Crypto Positioning: eight exchanges, the US spot premium, fund positioning and alerts that combine conditions
The terminal's derivatives panel is now called Crypto Positioning and reads open interest and funding from eight exchanges, liquidations from six. It adds the US spot premium, the futures positioning of large funds from the weekly COT report, real Hyperliquid liquidation levels on the chart — and alerts that combine open interest, funding, liquidations and price with AND or OR.
A wider view of the market
The derivatives panel has a new name, Crypto Positioning, and a much wider view:
- open interest and funding are summed across eight exchanges, Hyperliquid included, instead of three;
- exchanges pay funding on different schedules, so the average now converts every rate to an 8-hour equivalent; the per-exchange table keeps each one's own period, labelled;
- the live liquidations feed covers six exchanges, and the estimated liquidation map uses the five that publish long/short ratios.
Who is buying: spot premium and funds
- The US spot premium compares bitcoin's price on the largest US spot exchange with the main offshore one, adjusted for the stablecoin rate — a common read on whether US buyers are leading. It also appears in the History tab.
- Funds in regulated futures shows large speculators' net position in bitcoin futures from the weekly Commitments of Traders report, with a three-year index and a link to the full chart on our COT pages.
Model and fact, kept apart
The Liquidations tab now has a source switch: the exchange model, which is an estimate, or Hyperliquid's real positions. Every chart layer is labelled model or fact, and the new Real levels on the chart layer draws where the largest Hyperliquid wallets would actually be liquidated, within ±30% of the price.
Alerts on positioning
The bell in the panel header opens a new Derivatives alert. Combine up to three conditions — open-interest change, funding rate, liquidations, price change and the spot premium — with All conditions (AND) or Any condition (OR), and set a pause between alerts. For example: open interest up 10% and funding above 0.05% while price is rising. Our server checks them every minute.
The public derivatives and liquidations pages show the eight and six exchanges too, with no account. Crypto Positioning in the terminal is part of Pro — free for every signed-in account until 1 January 2027.
