WORLDTECHBinance handles 44% of Nvidia perpetual volume over weekend
Binance's NVDAUSDT perpetual futures contract drew $360.35 million in trading over the past 24 hours, according to Crypto Briefing, giving the exchange 44% of activity across the eight largest venues offering the product. The surge came while Wall Street was closed and uncertainty around Nvidia's management weighed on sentiment.
Weekend trading filled the gap
Nvidia shares cannot be traded on conventional exchanges over the weekend, and perpetual futures, which are derivative contracts with no expiry date, offered a way to express a view in the meantime. According to Crypto Briefing, Binance hosted much of the early price discovery as traders reacted to uncertainty about Nvidia's management.
Before US markets reopened on Monday, the NVDAUSDT perpetual fell as low as -4.2% compared with the previous US close, a move the outlet attributes to that weekend uncertainty.
Positioning on the platform
Open interest, which measures the total value of contracts still open rather than the amount traded, stood at $90.57 million on Binance's NVDAUSDT contract, a 30.1% share of the market. Across all venues, total NVDA perpetual volume came to roughly $826 million to $1.06 billion, with open interest between $278 million and $421 million.
Binance's 44% share of volume ran ahead of its 30.1% share of open interest, which Crypto Briefing reads as traders turning positions over actively rather than holding them.