Markets · NVDA up to 200x
Around-the-clock Nvidia bets grow by $135.0 million in four days, at the latest price
Across all reported venues, NVDA contracts that trade around the clock account for $712.6 million in open positions. Markets with data for all four days hold $184.7 million.
What's happening
Open contracts on the NVDA-1.03% perp rose 271.3% over four days on markets present in each day. The extra units are worth $135.0 million at the latest price, which measures exposure rather than traders' deposits. These market totals do not reveal traders' entry prices, profits or net direction. Any leverage-cap comparison below is modeled, not an account-specific liquidation threshold.
Five of Nvidia's last eight quarterly reports brought a move beyond the desk's modeled liquidation distance for a short at the leverage cap on the NVDA perp. The shares moved a median 3.2% on the session after each report. The isolated-margin model puts the distance at 2.4% on trade.xyz, before fees and funding. Actual liquidation depends on collateral and maintenance margin.
Open positions on the venues that reported every day, counted once a day through 2:23 p.m. ET, November 11, 2026 and valued at today's price. The last bar is the high of these days.
| November 7 | $49.7M |
|---|---|
| November 8 | $75.4M |
| November 9 | $130.2M |
| November 10 | $128.7M |
| November 11 | $184.7M |
NVDA perps trade around the clock, with no expiry date. On trade.xyz, traders pick their leverage on the NVDA perp, from one up to 20 times. At 20 times, every dollar of deposit controls $20 of NVDA. The NVDA perp gives no ownership of Nvidia shares.
New positions came in across three of the four intervals. Valuing every reading at the latest price, open contracts on the NVDA perp grew from $49.7 million to $184.7 million and ended the four days at their highest. US traders can trade NVDA perps on Kalshi, while trade.xyz offers more leverage but is closed to US residents.
- Median move after the last eight reports
- 3.2% On the next session, either way
- Positions added in four days
- $135.0 million Extra units at latest price. Matched venues
- Open positions now
- $184.7 million All days valued at the latest price
- Annualized rate longs pay
- 8.3% Weighted by open interest
The backdrop
Nvidia Corporation (NASDAQ: NVDA) is the company behind the shares the perp tracks. The NVDA perp trades at $175.54, up 4.5% from $167.98 24 hours earlier (weighted by open interest across venues).
The largest increases in open contracts were on trade.xyz and Lighter. trade.xyz added units worth $130.2 million at the latest price and holds $173.0 million of open exposure. Lighter added units worth $3.7 million at the latest price and holds $8.0 million of open exposure. NVDA is the 13th largest perp market of the 1,656 we track by open interest.
On Veranta, 50% of open positions are long: $4,000 long and $4,000 short.
Longs pay shorts at an annualized 8.3%, weighted by open interest. This is a current rate, not a record of past payments. A price move or funding payment does not identify the market as net long or short.
The two sides
The table models a long and a short at the trade.xyz leverage cap. Actual liquidation depends on account equity and maintenance margin, not the venue cap alone.
$135.0 million extra at today's price over four days, new positions came in across three of the four intervals, mostly on trade.xyz and Lighter.
| Hypothetical long | Hypothetical short | |
|---|---|---|
| The bet | NVDA keeps rising and the new positions stay on. | NVDA falls back and the new positions are closed. |
| Liquidation move and price | A 2.6% fall, near $170.91, at trade.xyz's 20x cap | A 2.4% rise, near $179.69, at trade.xyz's 20x cap |
| Who is positioned this way | Longs, paying 8.3% a year to hold | Shorts, paid 8.3% a year by longs |
| Entry reference price | $175.41, the perp's latest price | $175.41, the perp's latest price |
Why this could be wrong
Open interest shows how much is open at a given moment. It does not show that the traders who added it are the ones holding it now, and four days of daily figures is a short window.
The yearly rate is today's pace, not a locked-in cost, and no cause for the build is known from this data. The usual move is a median of what came before, not a forecast, and the thresholds behind it are ours.
What happens next
If open contracts on the same markets, valued at today's fixed price, exceed $184.7 million by 2 p.m. Eastern Time on Thursday, the contract buildup has continued.
If that same fixed-price total falls below $49.7 million, the increase in open units has reversed. Using a new price instead could mistake a price decline for contracts closing.