Historical replay · TMF/USD
A 3x Treasury Token Fell 6% as Yields Topped 5% (Nov 2026)
Tokenised TMF, a fund that moves three times as much as long Treasury bonds, fell from $29.35 to $27.60 between November 12 and 13, 2026, as the 10-year yield jumped back above 5%. Replay it in hourly steps.
TMF is a leveraged exchange-traded fund that aims to return three times the daily move of an index of Treasury bonds with more than 20 years to maturity. Bond prices fall when yields rise, so the fund is a bet that yields will go down. On Binance its tokenised version traded between $29.07 and $29.35 through the European morning of Thursday, November 12, with the US bond market about to reopen after the Veterans Day holiday.
Two days of news were priced at once. The 13:00 UTC hour, which included weekly jobless claims at 13:30, fell from $28.99 to $28.45, a drop of about 2% in one hour for a fund built on government bonds. The selling continued in steps through the US session, to $28.06 at 16:00 UTC and $27.90 by 20:00 UTC, as the 10-year yield rose more than 13 basis points to 5.125% and the 2-year more than 15 basis points to 4.879%, according to CNBC.
Two forces pushed yields up. Tuesday's hot October inflation report had already led futures to price a December Fed hike in full, and Brent crude settled 3.3% higher at $95.82 after President Trump said "we don't need a deal with Iran." The token's low of $27.60 came in the 00:00 UTC hour of November 13, about 6% below the previous morning's high, and it then held near $27.75 through the Asian session.
Trading in the token was thin, with often fewer than 20 trades an hour, so each candle is a rough guide rather than a precise price. Replay it to see what leverage does to the calmest asset class: a 13-basis-point move in the benchmark yield, large but not extreme, became a 6% fall in a single day.