◇ REPLAY · May 5–16, 2022
LUNA / UST — May 2022 Contagion
When Terra's UST depegged, ETH perps became a contagion thermometer: index and oracle stress, funding pinned negative, and a levered market learned that stablecoin failure is not isolated to one token.
◆ ◇ LUNA / UST — MAY 2022 CONTAGION · REPLAYBinance ETHUSDT archived daily OHLC + USDT-M funding
◇ accent dots mark daily wick lows (e.g. May 19 ~$30k)
STEP 1/8
Calm before the peg break
ETH trades in a ~$2,700–$3,000 range with muted funding — no obvious stress on major USDT-M perps yet. UST still holds near $1 off-exchange, but on-chain liquidity is thinning. Contagion often starts in a corner of the market you are not watching.