Markets · CRWV up to 10x
CoreWeave’s perp climbed 14.6% overnight. Nearly half the trading came in the first hour
The contract gained just 1% in the hour CoreWeave filed its earnings. It reached $57.60 by 4 a.m. ET, then gave back nearly 6% in an hour.
CoreWeave’sCRWV+13.65% perpetual futures contract on trade.xyz saw an estimated $25.35 million change hands between 4 and 5 p.m. ET Tuesday, November 10. That was 46% of the overnight total, yet the perp ended the hour at $49.27, barely above its $48.76 starting price.
| CoreWeave (CRWV) | $48.76 | $55.90 | +14.62% | $55.5m |
|---|---|---|---|---|
| Nebius (NBIS) | $133.96 | $149.90 | +11.90% | $26.0m |
| Kioxia | $55.19 | $61.74 | +11.88% | $7.6m |
| SoftBank | $22.61 | $24.57 | +8.67% | $1.3m |
| Lumentum (LITE) | $585.83 | $634.69 | +8.34% | $2.7m |
| Bloom Energy (BE) | $185.57 | $200.84 | +8.23% | $2.0m |
| Sandisk (SNDK) | $860.02 | $930.33 | +8.18% | $81.8m |
| SK hynix ADR (SKHY) | $129.62 | $139.73 | +7.80% | $46.0m |
| Marvell (MRVL) | $154.30 | $165.91 | +7.52% | $6.5m |
| IREN | $19.71 | $21.15 | +7.30% | $2.1m |
- First hour’s estimated turnover
- $25.35 million 4 to 5 p.m. ET on November 10
- Full overnight turnover
- $55.48 million Estimated across 14 completed hours
- Largest hourly move
- −5.94% 4 to 5 a.m. ET on November 11
The price moved later than the volume
The SEC accepted CoreWeave’s earnings filing at 4:05 p.m. ET. The company reported $3.66 billion in quarterly revenue, up from $1.37 billion a year earlier, and a $709 million net loss. It also raised its full-year revenue outlook to $13.0 billion to $13.3 billion. Its earnings call was scheduled for 5 p.m.
Over the next 11 hours, the perp climbed from $49.27 to $57.60. Then, between 4 and 5 a.m. Wednesday, it fell 5.94% to $54.18. It recovered to $55.90 by 6 a.m., leaving it up 14.62% over the full 14 hours. Those prices are for the derivative, which gives traders exposure to CoreWeave without owning its shares.
Where CoreWeave ranked
CoreWeave had the largest percentage move among the screened equity perps with at least $1 million in estimated turnover. NebiusNBIS+8.84% rose 11.90% and KIOXIA+11.15% gained 11.88%. SandiskSNDK+11.67% traded more heavily than CoreWeave, with an estimated $81.8 million changing hands, even as its 8.18% gain was smaller.
For a trader holding $10,000 of CoreWeave exposure from 4 p.m. to 6 a.m., the price change alone would have produced a $1,462 gain on a long or a $1,462 loss on a short. Starting a $10,000 long at 4 a.m. instead would have meant a $594 loss in the next hour. Both examples assume the position stayed open and exclude fees and funding.