KCEX lists the UMC_USDT stock perp: United Microelectronics back to 16.755 after the close

Who UMC is

United Microelectronics (NYSE: UMC) is a Taiwan contract chipmaker. Unlike the foundries racing to the most advanced nodes, UMC focuses on mature process nodes used in display drivers, power management, microcontrollers and similar chips. That makes it more of a cyclical semis name than an AI play.

Contract basics

• USDT-M perpetual, contract size 0.1 UMC
• Up to 25x leverage
• 0% maker and 0.01% taker
• Funding every 8 hours, currently 0.0000%

Live read, 5:56 PM ET

Structure

From the 10:30 AM high at 16.971, every bounce topped out lower: 16.855, 16.770, 16.674, then 16.567. The day's low of 16.392 printed in the 3:45 PM candle, right into the cash close. Then the pattern broke. The 4:15 candle ran from 16.473 to 16.712, and price held 16.77 for the next hour. At 5:30 a single candle wicked down to 16.479 on about 4.5K USDT, the busiest 15 minutes of the afternoon, and closed back at 16.596. The next candle reclaimed 16.79.

View: the short is done, cautious long above 16.68

The short idea from earlier needed a 15m close above 16.680 to be wrong, and that happened at 4:15. I'd now lean long while 16.680 holds, with 16.971 (the 10:30 high) as the first target and invalidation on a 15m close back under 16.596.

Reasons to be careful: this move happened after the New York close, on a thin book. Turnover is still small and funding is flat, so one order can push it either way. The 5:30 wick shows how fast it can drop 1.5%.

Risks

• Bid and ask were 16.712 and 16.797 at the read, about 0.5% apart. Use limit orders.
• The stock lists in Taiwan and trades as an ADR in New York, so Asia hours tonight can move the price while the US market is closed.
• 25x on a name this illiquid is asking for a wick.

Key levels: 16.971 / 16.792 / 16.680 / 16.596 / 16.392

Has anyone actually traded the smaller KCEX stock perps yet? Curious how fills have been after the close.