MPWR stock perp on KCEX: the underlying is through 1202.3 at 1203.8 after a day of higher lows, long while 1188.5 holds

Monolithic Power Systems (NASDAQ: MPWR) makes the power-management chips that sit inside data-center servers, cars and industrial equipment, and KCEX added a USDT-margined MPWR perpetual at 6:46 AM ET today. Max leverage is 25x, contract size is 0.001 MPWR, fees are 0% maker and 0.01% taker, and funding is paid every 8 hours and was flat at 0 when I checked.

Snapshot from the KCEX contract page at 12:25 PM ET: last 1191.7, index 1192.8, 24h range 1163.0 to 1202.3, 24h turnover about 22K USDT and open interest 3,971 contracts (roughly 5K USDT). Thin, so treat any single print with suspicion.

The 15m chart is a staircase. After the 9:30 candle (1168.1 to 1198.6) every dip was bought higher: lows of 1188.5, 1188.6, 1191.2, 1196.3 and 1197.8, into the 1202.3 high at 11:45. A pullback to 1191.7 followed, and the 1188.5 shelf held twice at 10:30 and 10:45. At 1:25 PM ET the public Nasdaq quote for MPWR is 1203.8, a fresh high above 1202.3, and the 15m lows held above 1189 from 12:15 to 12:59 before lifting to 1197.4 and 1199.1, so the staircase is intact. I could not pull the KCEX contract page again after 12:25 PM ET, so the 1203.8 is the underlying stock, not the KCEX print.

My lean is LONG. As long as price keeps the 1188.5 shelf, the move from 9:30 stays a series of higher lows and the 1202.3 breakout can extend. Invalidation: a 15m close below 1188.5, which means the staircase has failed.

The stop is only about 15 points away on a contract with 5K USDT of open interest, so keep size small and use limit orders. Not financial advice.