Nvidia-linked perpetual futures have come under heavy selling pressure on Hyperliquid as traders react to reports that CEO Jensen Huang could be removed from his position. At the same time, Bitcoin remains relatively stable, continuing to trade within its established range over the past two days.
Market participants in the crypto derivatives sector have reacted negatively to speculation that Nvidia (NVDA), a leading artificial intelligence company, could be preparing for a leadership change following allegations involving Huang and a Chinese businesswoman suspected of having ties to Beijing.
Perpetual futures tracking Nvidia shares on Hyperliquid have plunged nearly 12% to $160.99 at the time of writing. Similar declines have emerged on major centralized trading platforms, including Binance, OKX, and Bybit.
Meanwhile, Nvidia’s Nasdaq-listed shares finished Wednesday’s regular trading session at approximately $173 before dropping more than 7% in after-hours trading.
The sharp reaction across derivatives markets suggests that additional volatility could follow. Nvidia stock has already retreated significantly from its October 6 peak of $243, recording a substantial decline from its recent highs.
Trading activity has also reached unprecedented levels. Data from CoinGlass shows that combined trading volume for Nvidia perpetual contracts across exchanges has exceeded $4 billion, marking a new record. Binance contributes approximately 44% of the total activity.
Hyperliquid’s NVDA-USDC perpetual contracts currently dominate open interest, with approximately $535 million in outstanding positions. This makes Nvidia the largest traditional-finance-linked market on the platform and the fourth-largest market overall, trailing only Bitcoin, Ethereum, and HYPE.
The surge in activity highlights how cryptocurrency exchanges are increasingly becoming important venues for price discovery in traditional financial markets, including equities and commodities.
Hyperliquid has attracted considerable interest from traders seeking exposure to traditional assets through crypto-based derivatives. Its popularity accelerated during the Iran war in early March, when geopolitical developments continued over weekends while conventional financial markets remained closed. Traders increasingly used the platform to position themselves around movements in oil, gold, and major stock indexes.
Bitcoin, the cryptocurrency with the largest market capitalization, was trading slightly lower at approximately $73,650, remaining within its recent 48-hour range. BTC has occasionally maintained a strong positive correlation with Nvidia’s performance. Meanwhile, Nasdaq futures slipped 0.75%, reversing part of Wednesday’s nearly 2% rally.
Nvidia CEO Jensen Huang Faces Growing Leadership Speculation
The controversy gained attention on November 8 after Huang reportedly acknowledged an extramarital relationship with Alice Huang, a Chinese businesswoman whom U.S. intelligence officials allegedly suspected of representing Beijing’s interests.
Following the allegations, Nvidia launched an investigation and appointed an external legal team led by former acting U.S. Attorney Joon Kim. However, the company maintained that there was no reason to believe its trade secrets, confidential information, or U.S. national security interests had been compromised.
The situation escalated further late Wednesday after The New York Times published a report alleging another extramarital relationship involving Huang and an Nvidia executive.
The Wall Street Journal subsequently reported that Nvidia’s board was considering removing Huang as CEO, with directors potentially preparing to meet as early as Wednesday to discuss the company’s leadership situation.
Huang co-founded Nvidia more than three decades ago and has led the company throughout its rise into one of the world’s most influential semiconductor and artificial intelligence businesses.
Despite the growing speculation, Huang has not been formally removed from his position, according to the latest reports. Nvidia’s corporate bylaws allow its board to dismiss the CEO with or without cause through a majority vote. Nevertheless, the company has not confirmed any decision regarding a potential leadership change.
