Perps overview
The perps tape is the rawest read of crypto sentiment we have. This section explains how to read each panel, why we serve a cross-exchange aggregate instead of per-venue series, and where the Study panel collapses several views into one chart.
Why a cross-exchange aggregate
Every perp panel on BackQuant pulls from PERP_AGG and SPOT_AGG, single composite series sourced from Kiyotaka, which aggregates the major perp and spot venues into one tape per side. The legacy "pick a venue" dropdowns are gone for the major coins (BTC, ETH, SOL, HYPE).
The reasoning is simple: you almost never want to read a single venue's OI in isolation. A short squeeze that builds on one venue and unwinds on another leaves no fingerprint on a single-venue chart. The aggregate makes cross-venue flow visible by default, and removes the step of picking a representative venue every time you load a panel.
What the panels are
The Study panel
The do-it-all chart. Price + a switchable sub-pane for OI, CVD, BSV, TPO, VP, funding, liq, regime.
Open interest
Reading OI changes against price. Long-build vs short-build vs unwind, plus the OI flow classifier.
Funding
Funding APR as a positioning signal. Term structure, carry monitor, when extremes mean-revert.
Liquidations
Cascade setups, the liquidation heatmap as a magnet, why short squeezes look different from long squeezes.
CVD and BSV
Cumulative volume delta vs buy/sell volume. Why they diverge, what divergence means, taker dominance.
Regime and profile
Z-score regime panel, regime grid, universe heatmap, market profile (TPO), stress monitor.