Trader opens $5.44 million 10x short on Nvidia on Hyperliquid, Lookonchain says

By Khal · · 2 min read

Editorial illustration: A metal lever with stacked weights at one end rests against a bright green Nvidia chip at the other, above a dark support with a glowing turquoise wave.
AI-generated editorial illustration · AI-generated editorial illustration · Published Nov 9, 2026, 8:53 a.m. (57 minutes ago)

In brief

  • Lookonchain flagged a 10x short on 30,000 NVDA contracts on Hyperliquid, U.Today reported.
  • $5.44 million position opened near $181.33 per contract.
  • About $544,000 in initial collateral backs the trade, U.Today estimated.
  • Nvidia stock fell about 8.8% over five sessions, according to U.Today.
  • Espionage allegations reported by The New York Times haven't been publicly proven.

What the on-chain data shows

The numbers are simple enough. Lookonchain reported a 10x short on 30,000 NVDA contracts, per U.Today, with an entry near $181.33 each and a total size of roughly $5.44 million. U.Today estimated the trader would've needed about $544,000 in initial collateral to control that position (that's the basic math of 10x: one dollar posted for every ten of exposure).

Who opened it? The reports don't say.

U.Today describes the account only as a mysterious trader, and it's worth keeping it at that. There's no disclosed identity, and the coverage doesn't establish a motive for the trade.

Nvidia's rough week

Nvidia stock has fallen around 8.8% over the past five trading sessions, according to U.Today, even after rebounding 2.8% on Friday. The outlet also said Nvidia-related securities fell sharply ahead of the U.S. market open following reports involving CEO Jensen Huang.

Those reports trace back to The New York Times. According to U.Today, the Times reported on Huang's relationship with Chinese businesswoman Alice Huang, a former employee of Singapore-based Megaspeed. The Times reported that U.S. intelligence believes she was recruited by China's Ministry of State Security to spy on Huang, and that a classified memo sent to senior Trump administration officials said Beijing sought information on U.S. AI technology, U.Today said.

Allegations, not findings

The alleged operation was reportedly trying to influence Nvidia's position on limiting sales of its top AI chips to China. Megaspeed (a buyer of Nvidia's high-end chips) had drawn U.S. authorities' attention over suspicions that restricted AI chips might reach China, U.Today reported.

These are intelligence assessments relayed through a newspaper and then through a crypto outlet, and that chain matters. U.Today itself noted the espionage allegations hadn't been publicly proven.

None of that tells us anything about the trader on Hyperliquid. What's on the record is the position: 30,000 contracts, 10x leverage, about $5.44 million in size, opened around $181.33.

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