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Perps summary

The /perps summary tells you how speculators are positioned in cross-exchange perpetual futures. Six tiles around a single OVERLEVERAGED LONG / BALANCED / OVERLEVERAGED SHORT tag.

The headline tag

The card scores three positioning signals, funding rate, 24-hour open-interest change, and long/short ratio, each contributing +1, 0, or −1. Two-out-of-three majority wins.

  • Funding APR > +10% = +1 (longs paying noticeably).
    Funding APR < −2% = −1 (shorts paying).
  • 24h OI change > +5% = +1 (leverage building fast).
    24h OI change < −5% = −1 (active deleveraging).
  • Long/short ratio > 1.3 = +1 (crowd long).
    Long/short ratio < 0.8 = −1 (crowd short).
The composite tag
  • OVERLEVERAGED LONGTwo or more of the three positioning signals are constructive. Funding positive, OI building, longs crowded relative to shorts. Translation: speculators are leaning long with conviction — and at the extreme, crowded enough that a flush is the natural next step.
  • BALANCEDSignals are mixed. Funding is neutral, OI is flat, the L/S ratio is balanced. Default state when nothing is ramping. Watch for the next flip rather than betting on the current state.
  • OVERLEVERAGED SHORTTwo or more signals are bearish. Funding negative (shorts paying), OI shrinking (deleveraging), or the L/S ratio under 0.8 (crowd short). Speculators are leaning short — the inverse setup, primed for a squeeze if any catalyst lifts price.

The supporting tiles

Around the headline tag the card surfaces six numeric tiles, each a plain-language read of one piece of perp tape:

  • BTC mark · index, current cross-exchange perp mark and the underlying index, side-by-side. Useful when basis blows out.
  • Open interest, total notional. The 24-hour percentage caption tells you whether leverage is building or unwinding.
  • Funding rate (annualized), the carry signal. Positive = longs paying shorts; persistent extremes are mean-reverting more often than not.
  • Long / short ratio, Binance position-side ratio. Above 1 = more longs than shorts; under 1 = more shorts. Crowd behaviour, not necessarily money behaviour.
  • Coinbase premium, Coinbase price minus other spot venues. Positive = US spot demand; negative = US selling pressure.
  • Perp / spot basis, perpetual price minus spot, as a percentage. Sudden basis collapse from a positive number often signals long-side capitulation about to start.

Where to drill in

Below the summary on /perps the dashboard surfaces the full tape: candles, OI history, funding rate chart, liquidations, BSV (buy/sell volume), CVD, and the long/short ratio history. If the summary tag flips, drill into the input panel that flipped to see whether the move is fresh or already played out.