How the Nvidia Perp on Hyperliquid Priced the Jensen Huang News While Nasdaq Was Closed

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Nvidia's board announced a review of its CEO, Jensen Huang, on Sunday, November 8, 2026. Nasdaq was closed. The NVDA perpetual on Hyperliquid was not, so it took the first reaction. This page walks through what that contract did, hour by hour, using the Hyperliquid API, and explains the rules that set its price while the stock wasn't trading.

Key takeaways

• The NVDA perp fell from $187.52 to a low of $180.15 in the 3 p.m. ET hour on Sunday, on roughly $39 million of volume. On a typical hour earlier that weekend, about $0.5 million changed hands.
• Until 8:05 p.m. ET Sunday the contract had no live stock price behind it. trade.xyz's rules held the mark within a ±5% band of a Friday-evening reference, and the lowest trade in that window sat within a cent of 5% below Friday's 8 p.m. price.
• Funding swung hard during the drop. For the 3 p.m. hour shorts paid longs 0.0484%, about 77 times the contract's usual 0.00063% hourly rate, with the sign reversed.
• At Monday's 4 p.m. ET Nasdaq close the perp traded at $178.69, 4.3% below its Friday afternoon price. Open interest roughly doubled, from the $114 million to $118 million reported early Monday to about $245 million by Tuesday morning.

Following a market during news? The live price, funding and the mark-versus-oracle gap are on the NVDA perp market page.

What happened over the weekend

The Block reported on Sunday night that Nvidia's board was investigating Huang's relationship with a woman who, according to the outlet, had been reportedly identified by intelligence officials as a Chinese spy. The Block said the allegation traced to a New York Times report from the previous week. It also quoted the board as saying it had no reason to believe national security or Nvidia secrets were compromised, and that "the Board's inquiry will examine all available information." China's foreign ministry dismissed the earlier US report as groundless, according to the South China Morning Post.

Nvidia published an internal memo from Huang. The Block quotes him writing "I was unfaithful to my wife" and "I am deeply sorry," and saying he supports the investigation and will cooperate fully. A company spokesperson told the outlet that "Jensen is committed to continuing to lead Nvidia as CEO without interruption." This page doesn't go beyond what those reports say, and none of it has been tested anywhere.

The trading response was reported as it happened. CNBC's Monday piece said bearish bets on Nvidia perps began around 3 p.m. ET Sunday and that the xyz contract slipped "as low as $180.15 on $200 million of volume by 3:30 p.m. E.T." Finance Magnates ran the headline "Nvidia's Price Was Set by Perps, Not Nasdaq." Bitcoin.com News reported, citing Lookonchain, that one wallet shorted 30,000 NVDA perps worth about $5.4 million at 10x, at an average entry of $181.33.

Why a stock perp can move when Nasdaq is closed

NVDA on Hyperliquid isn't a share and isn't listed by Hyperliquid. It is a perpetual future deployed by trade.xyz under the xyz HIP-3 deployment, and trade.xyz sets the market's oracle inputs, leverage and other parameters. HyperCore, Hyperliquid's trading engine, runs the order book, margin and liquidations. The book never closes.

The stock's reference price does stop. trade.xyz's specification index, read on November 10, 2026, lists NVDA's external session as "24/5, from Sunday 8:05 PM ET to Friday 8:00 PM ET" and its internal session as "Friday 8:00 PM to Sunday 8:05 PM ET." The same row gives 20x max leverage, a ±5% discovery bound, 2 resets, cross margin and a 0.5 funding rate multiplier.

So the news landed about five hours before the external session restarted. In those five hours, three rules from the trade.xyz mechanics docs decided the price:

1. The oracle followed the book. With no external input, the oracle moves toward the order book's impact prices through a moving average with a 30-minute time constant, starting from the last external price. It trails the book rather than copying it.
2. The mark price is a median. It takes the middle of the oracle, the oracle plus a short moving average of the book-to-oracle gap, and the median of best bid, best ask and last trade. Profit and loss, margin and liquidations all run on the mark.
3. Discovery bounds cap the move. The mark is held within ±(1/max leverage) of a reference price, which for NVDA means ±5%. At the start of the internal session the reference is the last externally derived oracle price. The band can re-anchor twice in each direction before it becomes a hard cap.

These are the same mechanics our guide to weekend Brent on Hyperliquid covers for oil, with NVDA's own session times.

What the NVDA perp did, hour by hour

The two tables read the Hyperliquid API's candleSnapshot (1-hour candles for xyz:NVDA) and fundingHistory endpoints on November 10, 2026. Hours are Eastern Time and each row is the hour starting at the time shown (Friday is November 6, Sunday November 8, Monday November 9). Volume is our estimate: contracts traded multiplied by the average of the hour's open and close. Funding is the rate settled at the end of that hour; a negative rate means shorts paid longs.

Price

Volume and funding

Source: Hyperliquid API, candleSnapshot and fundingHistory for xyz:NVDA, read November 10, 2026.

How the rows line up with the sessions: Friday 3 p.m. is Nasdaq's last hour and Friday 7 p.m. the last hour of trade.xyz's external session, which ended at 8:00. The news broke in the Sunday 3 p.m. hour, the external session resumed at 8:05 p.m. Sunday, and Nasdaq opened at 9:30 inside the Monday 9 a.m. row. The Sunday 3 p.m. hour opened at $187.52, and Monday's 9 a.m. hour at $175.82.

Volume jumped from almost nothing

Across all of Saturday the perp traded about $12.6 million, and its busiest hour from Friday evening until the news was $2.2 million. The five internal-session hours after 3 p.m. Sunday traded about $122.7 million. Our hourly figures don't match CNBC's $200 million for the half hour to 3:30 p.m. They're built from candle volume rather than the exchange's notional count, so read them as the shape of the move, not an exact tally.

The low met the discovery bound

At 8 p.m. ET Friday, as the external session closed, the perp traded at $188.69. Five percent below that is $179.26. The lowest trade before the external session came back was $179.27, in the 6 p.m. hour. The discovery bound applies to a reference oracle price we can't see in candle data, and trade.xyz doesn't publish NVDA's reset trigger, so we can't say whether a reset fired. The two numbers do line up within a cent.

Funding showed where the perp sat against its oracle

In normal trading the NVDA perp hugs its oracle. Our tracking-error study measured its 30-day tracking error at 3.7 basis points. In the 3 p.m. hour on Sunday the API's premium field read -0.80%: the book was trading about 80 basis points below an oracle that was still catching up through its 30-minute average. That gap is what drove funding to -0.0484% for the hour.

What it meant for Monday's open

The reopen that mattered most for NVDA came at 8:05 p.m. Sunday, hours before the Nasdaq bell, when the external session resumed and the oracle went back to an externally derived price. The 8 p.m. hour traded between $178.35 and $182.99, and funding flipped from negative to positive at the end of it. So the outside price that came back sat at or a little below the weekend book. Finance Magnates, citing Reuters, put Hyperliquid perps and Blue Ocean's overnight trading both near $180.30 on Sunday night, about 3.4% below Nvidia's Friday Nasdaq close of $186.64.

From there the perp and its oracle moved together through the night. The price slid to $175.60 in the 1 a.m. hour and swung widest in the hour that included the Nasdaq open: a low of $170.37, 8.7% below Friday afternoon's $186.69, before closing that hour at $178.80. CNBC reported that both the shares and the perps "fell below $178 overnight."

Why can the perp and the stock still differ once both are trading? The perp follows its oracle through funding, not by delivery, so it can trade at a premium or discount for a while. On Monday funding was positive every hour. The perp sat a little above its oracle and longs paid shorts. These gaps are usually a few basis points. On a news day they can be much wider, and that's the number to watch on the NVDA market page next to the price.

The risks: funding, gaps and thin books

Funding swings both ways

Funding on HIP-3 perps settles every hour, per Hyperliquid's funding documentation. On a calm hour NVDA's rate is tiny. On Sunday it hit -0.0484% in a single hour, then flipped positive once the external price returned. Anyone holding a short through the drop collected funding. Anyone who opened a short after 8 p.m. paid it. Our funding rates guide explains how the hourly rate is built.

Gaps at the reopen

Two reopens matter for a US stock perp: the external session at 8:05 p.m. ET Sunday and the Nasdaq cash open on Monday. On this weekend the first was calm, because the outside price came back close to the weekend book. It doesn't have to be. Per the trade.xyz docs, the oracle reverts to the external price "on the next tick" when external inputs resume, and the discovery bounds reset around it. If the weekend book and the outside market disagree, a position meets that gap with nothing in between.

Liquidations on thin weekend books

The mark price runs all weekend, and so do liquidations. At NVDA's 20x maximum, a 5% move against a position wipes out the whole initial margin, and liquidation comes before that point. The 3 p.m. hour on Sunday fell 3.9% from its open to its low. Before the news, the median weekend hour traded about $0.5 million, so a large order on a quiet Saturday can move the book on its own. Our guides to liquidation and isolated vs cross margin cover how to size for this. NVDA is listed as cross margin in the specification index, so by default a loss draws on your shared balance.

How to read the NVDA market page during news

The live NVDA perp page shows what this article had to reconstruct after the fact. Four readings tell you most of what you need:

1. Mark vs oracle. If the premium widens far beyond its usual few basis points, the book is moving faster than the oracle. That's what happened at 3 p.m. Sunday.
2. Funding. The sign tells you who is paying. A sudden swing usually comes from that widening premium.
3. Volume against open interest. On Tuesday morning, November 10, 2026, the API showed $597 million of 24-hour volume against about $245 million of open interest (1,372,321 contracts at a $178.87 mark). Early on Monday, Finance Magnates put it at about $117.5 million and Bitcoin.com News at roughly $114 million, so open positions about doubled in a day.
4. Which session you're in. Between Friday 8:00 p.m. and Sunday 8:05 p.m. ET, the oracle follows the book. Outside that window it follows the stock.

Our equity perps guide covers the rest of the trade.xyz stock lineup and how each contract is set up. Other chip names, from ARM Holdings to AMD and Micron, have their own rows in the specification index, so check each one's session hours and bounds instead of assuming NVDA's. For a broader walkthrough of trading outside cash-market hours, see the after-hours trading guide.

To trade the contract, connect your wallet at app.hyperliquid.xyz or at app.trade.xyz with the same wallet. Both reach the same NVDA book.

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Hyperliquid Guide. "How the Nvidia Perp on Hyperliquid Priced the Jensen Huang News While Nasdaq Was Closed." Published November 10, 2026; last updated November 10, 2026. https://hyperliquidguide.com/guides/trading/nvidia-perp-weekend-price-discovery

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<a href="https://hyperliquidguide.com/guides/trading/nvidia-perp-weekend-price-discovery">How the Nvidia Perp on Hyperliquid Priced the Jensen Huang News While Nasdaq Was Closed</a> — Hyperliquid Guide, updated November 2026

Where the figures come from. Hourly prices, volume and funding for xyz:NVDA were read from the Hyperliquid API's candleSnapshot and fundingHistory endpoints on November 10, 2026; open interest from metaAndAssetCtxs at 6:42 a.m. ET that day. Session hours and discovery-bound parameters are from the trade.xyz specification index, read the same day. News facts are attributed inline to the outlet that reported them. This is a dated account of one weekend. The figures describe November 6 to 10, 2026 and will not change. The figures and attributions were last reviewed November 2026; this page has been published since 2026.

Reuse. You may republish these figures with attribution and a link to hyperliquidguide.com/guides/trading/nvidia-perp-weekend-price-discovery.