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.
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Hyperliquid’s market page for the Nvidia perpetual showed a mark price of $178.48 against an oracle price of $178.37. The contract was down $8.48, or 4.54%, over 24 hours. Volume over the period was about $197.9 million and open interest about $117.5 million. The funding rate was 0.0023%.
Other venues showed smaller falls. Perpetual futures on Hyperliquid and after-hours trading on the Blue Ocean system were around $180.30 a share, Reuters reported. That was about 3.4% below Friday’s Nasdaq close of $186.64. Bloomberg reported that the stock was down about 3.7% on Robinhood’s platform on Sunday night, New York time.
The 24-hour change on Hyperliquid is measured against the perp’s own price a day earlier, not against Friday’s Nasdaq close.
Rick Maeda, head of markets at Laevitas, told The Block that with US cash markets shut, Nvidia perps on crypto platforms such as Hyperliquid were the only place for price discovery, so the contract “took the first reaction on thinner liquidity.” Also on Sunday night, Dominick John of Zeus Research pointed to deeply negative funding rates, which he said suggest short positioning may be getting crowded.
What the Board Said
Nvidia’s board announced on 8 November that it is opening an independent investigation after reports that Huang was the target of a foreign intelligence effort. A committee of independent directors, assisted by outside counsel, will oversee it.
The board said it has no reason to believe national security or Nvidia secrets were compromised, and that it has confidence in Huang. He remains CEO.
In an internal memo published by Nvidia, Huang said he was unfaithful to his wife and would cooperate with the review. The New York Times reported last week that a memo circulated among US policymakers alleged a Chinese businesswoman had been recruited by China’s Ministry of State Security to gather intelligence on him. The allegations rest on anonymous US government sources. The board’s statement does not mention China.
BREAKING: Nvidia, $NVDA, CEO Jensen Huang sends a company-wide email regarding his recently reported relationship with a Chinese spy. https://t.co/NTdoSgaxoy
— The Kobeissi Letter (@KobeissiLetter) November 8, 2026
Prediction markets have also opened contracts on Huang’s future. Polymarket put a 16% chance on him announcing his resignation or being removed by 31 December 2026, while a Kalshi market priced his departure by 1 January 2028 at 18%.
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What the Hyperliquid Contract Is
The Nvidia market on Hyperliquid is not run by Hyperliquid itself. It is the NVDA-USDC perpetual, listed under the ticker xyz:NVDA, on the trade[XYZ] deployment, which uses Hyperliquid’s HIP-3 framework for builder-run markets. Hyperliquid’s matching engine handles trades, margin and liquidations, while XYZ sets the oracle source, leverage limits and other market parameters, according to its documentation.
The contract is cash-settled and margined in USDC, so a trader holds no Nvidia shares. DefiLlama’s listing for the market shows a maximum leverage of 20x and Pyth Network as the oracle provider, based on a snapshot dated 6 November.
Read more: CFTC Allows Perpetual Futures to Expand from Bitcoin to Individual Stocks
XYZ’s documentation says off-session price movement is limited by “discovery bounds” of plus or minus 1 divided by maximum leverage around a reference price. At 20x, that is 5%. The documentation also says the mark price, which is used for margin and liquidations, is the median of three inputs: the oracle price, an oracle-plus-basis smoothed price, and signals from the order book and recent trades.
How Nvidia Came to Trade on a Sunday
Weekend and overnight access to US stocks has been built out for years. Robinhood offers selected stocks and ETFs 24 hours a day, five days a week, with overnight trading from 8 p.m. to 4 a.m. ET, and has said it plans to allow trading of US stocks on Saturdays.
Brokers typically route off-hours orders through alternative trading systems such as Blue Ocean, which Robinhood and several other US broker-dealers use.
Blue Ocean has had its own stress tests. It suffered a breakdown in August 2024 that left Robinhood users unable to complete trades, then upgraded its platform to expand capacity by several hundred times. It later handled a record $3.27 billion in notional volume during the overnight session of the 2024 US presidential election.
The Sunday window is widening. Bruce Markets, backed by Robinhood and Fidelity, said it plans to extend overnight US equity trading into Saturdays and Sundays through its alternative trading system. The owner of the New York Stock Exchange and crypto exchange OKX have also set out plans for a blockchain venue trading 63 US stocks around the clock, with Nvidia on the list.
US cash trading resumes at Monday’s open. Google Finance lists Nvidia’s next earnings report for 17 November. House Republicans have asked Huang to appear before Congress on 18 November. How will Nvidia stock move as the US markets open?
