sides—and a risk of a squeeze at the open.
Watch at 14:30 UTC, when Nasdaq opens:
- if the cash market opens near $177, the perp has done its job of price discovery;
- if it opens higher, weekend shorts will have to buy back, with a possible move back toward $180.
On the crypto side, $BTC is down 1.5% over 24 hours to around $74,800, and $ETH is down 5.1%, in the same risk-off move.
Have you ever traded a stock over the weekend via a perp, or do you still wait for the stock market to open?
#Nvidia #BinanceFutures #Crypto
Friday, 20:00–21:00 UTC: the final hour of the US session, the perp closes at $187.03. On Saturday and Sunday, it stays stuck between $187 and $189, with barely $34M in volume over all of Saturday.
Sunday evening: Nvidia’s board opens an independent investigation following reports concerning CEO Jensen Huang (CoinDesk). The 20:00 UTC candle drops from $187.88 to $180.68, or -3.8% in one hour.
Monday, 00:00 UTC: funding drops to -0.189%. Short sellers are now paying buyers, a sign of a rush into shorts. By 08:00 UTC, it’s already back up to +0.016%.
Monday, 12:00 UTC: low of $174.57. The perp is trading around $177.25 at 12:47 UTC. Since Sunday 20:00 UTC, open interest has doubled (from 399,000 to 796,000 NVDA) and $682M has been traded.
My take: this is no longer a gimmicky product. The market’s first reaction to the news took shape on a crypto exchange, several hours before US trading platforms reopened. But when open interest doubles this fast, that means fresh leverage on both sides—and a risk of a squeeze at the open.
Watch at 14:30 UTC, when Nasdaq opens:
- if the cash market opens near $177, the perp has done its job of price discovery;
- if it opens higher, weekend shorts will have to buy back, with a possible move back toward $180.
On the crypto side, $BTC is down 1.5% over 24 hours to around $74,800, and $ETH is down 5.1%, in the same risk-off move.
Have you ever traded a stock over the weekend via a perp, or do you still wait for the stock market to open?
#Nvidia #BinanceFutures #Crypto
