Bitcoin orderflow: cumulative volume delta, funding, basis and open interest
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How to read this page
- Windows
- The bias, confidence and leading regime for each lookback, with the blocked side when one is. Bias runs from −1 (shorts in control) to +1 (longs in control).
- Lightning
- The five-minute orderflow read. When flow is two-sided it says "quiet" rather than printing a zero that looks like balance.
- Positioning
- Open interest summed across the venues the capture covers, and the accounts-long split from the venues that publish one.
- Funding
- Per eight hours, in percent; hourly venues scaled to eight. Positive means longs pay shorts. APR is the rate times three times 365. Basis is mark over index in basis points.
- Census
- Every perpetual venue CoinGecko lists, how much of the credible open interest the capture covers, and which venues fail the turnover test that marks a manufactured tape.
- Weight
- The control model has been forward-tested on none of these windows. It carries zero weight in the Terminal's trade decisions and the same here. Every figure carries its age; a stale figure is labelled, never hidden.
Orderflow is who had to trade, not what the price did. Every figure on this page is built from recorded trades and the venues' own published state across fifteen venues, summed into one tape. Cumulative volume delta is buyers lifting offers minus sellers hitting bids, carried forward; delta is that same difference bar by bar. Funding and basis say what it costs to hold a side. Open interest says whether a move opened positions or closed them, which is the difference between a trend and a squeeze.
Price direction is never an input to any of it. The levels this flow is read against are on the liquidation and order book heatmaps, and the per-price version — bid against ask inside every candle — is the footprint chart in the Terminal.