Binance leads Nvidia perpetual trading with $360.35 million in daily volume

The exchange took 44% of volume across the top eight venues as weekend uncertainty at Nvidia pushed its perpetual contract lower Wall Street was closed. Nvidia traders were not. Over the past 24 hours, Binance’s Nvidia perpetual futures contract, NVDAUSDT, recorded $360.35 million in trading volume. That gave the exchange 44% of the activity across the eight largest venues offering the product, making it the top destination for anyone who wanted to trade Nvidia before the opening bell. The timing matters. The volume spike came as uncertainty around Nvidia’s management swirled over the weekend, a stretch when the stock itself cannot change hands on traditional exchanges. Perpetual futures filled that gap, and Binance ended up hosting much of the early price discovery. The numbers behind the weekend rush Binance led on volume, and it also led on positioning. Open interest on the exchange’s NVDAUSDT contract stood at $90.57 million, a 30.1% share of the market. Open interest measures the total value of contracts still open, rather than how much traded. Put simply, volume shows how busy the room was, while open interest shows how many people are still holding positions when the music s...