Glossary
Definitions for the microstructure terms used across MarketTrace. Plain English explanations, with examples from crypto perpetual futures.
- Order Flow
Reading price action through executed trades and the resting order book — the umbrella concept that includes CVD, OBI, footprint and liquidations.
- Cumulative Volume Delta (CVD)
Aggressive buying versus aggressive selling, summed over time.
- Order Book Imbalance (OBI)
Resting bid versus ask pressure on the live limit order book.
- Liquidation
Forced close of a leveraged crypto position when margin runs out. Mechanics, prevention, and how the price differs across venues.
- Funding Rate
Periodic payment between long and short perpetual holders that anchors the perp to spot. 8h on CEX, 1h on Hyperliquid.