Bitcoin orderflow with cumulative volume delta, funding, basis and open interest
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How to read this page
- Windows
- Each lookback shows its bias, its confidence, the leading regime and the blocked side when there is one. Bias runs from −1 (shorts in control) to +1 (longs in control).
- Lightning
- Lightning is the orderflow read over the last five minutes. When flow is two-sided it shows "quiet", because a zero there would wrongly suggest balance.
- Positioning
- This shows open interest summed across the venues we record and the share of accounts that are long on the venues that publish it.
- Funding
- Funding is shown in percent per eight hours. Venues that charge hourly are scaled to eight hours. Positive means longs pay shorts. APR is the 8-hour rate × 3 × 365. Basis is mark price over index price in basis points.
- Census
- The census lists every perpetual venue on CoinGecko with the share of credible open interest we record. We flag venues that fail the turnover test, because failing it is a sign of fake volume.
- Weight
- The control model has not been forward-tested on any of these windows. It carries zero weight in the Terminal's trade decisions. Every figure shows its age, and stale figures stay on screen with a label.
Orderflow shows who traded aggressively and on which side. Every figure on this page comes from recorded trades and the venues' own published data across fifteen venues, summed into one tape. Delta is buyers lifting offers minus sellers hitting bids in each bar. Cumulative volume delta adds those bars up over time. Funding and basis show what it costs to hold a position. Open interest shows whether a move opened positions or closed them, which is how you tell a trend from a squeeze.
None of these figures uses price direction as an input. The levels to read this flow against are on the liquidation and order book heatmaps. For bid against ask at every price inside each candle, use the footprint chart in the Terminal.