Derivatives data
Funding, open interest and the order book — three numbers that are not on a price chart. They tell you not where the market is going but who is standing in it and what they risk.
6 lessons · 55 min
Who this course is for
For anyone who already reads a chart and wants to add what is only visible on a derivatives exchange. After this course you understand who pays funding to whom and what it costs in money, what rising open interest on a falling price means, and why a wall in the order book is not a support level.
- 1Funding in depth: rank, the spread between exchanges, and what it does not say8 minSeeing the rate is not enough — it has to be compared with its own history and with the neighbouring exchange. Both comparisons change the conclusion more than the number itself.
- 2Open interest: how much money is standing in positions6 minVolume counts how many times something changed hands; open interest counts what stayed. The difference between the two is the entire meaning of this number.
- 3Order book walls: why a wall is not a support level11 minA large limit order is visible and measurable. But its size in dollars means nothing until you divide it by the coin's turnover — and it holds price only while it stands.
- 4Volume surge and impulses: catching an event while it is still running11 minBoth numbers answer where something is happening right now. But a surge of the same size can mean completely different things — and what tells them apart is not the volume but what stands next to it.
- 5Correlation with bitcoin: your own coin, or bitcoin under another ticker9 minA number from −1 to +1 answers an uncomfortable question: are you trading this instrument, or the same bitcoin under a different name? But it has a limit of meaning, and knowing that limit matters more than the number.
- 6Nine venues in one row: where the numbers come from and where the merge deceives10 minEvery row in the table is assembled from several exchanges, and that is not cosmetic: how it is assembled decides the turnover, the asset kind, and where you should actually execute.