About Futures

The Futures Dashboard unifies the most consequential signals from the perpetual swaps market - **Open Interest**, **Funding Rates**, **Liquidations**, and the new **Flow** suite - into a single comprehensive workflow. Together these four suites tell the complete story of leveraged positioning, capital flows, forced unwinds, and real-time order-flow dynamics across Bitcoin. The **Open Interest** suite offers four analytical lenses. **Total OI** plots aggregated open interest against spot price with a green gradient palette indicating magnitude, optional SMA/EMA overlays, and a live stats panel showing percentage of all-time high. **By Exchange** unpacks the total into a stacked breakdown across twelve major venues (including Binance, CME, Bybit, and Hyperliquid), switchable between absolute dollar value and percentage market share. **Drawdown** view recolours OI as a percentage distance from its historical peak, revealing structural deleveraging events and regime transitions. **% Change** view computes rolling lookback changes (30/60/365 day) with configurable overbought/oversold dots that flag leverage extremes directly on the price chart. The **Funding Rates** suite provides three distinct views, moving away from skewed annualised figures to standard **per-interval rates**. **Funding Rate** view plots the raw signed percentage rate with gradient colouring, EMA smoothing, and OB/OS signal dots. **Premium Flow ($)** converts rates into actual dollars paid between longs and shorts, viewable as absolute payments, net flow, or a cumulative running total. **Calendar Heatmap** renders every single day as a colour-coded cell in a GitHub-style grid, instantly revealing multi-year funding regime patterns. The **Liquidations** suite completes the picture by quantifying forced unwinds across perpetual markets. **Aggregated History** visualises directional long/short liquidations with multiple display modes (stacked directional, total volume, or dominance). **By Exchange** provides a treemap breakdown of 24h liquidation volume. **Cascade Detector** flags statistically extreme multi-day liquidation clusters. **Forward Returns** analyses post-cascade price performance via histograms. **Profile** builds a realised price-level liquidation heatmap with Point of Control and Value Area. **Calendar** renders a yearly grid of daily liquidation magnitude and directional bias. The new **Flow** suite analyses real-time taker order flow and order book liquidity. **CVD** (Cumulative Volume Delta) tracks aggregated taker buy vs sell volume with regime colouring and oscillator views. **Imbalance** shows net flow or buy/sell ratio with optional EMA smoothing. **Order Book** renders mirrored depth (bids above / asks below zero) or total liquidity over time, giving instant insight into liquidity regime and potential volatility triggers.

Signal Zones

Trading Signals by Regime

How It Is Calculated

Frequently asked questions

What is the difference between Open Interest and Funding Rate?

**Open Interest** measures the total value of outstanding perpetual contracts, meaning it tells you *how much* leverage is in the market. **Funding Rate** measures the periodic payment perpetual contract holders make to each other to keep the contract price anchored to spot, meaning it tells you *who is paying whom* to maintain that leverage. Rising OI with positive funding means aggressive long positioning; rising OI with negative funding means aggressive short positioning.

Why display the raw per-interval rate instead of annualising?

Earlier iterations of this dashboard annualised the rate to produce a yearly yield. However, during periods of extreme volatility, this produced unrealistic magnitudes that were difficult to interpret. Displaying the raw per-interval percentage (e.g., per 8 hours) strictly matches the standard convention used directly on exchange UIs (like Binance and Bybit), making the charts immediately actionable and familiar to derivatives traders.

What does the Premium Flow ($) view reveal that the rate doesn't?

While the Funding Rate shows the *percentage* penalty, Premium Flow shows the actual *dollar magnitude* changing hands. A high funding rate on low Open Interest might not mean much, but massive Premium Flow indicates serious capital is bleeding from one side of the market to the other. When cumulative flow reaches historical extremes, it often precedes exhaustion and forced liquidations.

How should I use the Calendar Heatmap view?

The heatmap answers a question line charts can't: how *persistent* is the current regime? Looking at a year's worth of orange cells vs blue cells reveals whether today's positive funding is an outlier day or part of a structural bull-market regime. Long unbroken streaks of one colour are the most important signal. They mark the durable regimes, whilst rapid colour alternation signals directional uncertainty.

Which exchanges are included in the data?

The dashboard aggregates open interest across twelve major venues to provide a complete view of the market. This includes legacy titans (CME), offshore dominators (Binance, Bybit, OKX), and modern on-chain perpetual DEXs (Hyperliquid).

How do the OB/OS signal dots on the charts work?

On the **OI % Change** view, green dots fire when the rolling change exceeds your overbought threshold (default +30%); red dots fire when it drops below the oversold threshold (default -20%). On the **Funding Rate** view, the same logic applies to per-interval percentage thresholds (default +0.02% / -0.02%). These dots overlay directly on the price chart, so you can visually correlate leverage extremes against subsequent price behaviour.

What is a Liquidation Cascade?

A statistically significant cluster of consecutive high-volume liquidation days detected by the Cascade Detector (using rolling mean + sigma threshold). These events often mark turning points as leveraged positions are forcibly unwound.

How does the Liquidation Profile work?

It shows the historical distribution of liquidation volume across price levels (similar to a volume profile). The Point of Control (POC) is the price with the highest liquidation volume; the Value Area highlights the range containing 70% of total liquidation notional.

Why track Forward Returns after cascades?

The Performance view analyses historical price returns 1, 7, 30, and 90 days after detected liquidation events. This helps quantify whether cascades typically lead to reversals or continuations.

What does the Liquidation Calendar reveal?

The Calendar visualises every day's total liquidation magnitude with directional bias indicators. Long streaks of high-volume days in one direction often precede major regime shifts.

What is Cumulative Volume Delta (CVD)?

CVD tracks the running net difference between aggregated taker buy volume and taker sell volume. Sustained positive regime (green) indicates aggressive buying pressure; negative regime (red) signals heavy selling pressure. The Flow suite provides both regime colouring and traditional oscillator views.

What does the Order Book view show?

It renders real-time aggregated order book depth. **Mirrored** mode shows bids (green) above zero and asks (red) below zero for instant visual balance. **Total** mode shows combined liquidity with EMA overlay, highlighting periods of thinning liquidity that often precede volatility spikes.