Is it true that every matching in the n‐dimensional hypercube Qn can be extended to a Gray code? More than two decades have passed since Ruskey and Savage asked this question and the problem still remains open. A solution is known only in some special cases, including perfect matchings or matchings of linear size. This article shows that the answer to the Ruskey–Savage problem is affirmative for every matching of size at most n216+n4. The proof is based on an inductive construction that extends balanced matchings in the completion of the hypercube K(Qn) by edges of Qn into a Hamilton cycle of K(Qn). On the other hand, we show that for every n≥9 there is a balanced matching in K(Qn) of size Θ(2n/n) that cannot be extended in this way.