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Live crypto order flow: OBI × CVD quadrant for perpetual futures

SourcesBinance+Bybit+OKX+Hyperliquid

A live order-flow read on who is in control of BTC, ETH, SOL, BNB, XRP, DOGE and HYPE perpetual futures. We plot two microstructure signals against each other: order-book imbalance (OBI) on the x-axis, cumulative volume delta (CVD) on the y-axis. Together they describe order flow at the tape level. The chart trails the last 30 minutes, 4 hours or 24 hours. Quadrant tells you where pressure is. Trail tells you how it got there.

Streamed over WebSocket at one fused tick per second, aggregated across Binance, Bybit, OKX and Hyperliquid. No predictions. No signals. Just the plumbing visible. New to this? Start with how to read order flow.

Anatomy

How to read the quadrant

Pick a layer to isolate it on the chart. Same atoms, colours and rules as the live widget above.

BUYERS IN CONTROLSELLERS DOMINATINGDEMAND ABSORBINGBOOK SUPPORTS← sell pressurebuy pressure →net buy ↑net sell ↓BYOH
One dot, one symbol, one tick
The dot
Current (OBI, CVD) pair for the selected asset. Colour = the zone the classifier currently confirms.
Everything around it
Trail (last positions), 4 per-venue dots, radar rings at 0.25 / 0.5 / 0.75 magnitude.
Cadence
Aggregator publishes at 1 Hz over one WebSocket. If a feed goes quiet, the page says so — it never redraws a plausible picture.
Positioning 101

Six ideas, in order

Each one builds on the last. Real colours, real rules — the same visual language as the live chart.

01Concept
Two axes: intent × execution
OBI on X — the net lean of resting limit orders within ±20 bps of mid. CVD on Y — taker buys minus taker sells actually paid through the spread. The book's wants vs the book's deeds.
02Concept
Four zones, two strengths
Green and red corners are the clean reads — book and tape agree. The two yellow corners are mixed: one side is absorbing the other. Fill strength on the live chart mirrors this.
03Concept
Balanced is a real zone
Inside the central deadband nobody controls the tape. It's a confirmed state of its own — not missing data, and not a corner of any quadrant.
04Concept
Candidate → confirmed
A new zone must hold for 300 s before the verdict flips (30 s for DOGE). Until then it's a pending candidate — which is why the dot can sit in a green quadrant while the verdict still says Balanced.
05Concept
cluster
sweep
cross
Read the trail's shape
Tight cluster near the origin: range-bound, low conviction. Long sweep into one quadrant: directional flow building. Crossing quadrants within the window: regime change.
06Concept
Venues can disagree
Four lettered dots show each exchange separately. If live venues land in two or more zones, the “venues divergent” pill lights up — the cross-exchange read only this page has.
Reference

What the markers mean

One card per marker: the visual exactly as drawn on the chart, where it appears, what it tells you.

Pulsing dotCentre of attention
Current (OBI, CVD) for the selected asset, coloured by the confirmed zone. Pulses on a 2 s cycle.
Trail pointsBehind the dot
Up to 15 past positions; nearby points merge. Older = smaller and dimmer, newest almost as bright as now.
Venue lettersOn the field
B Binance · Y Bybit · O OKX · H Hyperliquid. Each venue's own raw pair; hover links to its card below.
⚠ divergence
Divergence pillWidget header
Live venues sit in ≥ 2 different zones right now. Cross-exchange disagreement — worth a closer look before sizing.
Orange event dotOn a trail point
Liquidation cascade: ≥ $5M liquidated within one minute, within 90 s of that trail point.
Blue event dotOn a trail point
Funding flip: the funding rate crossed zero near that point in time.
Radar ringsAround the origin
Dashed rings at 0.25 / 0.5 / 0.75 magnitude — a quick eyeball scale for how far from neutral the dot sits.
Washed-out fieldWhole quadrant
Low flow: total taker volume across live venues is below threshold. Position geometry means little at trickle volume, so the field desaturates.
● livestale
Freshness pillsWidget header
Each axis tracks its own feed health: LIVE, DEGRADED (some venues down), WARMING (CVD window filling), STALE (> 5 s old). Fail-closed: stale data is never dressed up as live.
BUYERS PENDING
Candidate rowVerdict card
“Buyers pending · 60s of 300s” — a zone flip waiting out its minimum tenure before the verdict changes.
History

How to read zone context

The one block on the page that shows a historical distribution, not a live value: what price did in the next 60 minutes, each past time we entered this zone (7-day window).

ZoneMedian Δp25p75n
Buyers in control-0.10%-0.19%-0.06%5
Demand absorbing-0.11%-0.36%+0.05%7
Sellers dominating+0.10%-0.23%+0.18%14
Book supports-0.01%-0.11%+0.02%7
Balanced · now-0.12%-0.23%+0.08%28
Median Δ
Middle outcome of price change over the +60 m horizon after entering this zone. Not a forecast — a summary of a small sample.
p25 / p75
The middle half of outcomes. A wide p25–p75 band means the zone resolved both ways; the median alone would mislead.
n
How many times this zone was entered in the last 7 days. Low n (orange) = thin evidence; read the row as anecdote, not statistics.
Highlighted row
The zone the classifier currently confirms.

New to these concepts? Read the deep-dives: cumulative volume delta (CVD), What is order-book imbalance (OBI)?, or Long/short ratio vs OBI vs CVD.

Full methodology, including basis-point windows, exchange weights and known edge cases, is documented at /methodology/market-positioning.

FAQ

Why does the verdict say Balanced while the dot sits in a quadrant?

The dot is the raw (OBI, CVD) pair right now. The verdict is a confirmed state: OBI is EMA-smoothed, both axes must clear a noise deadband, and a new zone must hold for 300 seconds before it's confirmed. Until then the flip is shown as a pending candidate.

What is order-book imbalance (OBI)?

The difference between resting bid and ask liquidity within ±20 basis points of mid-price, scaled to −1…+1. Positive means passive buyers outnumber passive sellers. It measures intent, not execution — those orders haven't filled.

What is cumulative volume delta (CVD)?

The running sum of taker-buy minus taker-sell volume over the trail window, in USD. It tracks aggressive flow that crossed the spread. Where OBI shows what the book wants, CVD shows what it did. On the Y axis it's normalised by the asset's own 7-day p95, so positions are comparable across assets.

What is a CVD divergence?

Price makes a new high but CVD makes a lower high: buyers aren't pressing as hard as price suggests. The reverse on lows. Not a signal — a question: who is on the other side of this move?

How is this different from the long/short ratio?

The long/short ratio counts open positions on one exchange — sentiment, slow and rough. OBI × CVD measures liquidity and flow at the tape level, in seconds, across venues. They can disagree, and often do.

Which exchanges and symbols are covered?

Seven symbols (BTC, ETH, SOL, BNB, XRP, DOGE, HYPE) aggregated across four venues: Binance USDⓈ-M, Bybit USDT perps, OKX swaps and Hyperliquid. The aggregator publishes once per second over a single WebSocket.

Can I use this as a trading signal?

No. MarketTrace publishes microstructure data, not predictions or signals. Use it as one input alongside your own framework, risk model and timeframe. Informational data feed only. Not financial guidance.

No predictions. No signals. Just the plumbing visible.
The quadrant shows who is pressing and who is absorbing, per exchange, right now. It does not predict the next candle. If a feed degrades, the page says so instead of drawing a plausible picture.
No signals