SOXLUSDT perpetual contract pumped 12.7% in a day, hitting around 228. This surge isn’t about the chip cycle recovery; it’s purely fueled by news from TSMC about snagging a new batch of subsidies, causing semiconductor equipment and Applied Materials to jump too. SOXL's triple leverage amplifies the hype, pushing volume to 141 million, with an open interest currently at 42879.

But here's the kicker: despite the massive pump, the funding rate is still at zero. Under normal conditions with a 12% daily volatility, the fees should have been flipped to positive by the bulls already.

Trade tags: #BinanceFutures #TradFi #USDⓈM #SOXL #SOXLUSDT $SOXL