Hyperliquid Nvidia Perpetuals Slide as Board Reportedly Weighs Huang's Exit

By Coinvote

Published November 12, 2026 - 07:21 UTC | 4 mins read

Hyperliquid Nvidia Perpetuals Slide as Board Reportedly Weighs Huang's Exit

Perpetual futures tracking Nvidia fell sharply on Hyperliquid after reports that the chipmaker's board may remove CEO Jensen Huang. The episode shows how crypto derivatives venues now react to equity news, while Bitcoin itself stayed in a familiar range.

Hyperliquid traders sell Nvidia contracts on leadership reports

Perpetual futures tied to Nvidia dropped on Hyperliquid after the Wall Street Journal reported that the company's board is preparing to remove founder and CEO Jensen Huang. The Block put the fall at 10%. CoinDesk reported a 7% decline and said traders were reacting to reports that Huang may be pushed out.

Cointelegraph carried the fullest account of the underlying story. It said the WSJ, citing people familiar with the matter, reported that directors could meet as soon as Wednesday to decide Huang's future. Cointelegraph added that it asked Nvidia for comment and had not received an immediate response.

What the reports allege about Huang

According to Cointelegraph's account of the WSJ report, the board's concern involves two extramarital affairs. One reportedly involved Alice Huang, who works at Megaspeed, a Singapore data firm that counts Nvidia among its large clients. Cointelegraph wrote that American intelligence officials suspect she was working for Beijing.

Cointelegraph also relayed a New York Times report, published Wednesday, that Huang had a second affair, this time with Kimberly Powell, who leads health care as a vice president at Nvidia. The Times cited five people who had worked at the company. On Sunday, Huang admitted in a letter to employees that he had been unfaithful to his wife, writing, "There is no excuse for what I did." He also confirmed that the board had started an outside inquiry into national security issues that news coverage had raised, and he promised full cooperation.

A timeline from public backing to possible removal

The Defiant, summarizing a Financial Times report, said the board is set to discuss Huang's future. It added that the board had already expressed public support for Huang on Nov. 8, before these reported discussions. The summary also said Donald Trump remarked on Nov. 9 that the FBI was examining the matter, a step distinct from Nvidia's internal review.

Put together, the reporting describes a fast shift in a few days. The outlets do not detail what the FBI is examining, so that strand remains unclear.

Nov. 8 (Sunday): Huang's letter to employees and the board's public backing, as reported by Cointelegraph and The Defiant.
Nov. 9: Trump said the FBI was looking into the situation, according to The Defiant.
Wednesday: the NYT and WSJ reports appeared, and directors could meet as soon as that day, according to Cointelegraph.

The numbers that frame the move

The crypto-side and stock-side reactions were of similar size, though not identical. Cointelegraph cited Google Finance data showing Nvidia shares falling after hours, which erased the gains from the regular session.

10%: the decline in Nvidia perpetuals on Hyperliquid, according to The Block.
7%: the decline on Hyperliquid, according to CoinDesk.
8%: Nvidia's after-hours share drop to $159.76, following a 2.9% gain in the regular session, per Cointelegraph.
$73,438: Bitcoin's price, down 0.2% over 24 hours, according to CoinGecko.

Where the outlets agree and where they differ

CoinDesk and The Block tie the Hyperliquid move to reports about Huang's position. They differ on the size of the Hyperliquid move, with The Block citing 10% and CoinDesk citing 7%. Neither explains the gap in its summary. Different measurement times are one possible reason, but that is an open question rather than something the reporting establishes.

The outlets also emphasize different parts of the story. The Block and Cointelegraph focus on the WSJ account of a possible ouster. The Defiant points to the Financial Times and adds the Nov. 8 board statement and the FBI comment. CoinDesk is the only one to say Bitcoin continues to trade in a familiar range, which fits CoinGecko's 24-hour change of -0.2%.

Why a crypto venue is pricing a chip stock

Perpetual futures are derivatives with no expiry date. Their price is kept close to an underlying asset through periodic funding payments between long and short holders. When a contract references a listed company, traders can use it to take a view on the stock, including at times when the stock market itself is closed.

That helps explain why a leadership story about a chipmaker shows up in crypto reporting. Bitcoin, by contrast, has had a weaker month. CoinGecko shows it down 8.6% over seven days and 12.2% over 30 days, and well below its all-time high of $126,080 set on 2025-10-06. None of the outlets link those declines to the Nvidia news, so the two should be read as separate moves.

What to watch next

The first question is whether the board meets and what it decides. Nvidia had not responded to Cointelegraph's request for comment when that outlet published. A formal statement from the company would settle much of what the reports leave open.

Traders on derivatives venues may also watch how the Hyperliquid contracts behave relative to the share price once regular trading resumes. It remains unclear whether the 7% to 10% perpetual drop will narrow or widen against the 8% after-hours move. Readers following the independent investigation and the FBI comment should treat both as developing, since the outlets describe neither in detail.

Market snapshot

Asset	Price	24h	7d	Market cap
Bitcoin (BTC)	$73,438	-0.2%	-8.6%	$1.48 trillion

CoinGecko data as of 2026-11-12 (UTC).

FAQ

Why did Nvidia perpetual futures fall on Hyperliquid?

CoinDesk and The Block reported that traders reacted to reports that Nvidia's board may remove CEO Jensen Huang. The Block cited a Wall Street Journal report that the board is preparing to oust him over two extramarital affairs. The Block put the drop at 10% and CoinDesk at 7%.

Did Bitcoin fall with Nvidia's perpetuals?

CoinDesk said Bitcoin continued to trade in a familiar range. CoinGecko shows a 24-hour change of -0.2% at $73,438. The weaker seven-day and 30-day figures are not linked to the Nvidia story by any of the outlets.

What has Huang said about the reports?

According to Cointelegraph, Huang wrote to employees on Sunday that he had been unfaithful to his wife and apologized. He also confirmed that Nvidia's board started an outside inquiry into national security issues that news coverage had raised. He promised full cooperation.