Trader Opens Short on Nvidia for $5.44 Million with 10× Leverage on Hyperliquid

On the decentralized trading platform Hyperliquid, an unknown trader opened a short position on perpetual futures linked to Nvidia (NVDA) shares, amounting to approximately $5.44 million. The operation was reported by the analytical platform Lookonchain on November 9, 2026.

The position size was 30,000 contracts with an entry price of about $181.33. The trader used 10× leverage, allowing them to control a significantly larger position volume relative to the collateral posted.

How the Short Position on Nvidia Works

The nominal value of the position is approximately $5.44 million. With tenfold leverage, the estimated initial margin is about $544,000, excluding additional requirements from the trading platform.

A short position aims to profit from a decrease in the value of the underlying instrument. However, if the price of NVDA rises, the trader may incur losses, which are amplified by the use of leverage.

On Hyperliquid, Nvidia shares themselves are not traded, but derivative instruments tracking their value are. Perpetual futures do not grant corporate rights to holders and can be traded around the clock, including periods when the main Nasdaq session is closed.

Therefore, the quotes of such a contract may differ from the official price of Nvidia shares on the American stock exchange.

Nvidia Initiates Independent Review

The transaction was recorded following Nvidia's announcement on November 8 about the initiation of an independent review of reports suggesting that the company's CEO, Jensen Huang, might have been the target of foreign intelligence activities.

The trigger was publications about his relationship with entrepreneur Alice Huang, previously associated with the Singaporean tech company Megaspeed. Media materials, citing information from American intelligence, raised suspicions about possible connections between the entrepreneur and Chinese intelligence services.

These allegations have not been established as proven facts.

Nvidia's board of directors stated that at the time of the review's initiation, there were no grounds to believe that national security or the company's confidential information had been compromised. The investigation is being conducted by a committee of independent directors with the involvement of external consultants.

Jensen Huang expressed his willingness to cooperate with the reviewers and continued to perform his duties as CEO.

How Nvidia Shares Changed

Over the five trading sessions ending November 6, Nvidia's share price decreased by approximately 8.8%. However, on Friday, November 6, the shares rose by 2.78% and closed at $186.64.

This decline occurred before the board's announcement on November 8, so it cannot be entirely attributed to the announced investigation.

On over-the-counter platforms and the perpetual futures market, trading of instruments tied to NVDA continued after the main U.S. session closed.

The opening of a $5.44 million short position reflects the actions of an individual market participant but does not allow for determining their motives or predicting the future dynamics of Nvidia shares.