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Blog · MarketTrace research

Research, post-mortems, and engineering notes.

How we research microstructure events in crypto perpetuals — order-book dynamics, liquidations, and what the order flow tells us. Long-form only. No signals.

14 posts · running since April 2024 · updated weekly
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Recent
Apr 24, 20267 min readPostmortem

Shorts paid for the rally

Over 25 days BTC ran +15.66% into a local high at $79,382. The median funding rate was −0.19%. Short positions financed the move the entire way up.

fundingmicrostructurepostmortem
Series
Multi-post collections, in reading order.
Order-flow primer3 parts · 34 min
01Footprint chart: from the CBOT pit to crypto perpetuals14m02Cumulative Volume Delta (CVD): the crypto perpetual futures trader's guide to order flow11m03Long/Short Ratio vs OBI vs CVD: what each measures9m
Liquidation post-mortems2 parts · 17 min
01The biggest liquidations in crypto history (and what they actually looked like)7m02Two weeks, six majors, $715M in Binance perp liquidations10m
Macro event-studies3 parts · 52 min
01Trump went to Beijing. Bitcoin reacted to Wall Street.15m02Did Bitcoin actually care about US elections? A 7-cycle event study25m03Why Bitcoin rallied on the Hormuz blockade: what changed since 202412m
Funding glossary2 parts · 16 min
01What does a negative funding rate mean?9m02Shorts paid for the rally7m
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