Cummins CMI/USDT perp on MEXC drifting near 519 with funding at +0.02%

Cummins' stock perp on MEXC has been quiet since Friday, trading just above the index. Data from the MEXC API at about 12:50 AM ET Sunday; the chart is Friday evening.

The underlying

Cummins builds diesel and natural gas engines, power generation and electrified powertrains. The perp opened at 9:00 AM ET on Oct 22.

Contract specs

• Contract size 0.0001 CMI, up to 20x
• 0% maker, 0.02% taker
• Funding every 8 hours, now +0.02%

Where price sits now

Last 519.74, index 517.84, fair 519.44, up 0.17%. The 24h range is 516.85 to 520.75 and turnover is about 106K USDT. Friday faded several spikes to about 532 and dipped to 509.10.

Plan and invalidation

The perp is about 0.4% over the index and longs are paying the top funding rate. That keeps a slight short lean toward 513 while 521 caps it. A 15m close above 521 invalidates. Open interest is small, so expect wicks.