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Order Flow: merged perpetual futures from three exchanges in one tape

Most crypto volume trades in perpetual futures, spread across several exchanges. Order Flow can now read a merged stream of USDT perpetual trades from the three largest venues, aligned to your chart's price, so the footprint, delta and big trades show the whole market rather than one spot book.

Traders Week Charts Footprint chart with imbalance highlighting

Where the volume really is

In crypto, far more is traded in perpetual futures than on spot books, and it is split across several exchanges. Reading order flow from one spot book shows you a slice. Order Flow's Trades setting now has a second source, Merged perps: the USDT perpetual trades of the three largest crypto derivatives exchanges in one stream.

How it is merged

  • Each venue's prices are aligned to the chart, so a footprint cell means the same price whichever exchange the trade came from.
  • Trades of $10,000 or more stay whole and carry their venue tag; smaller ones are summed each second and shown as Σ in the tape.
  • Spot stays the default. A coin without a merged stream falls back to spot and says so.

Order Flow is part of Premium — free for every signed-in account until 1 January 2027. Open it from Modules in the terminal.