Athenum Analytics
OI-Weighted Funding Rate: Reading One Honest Number Instead of an Average That Lies
A simple average of perpetual funding rates lets a near-empty venue cast the same vote as the deepest book. The open-interest-weighted funding rate weights each venue by its open interest, so the deepest book dominates. Here is what it is, why a flat average lies, the four-step methodology, and how to read it live on Athenum.
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Liquidity Sweeps and Stop Hunts: Reading Them in the Liquidation Heatmap and Order Book
A data-first guide to spotting liquidity sweeps and stop hunts using the liquidation heatmap, order book whale walls, and CVD instead of chart pattern guesswork.
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Taker vs Maker Flow: Reading Aggressive Order Flow and CVD in Crypto
Taker flow is aggressive market order volume, maker flow is passive limit liquidity. Learn how takers build Cumulative Volume Delta and what taker dominance signals.
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The Cash and Carry Trade in Crypto: Capturing Basis With Spot and Futures
A crypto cash and carry trade buys spot Bitcoin and shorts a dated future or perpetual against it, so the net position is delta neutral and the profit is the basis or funding you collect as the two prices converge at expiry. It works when futures trade at a premium to spot, and it stops working when
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What Is the Estimated Leverage Ratio (ELR) in Crypto? How to Read Open Interest vs Exchange Reserves
The Estimated Leverage Ratio (ELR) is futures open interest divided by an exchange's coin reserves, a dimensionless gauge of how much of the market is leveraged versus spot-backed. Here is the canonical formula, real BTC and ETH readings, and how to trade the trend.
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Crypto PnL Calculator: How to Calculate Profit, Loss and ROI on Futures Trades
The exact long and short PnL formulas for crypto futures, how ROI on margin differs from raw profit, and a worked long plus short BTC example showing how fees and funding cut into realized PnL.
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Crypto Margin Calculator: How to Calculate Required Margin, Isolated vs Cross, and Liquidation Buffer
A margin-focused guide to crypto futures: how to calculate required (initial) margin, maintenance margin, margin ratio, and how those numbers set your liquidation buffer. Includes a worked BTC example, a numbered methodology, and an isolated vs cross comparison table.
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How to Calculate Crypto Leverage, Margin, and Liquidation Price (with a Free Calculator)
A practical, formula-by-formula guide to computing margin, liquidation price, and PnL on a leveraged crypto trade, worked through a real 10x BTC long. Pair it with the free crypto leverage calculator on Athenum to size any position before you click.
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Options Max Pain in Crypto: What the Max-Pain Price Means and Why Price Drifts Toward It
Options max pain is the strike where the most option value expires worthless. Here is how the max-pain price is built, what the put/call ratio adds, and how to read both on a live BTC options map.
Athenum Analytics
Athenum Cross-Exchange Derivatives Index, week of 2026-06-20
A weekly read of the cross-exchange crypto derivatives tape: funding, open interest, basis, and implied volatility across Athenum's coverage of 14 exchanges, as of 2026-06-20.
Athenum Analytics
Bitcoin as Digital Gold: How the Safe-Haven Correlation Actually Behaves
Bitcoin shares gold's monetary properties but not its price behavior; the BTC-gold correlation is low, unstable, and regime-dependent, so check the live regime.
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Macro Regime Neutral at 0.45 Confidence as VIX Holds at 25.33 and BTC Faces a $14.8B Quarterly Options Expiry
Date: March 27, 2026 | Data source: Athenum Analytics API, Deribit, Coinglass
Athenum Analytics