PHLX Semiconductor Index Fell 5.9%: Binance Equity Perps Still Closed Higher
The PHLX Semiconductor Index fell 5.9%, yet four Binance equity perpetual contracts closed the week higher.
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The PHLX Semiconductor Index fell 5.9%, but the four Binance equity perpetual contracts tracked here all closed the week of 2026-09-21 to 2026-09-23 higher: NVDAUSDT gained 2.73%, AMDUSDT gained 10.55%, TSMUSDT gained 3.66%, and MUUSDT gained 8.03%. An index falling while contracts rise is the core of this week. For anyone trading equity-sector contracts on Binance, the question is not how far the index dropped but how many layers sit between the index and the contract code you hold: underlying, quote currency, trading hours, and funding. Each layer can push the two out of sync.
How the four contracts moved
Daily open and close values are listed as-is, with no conversion.
| Contract | Date | open | close | Change |
|---|---|---|---|---|
| NVDAUSDT | 2026-09-21 | 222.59 USDT | 227.44 USDT | 2.18% |
| NVDAUSDT | 2026-09-22 | 227.43 USDT | 228.7 USDT | 0.56% |
| NVDAUSDT | 2026-09-23 | 228.7 USDT | 228.66 USDT | -0.02% |
| AMDUSDT | 2026-09-21 | 564.33 USDT | 620.83 USDT | 10.01% |
| AMDUSDT | 2026-09-22 | 620.82 USDT | 623.68 USDT | 0.46% |
| AMDUSDT | 2026-09-23 | 623.66 USDT | 623.84 USDT | 0.03% |
| TSMUSDT | 2026-09-21 | 435.35 USDT | 446.95 USDT | 2.66% |
| TSMUSDT | 2026-09-22 | 446.91 USDT | 451.42 USDT | 1.01% |
| TSMUSDT | 2026-09-23 | 451.43 USDT | 451.3 USDT | -0.03% |
| MUUSDT | 2026-09-21 | 1016.25 USDT | 1045.46 USDT | 2.87% |
| MUUSDT | 2026-09-22 | 1045.45 USDT | 1098.57 USDT | 5.08% |
| MUUSDT | 2026-09-23 | 1098.58 USDT | 1097.89 USDT | -0.06% |
Three days tell the story. On 2026-09-21, AMDUSDT ran from 564.33 USDT to 620.83 USDT, up 10.01%, while MUUSDT moved from 1016.25 USDT to 1045.46 USDT. On 2026-09-22, MUUSDT took over, going from 1045.45 USDT to 1098.57 USDT, up 5.08%. On 2026-09-23, all four barely moved: NVDAUSDT closed at 228.66 USDT, down 0.02%; AMDUSDT closed at 623.84 USDT, up 0.03%; TSMUSDT closed at 451.3 USDT, down 0.03%; MUUSDT closed at 1097.89 USDT, down 0.06%. Three days built the gain, the last day froze it.
Where this week ranks in each sample
Placing this week inside each weekly sample shows very different positions.
| Contract | Weekly sample | Weeks stronger than this one | This week |
|---|---|---|---|
| NVDAUSDT | 27 | 11 | 2.73% |
| AMDUSDT | 21 | 4 | 10.55% |
| TSMUSDT | 25 | 5 | 3.66% |
| MUUSDT | 25 | 12 | 8.03% |
AMDUSDT's 10.55% was beaten by only 4 of 21 weeks, the highest position of the four. Those weeks were 2026-05-04 at 11.62%, 2026-05-18 at 12.86%, 2026-06-08 at 11.82%, and 2026-09-14 at 13.49%, all only a step above this week. TSMUSDT's 3.66% was beaten by 5 of 25 weeks, led by 2026-04-20 at 9.55% and 2026-04-06 at 7.9%. NVDAUSDT's 2.73% was beaten by 11 of 27 weeks, with 2026-08-03 at 12.02% and 2026-05-04 at 8.41%. MUUSDT's 8.03% was beaten by 12 of 25 weeks, including 2026-05-04 at 39.84% and 2026-05-25 at 27.38%. AMDUSDT sits near its own high; MUUSDT sits mid-range.
What the popular posts say
Popular posts on the Square argue that a 5.9% drop in the PHLX Semiconductor Index will transmit through sentiment to Binance equity semiconductor contracts, that all four may fall together, and that longs should cut first (relayed, not this site's view). Other popular posts focus on divergence, arguing the index is a packaged measure while NVDAUSDT, AMDUSDT, TSMUSDT, and MUUSDT each have their own fundamental rhythm, so an index drop does not mean all four fall together (relayed, not this site's view). Still others note these contracts trade continuously on Binance during US market closures, so the contract price moves while the index does not, making the index a poor sole reference (relayed, not this site's view).
Three things easy to miss
First, gaps are more common on equity contracts than on crypto-native ones. US markets close, Binance contracts keep quoting, and moves during the closure surface in the next session, so open and prior close can diverge sharply. Second, high leverage turns sector-wide moves into violent account swings. A 5.9% index drop is a sector number; on a single contract with high leverage, equity swings far exceed it. AMDUSDT rose 10.01% on 2026-09-21 and MUUSDT rose 5.08% on 2026-09-22 โ right direction gains are amplified, wrong direction losses are too, and leverage does not distinguish. Third, funding keeps eating holding cost, and the best week is always a backward-looking conclusion. The gain already happened; before the 2026-09-21 open, nobody knew the next three days. Holding equity contracts overnight incurs funding, and it does not disappear when direction is right.
Fees
The Binance contract default maker fee is 0.02%, and the default taker fee is 0.05%. The rebate ratio is 20%. After the rebate, the effective maker fee is 0.016%, and the effective taker fee is 0.04%. These three numbers set the cost floor for frequent equity-contract entries and exits.
Source: https://fapi.binance.com/fapi/v1/exchangeInfo
Data as of 2026-09-23; 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.