Athenum Analytics
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.
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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.
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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
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Eight of the Last Ten ETH ETF Sessions Printed Outflows
Ethereum ETFs have logged eight net outflow sessions in ten trading days, with Athenum flows and derivatives data showing a controlled but persistent reduction in listed ETH exposure.
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VWAP and the Value Area: Reading Where Crypto Actually Trades
How VWAP, anchored VWAP, the point of control, and the value area define where crypto has actually traded, plus the honest limits of each.
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The OI-Weighted Funding Rate: Why Aggregated Funding Beats a Single Venue
An open-interest-weighted funding rate weights each venue's funding by its open interest, so the aggregate reflects where the leverage actually sits, not a thin book.
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The Coinbase Premium Index: Reading US Spot Demand in Real Time
A practical guide to the Coinbase Premium Index: how it is computed, what positive vs negative means, and where this US spot-demand proxy misleads.
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Bitcoin and the Nasdaq: How Crypto's Equity Correlation Shifts With Macro Regimes
Bitcoin's correlation to the Nasdaq 100 is a rolling statistic that swings with the macro regime, not a fixed property; here is how to read it and use it.
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DVOL Explained: Deribit's Bitcoin Volatility Index (the Crypto VIX)
DVOL is Deribit's model-free, 30-day implied volatility index for Bitcoin, the crypto market's closest analog to the equity VIX.
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The Crypto Options Implied Volatility Term Structure, Explained
The implied volatility term structure plots option-implied vol across expiries, from front-month to back-month. Its shape tells you how the market is pricing near-term versus longer-dated uncertainty, and reading shifts in that curve is a core derivatives skill.
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