Markets · NVDA up to 20x
Nvidia overnight contract up 2.8%, MiniMax lower
Estimated turnover reached $829.4m across 74 trade.xyz equity perps priced at both endpoints. 35 fell and 38 rose between 4pm ET Thursday and 6am ET Friday.
The NvidiaNVDA+4.94% perp rose 2.76% overnight on trade.xyz. An estimated $362.6m changed hands between 4pm ET Thursday and 6am ET Friday. Its own hourly closing price went from $166.24 to $170.83 over that window. Both figures are perp prices, not stock-exchange closes. Its largest hourly move was 1.55%, between 4am and 5am ET.
The largest percentage move was elsewhere: Cerebras's perp was 16.98% higher, but on estimated turnover of $24.4m. MINIMAX-9.27% went the other way, 8.92% lower on estimated turnover of $1.5m.
| Search timestamp (ET) | |||||
|---|---|---|---|---|---|
| Cerebras (CBRS) | $97.78 | $114.39 | +16.98% | $24.4m | 11:23pm (Thursday) |
| MiniMax | $21.39 | $19.48 | -8.92% | $1.5m | None found |
| Zhipu AI (ZHIPU) | $57.26 | $52.15 | -8.92% | $7.4m | None found |
| GigaDevice (GIGADEV) | $38.02 | $36.37 | -4.33% | $1.2m | 5:59pm (Thursday) |
| Microsoft (MSFT) | $522.82 | $507.48 | -2.93% | $18.5m | 11:23pm (Thursday) |
| Nvidia (NVDA) | $166.24 | $170.83 | +2.76% | $362.6m | 10:36pm (Thursday) |
| CXMT | $6.19 | $6.04 | -2.54% | $10.4m | None found |
| Coinbase (COIN) | $130.64 | $127.39 | -2.49% | $6.8m | None found |
| Broadcom (AVGO) | $364.30 | $355.92 | -2.30% | $1.3m | 5:04pm (Thursday) |
| AMD | $585.12 | $573.07 | -2.06% | $31.9m | None found |
Nvidia alone was 44% of the estimated $829.4m traded across 74 stock perps overnight. Across the board, 35 were lower and 38 higher, in this sample.
Two moves larger than the table's smallest, 2.06%, sit outside it, because estimated turnover fell below $1.0m. The largest: BitMine fell 3.59% on estimated turnover of $139k.
- The lead
- Nvidia, +2.76% $166.24 at 4pm ET Thursday in the perp, against $170.83 at 6am ET, on estimated turnover of $362.6m
- Widest gap
- Cerebras, +16.98% On estimated turnover of $24.4m in the window
- The split
- 38 up, 35 down Of 74 stock perps priced at both ends of the window
- The window
- 14 hours 4:00pm ET Thursday to 6:00am ET Friday
Why it matters
For a hypothetical position with $10,000 of starting exposure, the full price change implies a gross $276 gain for a long and loss for a short. 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 28% 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 The Wall Street Journal. 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.