Shorts pay 0.22% to hold MEXC's new Indonesia ETF perpetual: EIDO_USDT long setup above 10.30

MEXC's stock futures section picked up EIDO_USDT this morning (trading from about 5:30 AM ET). It is a USDT-settled perpetual on the iShares MSCI Indonesia ETF.

Asset in one paragraph

EIDO is the main US-listed fund for Indonesian equities, so this contract is a macro bet on Southeast Asia's largest economy, priced in USDT. MEXC tags it as ETF, stock index and TradFi.

Contract terms

• Max leverage 20x, contract size 0.01 EIDO.
• Maker 0%, taker 0.02%.

Tape check, 3:35 PM ET

• Last 10.49 against an index of 10.52, flat on the day.
• 24h high 10.64, low 10.30.
• 24h volume about 46.3K USDT. Open interest 181,748 contracts, roughly 19K USDT.
• Funding -0.2209%, so every funding cycle shorts are paying longs.

Trade idea: LONG

Open interest is large relative to volume and the carry is heavily negative. If the 10.30 floor keeps holding, crowded shorts are the fuel for a squeeze toward 10.64. The perp is also trading a few cents under its index, which adds a small mean-reversion tailwind.

Invalidation: a 15m close under 10.30, the 24h low, means the shorts are right and the long is out.

The ETF trades on US hours, so out-of-session moves can be jumpy on a thin book. Small size.