How we research microstructure events in crypto perpetuals — order-book dynamics, liquidations, and what the order flow tells us. Long-form only. No signals.
New module: the BTC liquidation heatmap, expected levels and realized liquidations on one grid. Background: how to read a liquidation heatmap.
Funding, dynamic settlement, mark spread, ADL, dust — the costs that don't show on the order ticket. Real numbers from a $10K perpetual position on Binance, Bybit and OKX.
13 April 2024: Iran strikes Israel, BTC drops 5.5%. 13 April 2026: the US blockades Hormuz, BTC rallies 5.75%. Same date, bigger event, opposite reaction. Here's the data.
Negative funding rate explained: how it works, what a $10K short actually pays, and what 2 years of Binance perpetual data show about forward returns.
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.