Nvidia Up 3.1% on Kalshi Before the Bell
Kalshi's stock perps traded $17.3 million overnight, while Nasdaq and the NYSE were shut. Of the perps with at least $250,000 traded since Thursday's close, the Nvidia perp sat furthest from it.
The NvidiaNVDA+12.06% perp on Kalshi, a US-regulated exchange, traded 3.1% above Thursday's close at 9:25 a.m. Eastern Time (ET). That gap is where the night market priced Nvidia ahead of the 9:30 a.m. open.
Kalshi lets traders hold about 4 times their deposit in the Nvidia perp. At that setting, a buyer's hypothetical $1,000 deposit would be up about $130 since Thursday's 4 p.m. reading, before fees.
| Stock | Thursday's close | Perp at 4 a.m. | Perp at 9:25 a.m. | Gap | Traded since the close |
|---|---|---|---|---|---|
| Nvidia (NVDA) | $166.19 | $166.65 | $171.30 | +3.1% | $20.7 million |
| AMD | $585.30 | $574.01 | $567.62 | −3.0% | $358,000 |
| Cisco Systems (CSCO) | $102.01 | $100.25 | $99.12 | −2.8% | $484,000 |
| Alphabet (GOOGL) | $298.70 | $299.66 | $303.27 | +1.5% | $1.8 million |
| Tesla (TSLA) | $397.45 | $396.68 | $402.61 | +1.3% | $3.0 million |
| Oracle (ORCL) | $127.11 | $125.23 | $128.71 | +1.3% | $604,000 |
| Sandisk (SNDK) | $937.46 | $922.04 | $925.83 | −1.2% | $1.1 million |
| Applied Materials (AMAT) | $380.95 | $377.92 | $377.04 | −1.0% | $434,000 |
The Nvidia perp is a contract that tracks the stock and keeps trading through the night. Funding, the daily payment between buyers and sellers that keeps a perp near its stock, matters less for an overnight holder. Under Kalshi's filed rules it is not computed while the stock market is shut.
Traders have put $20.7 million through the Nvidia perp since Thursday's close, the trading behind that reading.
- Nvidia perp at 9:25 a.m.
- $171.30 Above Thursday's close
- Traded overnight
- $17.3 million Every stock and fund perp, exchanges shut
- Above Thursday's close
- 43 of 94 Kalshi stock and fund perps
- Gap to trade.xyz overnight
- 0.04% Median at five-minute checks
Where the other perps stood
The rest split on the open: of the 58 Kalshi stock and fund perps with a Thursday close, 43 traded above it and 51 below.
No other perp with at least $250,000 traded since the close sat further from its stock's close than Nvidia.
The AMD-0.80% perp went the other way, 3.0% below the close.
The table lists the 8 largest gaps among the 16 perps with at least $250,000 traded.
How far the perps moved, and when
By 8 p.m., when after-hours stock trading ends, the Nvidia perp was 0.95% above the close.
By 4 a.m., when pre-market trading starts, it was 0.28% above.
Between 8 p.m. and 4 a.m., when Nasdaq and the New York Stock Exchange run no session, Kalshi's 94 stock and fund perps traded $17.3 million. The Nvidia perp took the most, $7.3 million.
The overnight prices tracked trade.xyz
Kalshi's busiest overnight perps stayed within a median 0.04% of trade.xyz, an offshore venue that bars US residents, at five-minute checks from 8 p.m. to 4 a.m.
The group was the Nvidia, Meta, Costco, MicronMU+2.06%, PalantirPLTR+1.10%, SpaceXSPCX+1.66% and AppleAAPL+0.01% perps, the busiest overnight that trade.xyz also lists.
Nine in ten checks were within 0.13%. The Micron perp drifted as much as 0.48% from its trade.xyz price.
trade.xyz takes its overnight stock prices from Blue Ocean ATS, an alternative trading system that trades many US stocks overnight through brokers. The close match is consistent with traders keeping the two venues' prices together. It does not show which venue led.
What to watch at the open
The stock opens at 9:30 a.m. If Nvidia opens near $171.30, the night market's reading held.
This afternoon's report, after the 4 p.m. close, shows where the day's trading went.