MMM/USDT stock perp live on MEXC: 3M

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

What it is: a USDT-margined perpetual tracking 3M, the US industrial and consumer products group. No expiry, settled in USDT, contract size 0.001 MMM, up to 20x, fees 0% maker / 0.02% taker. MEXC opened it at 8:55 AM ET today.

Structure at 5:00 PM ET: last 174.07, index 173.02, fair price 173.71, up 0.16%. Range 170.77 to 178.32. A 9:15 candle wicked to 178.32 and was sold straight back, then price flushed to 170.77 at 10:00. Since then the 15m lows have stepped up: 171.25, 172.49, 173.13. The 4 PM candle swept 172.50 and closed at 175.17.

Liquidity: about 38.3K USDT of 24h turnover and about 20.2K USDT open interest, so the book is thin.

Funding: +0.02% per 8h, the top of its band. Longs pay shorts, which is the main cost of this view and a sign the long side is crowded.

Bias: LONG. Higher lows from the 10 AM flush and a hold above 173 favor a retest of 175.20, then the 178.32 wick. Invalidation is a 15m close under 172.50, the after-hours sweep low.

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: LONG, higher lows off 170.77, holding 173. Invalidation: 15m close under 172.50. NFA