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Mixed signals: bid-heavy books but sellers dominate order flow; balanced zone holds
The perpetual-futures order book shows more buy orders on aggregate (bid-heavy tilt) with an order-book imbalance of 0.0593, but the 30-minute cumulative volume delta (CVD) is negative (â$15.1M), meaning sellers have been the more aggressive side. The micro-structure classifier sees the market as balanced, a zone that has held for 24.1 hours. Venue-level disagreement exists: Bybit and Hyperliquid report buyer-aggressive CVDs, while Binance and OKX report seller-aggressive CVDs. Over the last hour, the aggregate book tilt shifted toward bids (book_tilt was previously less bid-heavy), while the order-book imbalance increased from 0.0046 to 0.0593; the CVD delta swung from a large positive to a large negative imprint, and open interest rose slightly. These one-hour changes are present in the comparison data.
The book tilt moved toward more buy orders; the obi rose from 0.0046 to 0.0593; the CVD delta flipped from +$66.1M to â$15.1M.
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