Topic
Everything we have published on crypto — 3 articles, newest first.
- Articles published
- 13 min read
Crypto funding rates and open interest: the pair, the units, and the plumbing
Crypto funding rates price leverage, open interest counts it. Reading the pair across four venues, why raw rates are not comparable, and what the collection layer decides.
- crypto
- market structure
- positioning
- 8 min read
What funding rates say about positioning, and how crowded trades unwind
Funding is the price of leverage, not a forecast. Reading it against open interest, why percentiles beat levels, and the mechanics of a liquidation cascade.
- market structure
- positioning
- crypto
- 9 min read
How to read a level-2 order book, and what imbalance really tells you
The arithmetic behind order-flow signals: imbalance windows, the microprice, the four ways displayed depth misleads, and how to sample a book honestly.
- market structure
- order flow
- crypto