CMI/USDT stock perp live on MEXC: Cummins

CMI/USDT on MEXC, a quick read for traders.

What it is: a USDT-margined perpetual tracking Cummins, the US engine and power systems maker. No expiry, settled in USDT, contract size 0.0001 CMI, up to 20x, fees 0% maker / 0.02% taker. MEXC opened it at 9:00 AM ET on Oct 22.

Structure at 5:50 PM ET: last 517.92, index 517.53, fair price 517.92, down 0.58%. Range 509.10 to 531.99. Several 15m candles spiked to about 532 overnight and were faded. A dip to 509.10 this morning bounced, but price is drifting lower under the 60 period average near 519.4.

Liquidity: about 104K USDT of 24h turnover and only about 9K USDT open interest. Very thin, so expect wicks.

Funding: +0.02% per 8h, the top of its band. Longs pay shorts.

Bias: SHORT. Faded spikes, a drift under the average and max positive funding favor a move toward 513, then 509.10. Invalidation is a 15m close above 520.

Risk: the cash market is closed, so after-hours flow is thin and the price can gap at the next open. Liquidation runs off fair price, not last trade. Use limit orders, isolated margin and small size.

NFA

Bias: SHORT, drifting under the 519 MA with longs paying max funding. Invalidation: 15m close above 520. NFA