KCEX lists Analog Devices (ADI) stock perp: ADISTOCK_USDT makes lower highs down to 415

Quick look at the company

Analog Devices (NASDAQ: ADI) makes analog, mixed-signal and power chips. Those are the parts that convert real-world signals like temperature, sound and motion into data. Its biggest end markets are industrial and automotive, so the stock often trades as a read on the manufacturing cycle rather than on AI hype.

Contract basics

• USDT-M perpetual, contract size 0.01 ADI
• Up to 25x leverage
• 0% maker and 0.01% taker
• Funding every 8 hours (capped at ±2%), currently 0.0000%

Live read, 3:40 PM ET

Structure on the 15m chart

The 9:45 AM candle swept 421.60 and was the biggest bar of the day at about 12.5K USDT, and price ran to 434.70 by 10:15. The pullback broke 425.80 at 11:15, which killed the morning long idea. Since then each bounce has topped out lower, at 429.00, then 426.91, then 419.44. The last print is 415.22, right at the day's low.

My view: short bias

I'd lean short below 419.50, the last lower high, with invalidation on a 15m close above 421.00. Sellers have controlled every hour since late morning, and price is now under the 421.60 level that started the morning rally.

What would flip me: a quick reclaim of 421 with volume would suggest the drop was just a late-day flush before the cash close. Shorts also have to deal with a wide spread. Bid and ask were 413.69 and 416.44 at the time of the read.

Risks

• The book is thin outside the 9:45 burst, so stops near round numbers get wicked.
• The underlying stock stops trading at 4 PM ET while the perp keeps going.
• Semis can move together on one headline, so watch the sector, not just ADI.

Key levels: 434.70 / 421.60 / 421.00 / 419.50 / 415.22

How are you treating these stock perps, as day trades only or something you'd hold through the overnight session?