FCA Opens Licence Applications: COIN Closes 195.74, MSTR 160.77, HOOD 122.53
In the week the UK FCA opened crypto firm licence applications, Binance equity perpetuals diverged: HOODUSDT rose 3.01% while COINUSDT fell 0.13% and MSTRUSDT f
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One policy headline, three different answers
The week the UK FCA opened crypto firm licence applications, the three Binance equity USDT-margined perpetuals did not move together. HOODUSDT closed the week at 122.53 USDT, up 3.01%; COINUSDT closed at 195.74 USDT, down 0.13%; MSTRUSDT closed at 160.77 USDT, down 0.1%. Read side by side, the message is simple: the same policy theme sent compliant-platform exposure and crypto-asset exposure in opposite directions, with only the former closing higher. For anyone trading equity perpetuals, what matters is not the headline itself but which names money chose after it landed.
What happened day by day
Start with the daily bars. Data comes from the Binance official API, covering 2026-09-23 through 2026-09-30.
| Date | COINUSDT open/close | COINUSDT change | MSTRUSDT open/close | MSTRUSDT change | HOODUSDT open/close | HOODUSDT change |
|---|---|---|---|---|---|---|
| 2026-09-23 | 200.6 / 198.03 | -1.28% | 168.12 / 162.39 | -3.41% | 124.04 / 122.8 | -1% |
| 2026-09-24 | 198.03 / 198.61 | 0.29% | 162.39 / 161.42 | -0.6% | 122.78 / 120.8 | -1.61% |
| 2026-09-25 | 198.62 / 195.26 | -1.69% | 161.41 / 159.19 | -1.38% | 120.81 / 119.06 | -1.45% |
| 2026-09-26 | 195.26 / 197.11 | 0.95% | 159.2 / 160.41 | 0.76% | 119.06 / 119.1 | 0.03% |
| 2026-09-27 | 197.09 / 195.99 | -0.56% | 160.41 / 160.93 | 0.32% | 119.1 / 118.94 | -0.13% |
| 2026-09-28 | 196 / 192.8 | -1.63% | 160.93 / 157.36 | -2.22% | 118.95 / 116.23 | -2.29% |
| 2026-09-29 | 192.81 / 190.46 | -1.22% | 157.37 / 155.93 | -0.92% | 116.23 / 117.56 | 1.14% |
| 2026-09-30 | 190.47 / 195.74 | 2.77% | 155.93 / 160.77 | 3.1% | 117.56 / 122.53 | 4.23% |
Three days carry the story. On 2026-09-23 all three weakened together: COINUSDT fell from 200.6 USDT to 198.03 USDT, MSTRUSDT from 168.12 USDT to 162.39 USDT, HOODUSDT from 124.04 USDT to 122.8 USDT, down 1.28%, 3.41% and 1%. On 2026-09-28 pressure peaked: COINUSDT fell from 196 USDT to 192.8 USDT, MSTRUSDT from 160.93 USDT to 157.36 USDT, HOODUSDT from 118.95 USDT to 116.23 USDT, down 1.63%, 2.22% and 2.29%. Then on 2026-09-30 all three bounced: COINUSDT from 190.47 USDT to 195.74 USDT, MSTRUSDT from 155.93 USDT to 160.77 USDT, HOODUSDT from 117.56 USDT to 122.53 USDT, up 2.77%, 3.1% and 4.23%. Same direction on the same day, yet only HOODUSDT turned that bounce into a positive week.
Where this week ranks in the sample
Placing the week inside each weekly sample is more interesting than the change itself. COINUSDT has a weekly sample of 34, with 19 weeks stronger than this one; MSTRUSDT has a weekly sample of 34, with 17 weeks stronger; HOODUSDT has a weekly sample of 35, with only 11 weeks stronger. So HOODUSDT's 3.01% sits relatively high across 35 weeks, while the small declines in COINUSDT and MSTRUSDT land mid-to-lower in their own samples.
The scale of the stronger weeks is visible in the raw values. For COINUSDT, the week of 2026-04-13 ran from 165.71 USDT to 201.21 USDT, up 21.42%; 2026-08-17 from 149.28 USDT to 188.36 USDT, up 26.18%; 2026-06-29 from 149.07 USDT to 174.48 USDT, up 17.05%; 2026-09-14 from 171.97 USDT to 195.42 USDT, up 13.64%. For MSTRUSDT, 2026-06-29 ran from 82.37 USDT to 107.3 USDT, up 30.27%; 2026-08-17 from 93.83 USDT to 120.7 USDT, up 28.64%; 2026-04-13 from 126.82 USDT to 162.83 USDT, up 28.39%; 2026-09-14 from 128.73 USDT to 156.55 USDT, up 21.61%. For HOODUSDT, 2026-04-13 ran from 68.82 USDT to 89.92 USDT, up 30.66%; 2026-05-25 from 75.03 USDT to 95.68 USDT, up 27.52%; 2026-08-31 from 104.94 USDT to 126.57 USDT, up 20.61%; 2026-06-29 from 98.81 USDT to 114.53 USDT, up 15.91%. Against those raw values, this week is in a different league.
What the trending posts say
Trending posts on the Square argue that the UK FCA opening crypto firm licence applications is a step on the compliance path, favouring platforms able to apply for licences and hold a compliant structure, plus companies already carrying crypto-asset exposure. Paraphrasing that view: once the application channel opens, regulation moves from vague to workable, platforms that complete the process gain a relative edge, and companies holding crypto assets keep trading as indirect exposure. These are opinions from trending Square posts, not the view of this site, and not verified facts.
Set against this week's data, a mismatch appears. By that logic, compliant-platform names should benefit first, and HOODUSDT did close up 3.01%, the only positive of the three. Yet COINUSDT and MSTRUSDT, also framed as crypto-asset exposure, fell 0.13% and 0.1% this week and did not follow. A policy headline and price sit on opposite sides of capital allocation: the posts describe a logic chain, the tape records a vote, and this week the two did not line up.
Three plain truths
First, gaps deserve separate handling on equity perpetuals. US equities have closed sessions, and Binance equity USDT-margined perpetuals keep trading while the underlying is closed, so prices can gap around the open. On 2026-09-30 all three closed up 2.77%, 3.1% and 4.23%, and a single-day move of that size means something different in a gapping context than in continuous hours.
Second, high leverage turns a week's range into an account's survival line. This week COINUSDT fell 0.13% and MSTRUSDT fell 0.1%, which looks like nothing, yet the path included -1.28%, -3.41% and -1% on 2026-09-23 and -1.63%, -2.22% and -2.29% on 2026-09-28. Held with high leverage, the drawdown arrives before the closing print.
Third, funding is a hidden cost of holding, and it can erode a correct directional call. Perpetuals use funding to anchor price near the underlying, and holding overnight means paying or receiving it regardless of direction. As for calling any week the best, that is always a conclusion in hindsight: weeks like 2026-04-13, 2026-08-17 and 2026-06-29 were not known to be sample leaders while they were happening.
On fees
Binance contract default maker fee is 0.02% and default taker fee is 0.05%. The rebate ratio is 20%, which puts the effective maker fee at 0.016% and the effective taker fee at 0.04%. These three numbers decide what frequent in-and-out traders actually keep, and equity perpetuals are no exception.
Source: https://fapi.binance.com/fapi/v1/exchangeInfo
Data as of 2026-09-30; source: Binance official API. Not investment advice.
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Binance is not available in your region. What follows is not a centralized exchange โ it is a different kind of product that you can use:
๐ Binance Web3
A self-custody wallet inside the Binance app; swaps route through on-chain DEX aggregation, not an exchange account
Bind via our link and wallet swap fees drop 30%. On-chain gas and slippage are not covered by the discount.
You must already be a verified Binance user to create a Binance Wallet (official FAQ Q13); wallet referrals and exchange referrals are two separate systems. Zero-fee pairs such as stablecoin swaps generate no rebatable fee.