Open interest contracts even as NVDA trades higher ahead of earnings
According to TradingBeats, formerly Hyperinsight, NVDA contracts on Hyperliquid were quoted at $213.72 ahead of Nvidia’s earnings release, up about 1.4% over the past 24 hours.
Over the same period, open interest value fell from about $156 million to $97.904 million, a drop of roughly $57.971 million, or 37.2%. Funding remained positive. The current hourly funding rate for NVDA was about +0.000625%, and the cumulative rate over the past 24 hours was roughly +0.0207%, up about 29.2% from the prior 24-hour period.
Million-dollar addresses continue to tilt short
While the broader market cut exposure sharply, million-dollar addresses in the sample moved further toward the short side. The sample currently showed nine long positions and 12 short positions. Total long exposure stood at about $22.623 million, compared with roughly $33.331 million in short exposure, leaving shorts ahead by about $10.708 million.
0xd8c becomes the largest short
The largest short, address 0xd8c, sold about 12,800 NVDA from last night into this morning. The added short turnover was about $2.722 million at an average price near $212.63, marking the biggest directional position adjustment over the past 24 hours.
The address is now short 26,600 NVDA using 5x cross margin, with position value of about $5.685 million, making it the largest short in the sample. Its blended average entry is $211.33, and the position is showing a floating loss of about $64,000. No public take-profit or stop-loss orders have been seen so far.
Top long sets first take-profit zone above $231
On the other side, the largest long, address 0xbbf, holds about $4.489 million in NVDA longs with an average entry price of $202.57. The address plans to take profit on 90.5% of the position between $231.33 and $244.44.
High-leverage long faces nearby liquidation risk
The nearest high-leverage liquidation risk comes from address 0xfe61. That address holds about $2.136 million in NVDA longs at 20x leverage, with a liquidation price around $207.15, only about 3.1% away from the current price.
Market awaits earnings call and Rubin chip update
Nvidia is scheduled to hold its fiscal 2027 second-quarter earnings call early tomorrow Beijing time. Consensus compiled by LSEG showed quarterly revenue could come in near $92.18 billion. The market is also waiting for updates on the Rubin chip and guidance for next quarter revenue.