SPY perp goes live on BYDFi on election day: a 751.85-758.78 range with funding tilted slightly long
Key takeaway
BYDFi added a USDT-margined perpetual on the SPDR S&P 500 ETF Trust (SPY) at 5:00 AM ET today. It's in the TradFi / Stocks group, allows up to 50x on the first tier, uses 0.01 SPY per contract, and charges 0.06% taker and 0.02% maker.
Why tonight matters
November 3 is US midterm election day. Results come in after the cash market closes, and this perp keeps trading through them.
BYDFi snapshot, 6:52 PM ET
- Last 756.61, index 756.35.
- 24h range 751.85 to 758.78.
- 24h turnover about 1.14M USDT.
- Open interest about 21.2K contracts.
- Funding +0.0091% per 8h, a light long tilt.
Structure
A 751.85-754 base after launch, a grind to 758.06 at midday, an afternoon dip that held 754.6, then a recovery that briefly printed a new high at 758.78 this hour before settling near 756.6.
Bias: LONG above 754.6
The target is a clean break of 758.78. Invalidation is a 1h close below 754.
Election headlines can move index prices fast overnight, books are thin on day one, and 50x leaves very little room. Keep leverage modest.
Discussed on r/BYDFiCryptoExchange
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