Tariff Relief List Lands: SPYUSDT Closes at 769.21, QQQUSDT at 739.16
In the week the tariff relief list landed, most Binance US equity USDT perpetual contracts closed lower.
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The news landed, the price did not follow
The tariff relief list landed in the week of 2026-09-28. The four Binance US equity USDT perpetual contracts gave mixed answers: SPYUSDT closed the week at 769.21 USDT, down 0.1%; QQQUSDT closed at 739.16 USDT, down 0.66%; EWYUSDT closed at 184.43 USDT, down 1.77%; EWJUSDT closed at 97.1 USDT, down 1.12%. All four finished the week negative, none by a large margin. For anyone trading the cross-border trade and manufacturing angle, the week offered no confirmation, more like a give-back after the news had already been priced in.
How each day actually moved
All four contracts are in one table so they can be compared side by side. Open, close and percentage figures are copied exactly as returned by the interface.
| Date | SPYUSDT close | SPYUSDT change | QQQUSDT close | QQQUSDT change | EWYUSDT close | EWYUSDT change | EWJUSDT close | EWJUSDT change |
|---|---|---|---|---|---|---|---|---|
| 2026-09-21 | 774.53 | 1.26% | 743.54 | 2.66% | 189.72 | 3.86% | 98.29 | 1.65% |
| 2026-09-22 | 774.11 | -0.06% | 748.64 | 0.68% | 192.94 | 1.7% | 98.62 | 0.34% |
| 2026-09-23 | 767.99 | -0.79% | 741.38 | -0.97% | 186.19 | -3.49% | 97.31 | -1.34% |
| 2026-09-24 | 766.58 | -0.18% | 740.11 | -0.17% | 183.17 | -1.62% | 95.61 | -1.73% |
| 2026-09-25 | 772.65 | 0.79% | 746.06 | 0.81% | 187.2 | 2.21% | 98 | 2.5% |
| 2026-09-26 | 770.85 | -0.23% | 744.14 | -0.26% | 187.38 | 0.1% | 98.05 | 0.06% |
| 2026-09-27 | 769.98 | -0.11% | 744.04 | -0.01% | 187.76 | 0.2% | 98.22 | 0.15% |
| 2026-09-28 | 769.21 | -0.1% | 739.16 | -0.66% | 184.43 | -1.77% | 97.1 | -1.12% |
Three days matter. 2026-09-21 was the only day all four closed higher, with QQQUSDT up 2.66%, EWYUSDT up 3.86%, SPYUSDT up 1.26% and EWJUSDT up 1.65%, and that day set the starting height for the week. 2026-09-23 was the turn, EWYUSDT down 3.49%, QQQUSDT down 0.97%, EWJUSDT down 1.34% and SPYUSDT down 0.79%, all four weakening together. 2026-09-25 brought a bounce, EWJUSDT up 2.5%, EWYUSDT up 2.21%, QQQUSDT up 0.81% and SPYUSDT up 0.79%, but it did not carry into the weekend. On 2026-09-28 all four closed lower again, QQQUSDT down 0.66%, EWYUSDT down 1.77%, EWJUSDT down 1.12% and SPYUSDT down 0.1%.
Against the weekly sample, this week ranks low
SPYUSDT has 26 weekly samples and 19 weeks were stronger than this one. The strongest was 2026-04-13, from 679.19 USDT to 709.38 USDT, up 4.45%; then 2026-04-06 from 658.3 USDT to 679.19 USDT, up 3.17%; 2026-08-03 from 750.48 USDT to 771.08 USDT, up 2.74%; and 2026-05-04 from 720.82 USDT to 736.35 USDT, up 2.15%. This week fell 0.1%, and even 2026-05-11, which rose 0.1%, sits on the opposite side of zero.
QQQUSDT also has 26 weekly samples and 20 weeks were stronger. The best was 2026-04-13, from 610.63 USDT to 647.62 USDT, up 6.06%; 2026-05-04 from 674.17 USDT to 710.06 USDT, up 5.32%; 2026-08-03 from 693.7 USDT to 721.84 USDT, up 4.06%; 2026-04-06 from 589.23 USDT to 610.63 USDT, up 3.63%. This week fell 0.66%.
EWYUSDT has 29 weekly samples and 18 weeks were stronger. Its best was 2026-05-04, from 161.15 USDT to 193.8 USDT, up 20.26%; 2026-06-08 from 176.84 USDT to 204.88 USDT, up 15.86%; 2026-04-06 from 122.69 USDT to 137.83 USDT, up 12.34%. EWJUSDT also has 29 weekly samples and 19 weeks were stronger, led by 2026-05-18 from 90.15 USDT to 95.13 USDT, up 5.52%; 2026-05-04 from 87.97 USDT to 92.59 USDT, up 5.25%; 2026-03-30 from 81.05 USDT to 85.11 USDT, up 5.01%. Across all four, this week sits in the middle-to-lower part of each sample.
What the trending posts say
Trending posts on the Square argue that the tariff relief list benefits cross-border trade and manufacturing, and that US equity index, semiconductor and China-concept contracts are worth watching, with SPYUSDT and QQQUSDT mentioned repeatedly and EWYUSDT and EWJUSDT framed as regional trade-chain windows (paraphrased, not this site's view).
The logic is clear: lower tariff costs improve margins for multinationals and support the indices. But this week all four closed negative, EWYUSDT down 1.77%, EWJUSDT down 1.12%, QQQUSDT down 0.66% and SPYUSDT down 0.1%. The posts describe direction, the tape describes timing, and the two did not line up this week.
Three uncomfortable points
Gaps: US equity contracts often do not line up from one daily close to the next open, so using a close to infer the next open does not hold. Leverage: perpetual contracts can enlarge a position, but they enlarge volatility, not the accuracy of a directional call, and the largest single-day drop this week was 3.49%. Funding: perpetuals use funding to anchor price near the index, and holding overnight carries that cost even when the direction is right. The best week is a conclusion reached in hindsight: nobody knew 2026-05-04, when EWYUSDT rose 20.26%, would be the strongest week in the sample, and nobody can say in advance whether this negative week is the start of a pullback.
Fees, stated plainly
The Binance contract default maker fee is 0.02% and the default taker fee is 0.05%. With a 20% rebate, the effective maker fee after rebate is 0.016% and the effective taker fee after rebate is 0.04%. With all four contracts negative this week, that fee structure matters more the more often you trade.
Source: https://fapi.binance.com/fapi/v1/exchangeInfo
Data as of 2026-09-28; source: Binance official interface. 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.