NVDA +2.9% to $225.7: Perp OI Jumps 21.8% to $64.2M
NVDA Climbs 2.9% to $225.70 While BTC and ETH Slide
NVDA perpetual contracts moved higher on Wednesday morning, last trading near $225.70 with a 24-hour gain of 2.9%. Binance and OKX printed almost identical marks at $225.73 and $225.72, so the move is consistent across venues rather than driven by one thin book. The 24-hour range sits between $216.37 and $227.95, meaning the contract is pressing against the upper end of its session band as this snapshot was taken.
The timing stands out. BTC was down about 0.5% and ETH around 1.9% over the same window, with SOL off roughly 2%. NVDA moving up while the larger crypto tape drifts lower points to a stock-specific flow rather than a broad risk-on bid, and the derivatives data backs that reading.
Perp Open Interest Jumps 21.8% to $64.2M
Total NVDA perp open interest rose 21.8% in 24 hours to $64.2 million, spread across nine venues. The build was not uniform. WhiteBIT added the most in relative terms, up 66.3% over 24 hours and another 73.6% in the last four, lifting its share of total NVDA open interest to roughly 31%. OKX added 19% over 24 hours and 22.2% in the four-hour window, while Bybit grew 10.4% and 12% respectively.
Bitget tells a different story. Its NVDA open interest was essentially flat on the day at about 25% of the total, and Kucoin and Lighter saw small declines. In other words, the fresh leverage is concentrated in a few books, with WhiteBIT, OKX and Bybit carrying the bulk of the new positioning.
Funding Near Zero: Longs Are Not Paying a Premium
Despite the price rise and the open interest build, funding rates across the perp venues sit close to zero. The volume-weighted funding reading is barely positive and the open-interest-weighted figure is near 0.00004%, with several venues including Binance printing 0.0001% or less. That matters for reading the move. Fresh longs entered without paying a premium, so this looks like outright directional buying rather than a short squeeze that forces covering at any price.
It also means the market has not priced in much risk of a reversal. When funding stays flat while open interest expands, leveraged longs have little cost to hold and little incentive to unwind early, which can extend a move in both directions once momentum breaks.
What to Watch in This Position Build
The setup gives traders two concrete signals to track. First, the stock perp is within about 1% of the $227.95 session high, so a push through that level with open interest still climbing would confirm the flow has legs. Second, watch funding. If it flips clearly positive on OKX and Bybit over the next few funding windows, the trade becomes crowded and the risk of a long flush rises.
The concentration on WhiteBIT, a smaller venue carrying nearly a third of total open interest, is the main caution. A sharp unwind there can move the aggregate number fast even when the bigger exchanges stay calm. For anyone holding these perp positions, the cheap funding cuts both ways: it makes the carry cheap today, but leaves the book exposed if the stock gaps down and leveraged longs have to exit at once.
Data as of 01:02 Beijing time on Sep 3, 2026, covering Binance, OKX, Bybit, Bitget, Gate and WhiteBIT perpetual markets.