CoinDesk
Nvidia-linked perpetual futures on Hyperliquid fell nearly 12% to $160.99 as traders reacted to a Wall Street Journal report that the chipmaker's board was preparing to remove CEO Jensen Huang. Nvidia shares closed at $173 on Wednesday and fell more than 7% in after-hours trading. Huang had not been formally removed, and the company had not announced a final decision.
Why it matters
The reported leadership uncertainty puts a spotlight on Nvidia, a major supplier of chips used in artificial intelligence, and on crypto venues where traders can take positions on traditional assets outside regular stock-market hours.
Nvidia-linked perpetuals were Hyperliquid's largest traditional-asset market by open interest and its fourth-largest overall, behind Bitcoin, Ether and HYPE futures. Similar contracts on Binance, OKX and Bybit also posted losses.
Market impact
Cumulative trading volume in Nvidia-linked perpetuals across exchanges topped a record $4 billion, according to Coinglass, with Binance accounting for 44% of the total. Perpetual futures prices can differ from the underlying stock and do not guarantee where it will trade next.
Bitcoin traded slightly weaker at around $73,650, within its range of the prior 48 hours. Nasdaq futures fell 0.75%, partially reversing Wednesday's nearly 2% gain.
Frequently asked questions
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Has Nvidia formally removed Jensen Huang?
Huang had not been formally removed, and Nvidia had not announced a final decision.
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How did Nvidia shares trade outside regular market hours?
Nvidia shares closed at $173 on Wednesday and fell more than 7% in after-hours trading.
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How much traded in Nvidia-linked perpetual futures?
Cumulative volume across exchanges topped a record $4 billion, according to Coinglass. Binance accounted for 44% of the total.
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How large is Hyperliquid's Nvidia-linked perpetual market?
It was the platform's largest traditional-asset market by open interest and fourth-largest overall, behind Bitcoin, Ether and HYPE futures.
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How did Bitcoin and Nasdaq futures react?
Bitcoin traded slightly weaker near $73,650, within its prior 48-hour range. Nasdaq futures fell 0.75%.
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