The derivatives board: funding, open-interest swings, retail positioning, perp-to-spot volume and the Korea premium, refreshed every 15 minutes for the largest tokens and every token we have investigated.
Describes the market only; not investment advice
Across: funding, i.e. who is paying. Up and down: the 24-hour change in open interest, i.e. money coming in or leaving. Bigger bubbles trade more perps. Named bubbles are flagged or the most traded; hover for details, click to jump to its row.
Amber marks a measure past its threshold. Click a row to read what each signal means in plain words.
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The five measures, the threshold we flag each at, and a real case from our reports. For the full explanation, read Reading derivatives.
Perpetuals settle every 1–8 hours: when the perp trades above spot, longs pay shorts, and the other way round. The board converts everything to an 8-hour rate.
Flagged at≥ 0.05% per 8 hours either way
IOST hit −2% (per 4 hours) on 21 Oct: shorts were packed in and the price was squeezed higher. Reading derivatives · lesson 1The value of all open contracts. Price up with OI up means fresh bets; price up with OI down usually means shorts being forced out.
Flagged atA 24-hour change of ±25% or more
SIREN’s OI went from $8.1M to $15.9M and back to $9.1M, and the price made the same round trip. Reading derivatives · lesson 2For retail we use the share of accounts that are long; for big traders, the long/short position ratio of the top 20% of accounts. Retail piling to one side, or against big traders, has often come before a reversal.
Flagged at≥ 80% or ≤ 30% of retail long, or retail against big traders
Before SIREN fell back to where it started, about 80% of retail accounts were long. Reading derivatives · lesson 3Binance perp 24-hour volume divided by Binance spot. The higher it is, the more perp money sets the price; for tokens with no Binance spot, perps are almost all there is. Majors normally run 5–15×.
Flagged at25× or more, or no Binance spot
On IOST’s big day, perps traded $975M, about 20× Binance spot. Reading derivatives · lesson 4The gap between Upbit’s won price, converted at the USDT rate, and Binance. It widens when deposits are paused or Korean retail piles in.
Flagged at±3% or more
After deposits were paused for IOST’s hard fork, Upbit traded up to 33% below Binance spot.These measures only describe what the market looks like now: which side is crowded and who is moving the price. Crowded does not mean an imminent reversal, and no signal does not mean safe. Nothing here is investment advice, and we make no buy, sell, leverage or position-size suggestions.