Derivatives

The Derivatives page puts the perpetual-futures and options markets of 12 exchanges side by side. Every figure is measured from a venue's own public data (the one exception, max pain, is computed from measured open interest), is attributed to that venue and carries an "as of" time in UTC. It shows figures and levels: where open positions sit, what funding costs, how options are priced. It does not forecast.

The page has six tabs: Overview, Asset, Liquidations, Whales, Options and Screener. Opening it costs no credits.

Open interest

Open interest is the amount of contracts still open on a venue. It is counted one-sided, the way the exchanges publish it: a long and the short it is matched with are one unit of open interest, not two. Venues report it in different units (coins, contracts of a fixed dollar size, or dollars), so every venue is converted to coins first, and only then to US dollars, with one index price per asset per snapshot: the median of the index prices the venues publish (Binance's if fewer than three venues publish one). Contracts are never added together directly.

Contracts quoted in thousands (1000PEPE on Binance, kPEPE on Hyperliquid) are shown as the asset itself: the venue's price is divided and its quantity multiplied by the scale, so a PEPE price is always the price of one PEPE. Perpetuals on stocks, indices and commodities are kept out of the crypto totals; the Screener lists them with a "TradFi" tag.

Funding

Funding is the payment that passes between longs and shorts, set by each venue, to keep a perpetual near its index. When the rate is positive longs pay shorts; when it is negative shorts pay longs. Venues settle every 1, 4 or 8 hours, so their raw rates cannot be compared as they stand. The page shows the rate in the venue's own interval, the interval, an 8h-equivalent (rate × 8 ÷ interval in hours) and an annualised rate (rate × 24 ÷ interval × 365). The interval is read again every hour, because venues change it.

A rate is either predicted or settled. Predicted is the rate in force now, which settles at the time shown beside it; settled is the rate the venue last paid. For a whole asset the page shows the average 8h-equivalent weighted by open interest, and the spread between the lowest and the highest venue.

Market funding, OI-weighted

The Overview's band prints one funding figure for the market, "Funding 8h-eq, OI-wtd". It is built in two steps from the predicted rates: each asset's 8h-equivalent rate is the mean over its venues weighted by their open interest, and the market figure is the mean over the assets, weighted by each asset's open interest in US dollars. An asset without a predicted rate is left out, its open interest with it, and perpetuals on stocks, indices and commodities are not counted. The caption under the figure says who pays, read from the sign of the rate: longs pay shorts, shorts pay longs, or no net funding.

Observed liquidations

A liquidation is a position closed by force. Our five feeds (Binance's two books, Bybit, OKX and Gate) listen to the venues' public liquidation streams, and the page calls what they report observed liquidations. The feeds do not all deliver the same thing: Binance (both books) publishes the largest order per symbol per second, Bybit publishes every liquidation of the symbols we follow, OKX the last 100 per poll, and Gate the liquidation orders of the largest contracts we follow. The totals count every event our feeds delivered; the live list shows the events of $100K and up. "Long" or "Short" is the side of the position that was liquidated, and the number of feeds we watch is printed above the totals: five, whichever window is shown, because a feed that was quiet is still watched.

The Hyperliquid liquidation map and whale positions

Hyperliquid positions are public on-chain, so this part is exact, not estimated. Once a day we take the 2,000 accounts with the largest account value and read their positions: each account about every 10 minutes, accounts that hold a position of $1M or more about every 2 minutes. The map adds up, by liquidation price, the position value that would be liquidated in each price band (0.25 % of the price wide, within 20 % of the current price), longs and shorts apart. Beside the map the page prints its coverage: the tracked positions as a share of Hyperliquid's open interest in that asset. What the 2,000 accounts do not hold is not on the map. A cross-margin liquidation price moves with the whole account, so it is the level at the time of the snapshot.

The Whales tab lists the positions of $1M or more among the tracked accounts: the account, the asset, the side, the notional (the position's value in US dollars), the entry price, the liquidation price, its distance from the mark (Away), the leverage with its margin mode and the unrealised PnL.

Distance to liquidation (Away)

Away is how far the liquidation price lies from the mark, as a share of the mark: (liquidation price ÷ mark − 1) × 100. It is printed without a sign, whichever side the position is on: ↑ when the liquidation price lies above the mark, ↓ when it lies below. A distance beyond 100 % prints as "> 100 %", and one that rounds to 0.0 % has no arrow. The mark is Hyperliquid's own position value divided by the position's size at the snapshot. A position without a liquidation price has no distance and shows a dash.

Options: max pain, put/call, ATM IV, skew and DVOL

Options come from Deribit, the largest venue for listed crypto options. For each expiry the page shows call and put open interest (in coins, with USD at that expiry's own underlying), the put/call ratio (put open interest divided by call open interest), max pain, ATM IV and the 25Δ skew. Max pain is the strike at which the open options would pay out the least at expiry; it is computed from the open interest by strike, so it is a calculation, not an observation. ATM IV is the mean of the call and put mark implied volatility at the strike nearest the index. The 25Δ skew comes from OKX: the implied volatility of the put near 25 delta minus that of the call near 25 delta, in volatility points. DVOL is Deribit's volatility index: the market's 30-day implied volatility, annualised, one point an hour. The IV term structure plots the ATM IV of every listed expiry against its days to expiry.

Mark premium and the dated basis

Two measures are kept apart. The mark premium is (mark − index) ÷ index for a perpetual on each venue, against the asset's one index price. The dated basis is the annualised gap between a dated future and the index: (futures price ÷ index − 1) × 365 ÷ days to expiry, for Binance, OKX, Deribit and Bybit futures and for CME's BTC and ETH futures. CME contracts are prices only: no open interest from CME is shown.

Unit check

A "unit check" chip, in the warning colour with an icon, marks a contract whose figures do not fit its asset. It has two states. A divergent venue: its price differs from the median of the asset's venue prices by more than 20 %, so it quotes another instrument under the same symbol; it is shown at its own mark and kept out of what the page computes for the asset (the index, open interest, volume, funding and mark premium). A mark premium beyond 20 %: the contract's mark is more than 20 % from the asset's index, though its price is not set apart from the other venues'; the row is still valued at the asset's index, and the chip says to check the contract's unit. The Screener shows both states and lists those rows last, whatever the sort; the Asset tab's venue table marks a divergent venue and lists it last.

Colours

A colour on the page carries a meaning, never a venue's identity. Funding is printed in the text colour with its "+" when longs pay shorts and in blue when shorts pay longs, never in red or green. Long is teal and short is red, in text and in bars, for the side of a position or of a liquidation; the Options strike chart is the one place where teal and red mean calls and puts. Green and red mark a profit and a loss, on the Whales tab's unrealised PnL only. A warning (stale data, a partial total, a unit check) is amber and always comes with an icon or a word. Venues have a colour of their own only in the Overview's venue share bar.

The page reads public market data from 12 exchanges and 13 data sources (Binance's two books are two sources). Every figure names its venue: each block ends with a one-line footer that names its sources and the time of its own data, in HH:MM UTC. We show the data with attribution and do not resell or redistribute the raw data.

Each block shows the time of its own data. When a source did not answer on the latest refresh, the page keeps the last good copy on screen and marks it stale instead of hiding it.

The status strip

Each tab opens with a status strip: the time of its newest data in HH:MM UTC, the number of venues behind it and how often its figures change. "Method" opens the list of venues and the method notes, with a link to this page; on a phone the cadences are listed there. When the data on screen is a last good copy, the strip turns amber, shows a warning icon and says it is stale.

Everyone can open the page. Starter, the first paid plan, adds depth where the market pays for it: every asset, longer history, the whale table, every options expiry and the full screener (see Plan Comparison).

• No liquidation heatmap for centralised exchanges. Their positions are not public, so a map of where they would be liquidated could only be modelled, and we do not model it. The map on the Asset tab is Hyperliquid's, built from public positions, with its coverage printed beside it.
• No real-time claim for hourly figures. Options, DVOL and the list of tracked Hyperliquid accounts are hourly or slower, and each is stamped with its own time.
• No claim to show the whole market's liquidations. The totals are what our feeds observed, and some feeds sample.
• No forecasts. Open interest, funding, positions and option prices are measurements. A liquidation level is where open positions would be liquidated if the price traded there; it is not a prediction that it will.
• No guesses. When a venue does not answer, its figure is left out or the block is marked stale with the age of the copy; a missing figure is printed as a dash, never filled in.
• No promise that a figure matches a venue's own page to the digit. Open interest is one-sided and priced at one index, funding is shown on the 8h scale, and a quote can be up to a minute old.