ABOUT MARKET DATA
Understanding market structure in crypto futures requires more than a price chart. The Terminal surfaces the metrics that reveal what participants are actually doing: how much capital is deployed (open interest), whether buyers or sellers are the aggressor (CVD), how crowded the trade is (long/short ratio), and how much traders are paying to hold their positions (funding rates).
All data is aggregated across Binance, Bybit, OKX, and Hyperliquid in real time. Compare metrics across exchanges to spot divergences — often the earliest signal that a move is losing conviction.
Open interest is the total value of all outstanding futures contracts that have not been settled. Rising open interest alongside rising price signals new money entering a trend; falling open interest suggests positions are being closed.
CVD (Cumulative Volume Delta) measures the net difference between aggressive buying and selling volume over time. A rising CVD line indicates buyers are in control; a falling CVD indicates sellers are dominant.
The long/short ratio shows the proportion of traders holding long (buy) positions versus short (sell) positions. Extreme readings in either direction can signal an overcrowded trade and a potential reversal.
Funding rates are periodic payments exchanged between long and short traders in perpetual futures markets. Extreme positive or negative funding often precedes a correction as the crowded side is forced to pay.