Nvidia traders show 88.7% long positions ahead of earnings on Phantom

If you wanted a snapshot of how bullish crypto-native traders feel about Nvidia right now, Phantom just handed you one. A staggering 88.7% of traders holding NVDA positions on the platform are long heading into the chipmaker’s upcoming earnings report.

What Phantom’s data actually tells us

Phantom, best known as a crypto wallet, has expanded into a full-fledged trading terminal that lets users trade perpetual futures on synthetic equity contracts. The NVDA-USD pair is one of its most active markets, and it settles entirely in USDC. Nobody on Phantom owns actual Nvidia shares. They’re trading price exposure with up to 10x leverage, a feature the platform has offered since November 2025.

The 88.7% long ratio isn’t a one-off data point, either. Back in late June, Phantom reported that 89.3% of NVDA traders were long. So in roughly two months, the sentiment needle has moved by less than a percentage point. Traders on this platform are consistently, almost stubbornly, bullish on Nvidia.

Why crypto traders are betting on a chip company

Powered by Hyperliquid’s infrastructure, the platform provides continuous market access and real-time trading, meaning users can trade NVDA around the clock rather than being limited to traditional US market hours.

The leverage component is the other magnet. A 10x leveraged long on Nvidia means a 5% move in the stock translates to a 50% gain on the position, or a 50% loss if it moves the wrong way.

The liquidation risk nobody’s talking about

Here’s what makes 89% long positioning with 10x leverage available genuinely dangerous: liquidation cascades. If Nvidia’s earnings disappoint, even modestly, the price of NVDA-USD on Phantom could drop quickly. Leveraged long positions would begin hitting liquidation thresholds, forcing automated sell-offs that push the price further down, which triggers more liquidations.

Perpetual futures markets are particularly susceptible to this dynamic because they don’t have circuit breakers the way traditional exchanges do. Continuous trading means continuous risk. A bad earnings print landing after traditional market hours could create a scenario where Phantom traders face volatility with no corresponding traditional market to anchor prices.

The broader dynamic here is worth watching beyond just one earnings cycle. Traders on these platforms don’t receive shareholder rights, they can’t vote on corporate governance, and they don’t collect dividends. What they get is pure price speculation with crypto-native settlement rails.

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