EIDO_USDT on KCEX: Indonesia ETF perp with -0.22% funding paying longs inside a 10.28 to 10.62 box

KCEX added EIDO_USDT, a USDT-margined perpetual on the iShares MSCI Indonesia ETF, today. Up to 25x, contract size 0.1, 0% maker and 0.01% taker.

What you are trading

EIDO holds large Indonesian listed companies, heavy in banks, telecoms and consumer names. The perp gives USDT-margined exposure to that basket without a brokerage account. KCEX files it under stock/ETF contracts.

Live KCEX data (3:35 PM ET)

• Last 10.51, fair 10.49, +0.47% on the day.
• 24h range 10.28 to 10.62. The last 4 hours sat between 10.41 and 10.53.
• Turnover about 26.2K USDT, open interest 3,203 contracts (about 3.4K USDT).
• Funding -0.2209%. That is a very negative print: shorts are paying longs to hold.

Positioning angle

Deep negative funding inside a narrow range usually means traders leaned short on a new listing with little real follow-through. Price has held the 10.41 to 10.43 area several times this afternoon and the last few 15m closes climbed back to 10.50 to 10.51.

Bias: LONG

Long while 10.41 holds, collecting funding, with the 10.53 afternoon high and then the 10.62 24h high as targets.

Invalidation: a 15m close below 10.41 ends the idea, since that breaks the afternoon floor.

Note the underlying ETF trades on US market hours, so liquidity can thin out after the close. Keep size small.