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Nvidia overnight contract down 6.5% as most others fall
Estimated turnover reached $1.58bn across 71 trade.xyz equity perps priced at both endpoints. 61 fell and 10 rose between 4pm ET Wednesday and 6am ET Thursday.
The NvidiaNVDA-8.01% perp fell 6.53% overnight on trade.xyz. An estimated $975.1m changed hands between 4pm ET Wednesday and 6am ET Thursday. Its own hourly closing price went from $173.90 to $162.54 over that window. Both figures are perp prices, not stock-exchange closes. Its largest hourly move was 5.40%, between 5pm and 6pm ET on Wednesday.
The largest percentage move was elsewhere: Zhipu AI's perp was 11.07% lower, but on estimated turnover of $4.3m.
| Search timestamp (ET) | |||||
|---|---|---|---|---|---|
| Zhipu AI (ZHIPU) | $64.82 | $57.65 | -11.07% | $4.3m | None found |
| MiniMax | $23.11 | $21.38 | -7.51% | $1.2m | None found |
| Unitree | $111.93 | $103.87 | -7.20% | $26.7m | None found |
| Kioxia | $63.24 | $58.87 | -6.91% | $8.3m | None found |
| Nvidia (NVDA) | $173.90 | $162.54 | -6.53% | $975.1m | 10:28pm (Wednesday) |
| CoreWeave (CRWV) | $60.75 | $57.00 | -6.17% | $23.9m | 10:07pm (Wednesday) |
| Applied Optoelectronics (AAOI) | $55.86 | $53.07 | -4.98% | $1.3m | None found |
| Strategy (MSTR) | $122.22 | $116.52 | -4.66% | $17.6m | 7:33pm (Wednesday) |
| Alibaba (BABA) | $101.54 | $97.22 | -4.25% | $2.1m | 9:57pm (Wednesday) |
| CXMT | $6.45 | $6.18 | -4.22% | $18.0m | 9:01pm (Wednesday) |
Nvidia alone was 62% of the estimated $1.58bn traded across 71 stock perps overnight. 61 of the 71 contracts were lower.
Every move in the table cleared $1.0m in estimated turnover. That floor does not measure the depth available for a new order.
- The lead
- Nvidia, -6.53% $173.90 at 4pm ET Wednesday in the perp, against $162.54 at 6am ET, on estimated turnover of $975.1m
- Widest gap
- Zhipu AI, -11.07% On estimated turnover of $4.3m in the window
- The split
- 10 up, 61 down Of 71 stock perps priced at both ends of the window
- The window
- 14 hours 4:00pm ET Wednesday to 6:00am ET Thursday
Why it matters
For a hypothetical position with $10,000 of starting exposure, the full price change implies a gross $653 gain for a short and loss for a long. This assumes the position remained open throughout, before trading fees and funding payments between longs and shorts. If backed by $1,000 of starting collateral, that price change equals 65% of the collateral. Actual margin and the path of prices determine whether liquidation could close a position before the endpoint.
The news search matched a report on Nvidia from Bloomberg: "Nvidia Punches a Hole in Bull Case for AI Stocks." The table gives search timestamps, not verified publication times. They cannot establish whether coverage preceded a move.
The contracts give price exposure without ownership of the underlying shares. Turnover shows activity, but these candles alone do not establish why a contract moved or how closely it tracked the share.
Estimated turnover sums each completed hour's contract volume multiplied by the midpoint of its high and low. It is an approximation of dollar activity, not the exact value of every execution.
What the comparison can establish
The table compares the same derivative at two times. To measure whether the Nvidia perp led or lagged the underlying security, a separate series of time-matched security prices is needed. That series is not part of this dataset.