Open interest, ratios & funding
Derivatives Positioning
Open interest, account positioning, taker flow and funding on the Binance USD-M perpetual — each kept as a separate measurement.
Positioning
Leverage on the largest perpetual.
Four measurements, four meanings
These do not add up to a sentiment score.
Each of these describes something different, and blending them into one number destroys the information. BitcoinTrench keeps them apart and states what each one reads.
Open interest
The total notional of contracts currently open. Rising open interest alongside rising price means new positions are being added; rising price with falling open interest usually means shorts are closing. It says nothing about direction on its own.
Account ratio
Account positioning unavailable.
Counted per account, so ten thousand small accounts outweigh one very large one. It measures the crowd, not the capital.
Taker flow
Taker flow unavailable.
The ratio of aggressive buying to aggressive selling — traders crossing the spread rather than resting orders. A very short-horizon reading that turns quickly.
Funding
Funding unavailable.
The periodic payment that keeps a perpetual contract tethered to spot, settled every eight hours. Sustained extremes indicate crowded positioning and a market that is expensive to keep holding. Next settlement: —.
Binance USD-M BTCUSDT perpetual only. Not an aggregate of every venue.