Saltar al contenido
Research & Insights

Blog

Page 3 of 10

Athenum chart showing the cumulative share of Bitcoin perpetual liquidation notional against the share of hours, ranked busiest first, over 999 completed hourly readings to 2026-08-09: the busiest 1% of hours carry 17.5% of the notional, the busiest 5% carry 47.6% and the busiest 10% carry 65.9%, far above the straight diagonal an even distribution would trace, with a lower panel histogram of the Gini coefficient measured inside each of 976 rolling 24 hour windows showing a 10th percentile of 0.64, a median of 0.76 and a 90th percentile of 0.85

Bitcoin Liquidations by the Hour: Half of Six Weeks Landed in 56 Hours

Bitcoin liquidations do not arrive at a steady rate. Over 999 completed hourly readings to 2026-08-09, half of all the notional landed in 56 hours and the busiest 1% of hours carried 17.5%. Almost every hour is one way, while the whole panel pooled together looks balanced.

Athenum AnalyticsAthenum Analytics
18 min
Athenum chart of how often a Bitcoin perpetual funding read taken early had the opposite sign to the rate that settled, over 496 venue-settlements to 2026-08-08: 13 of 496 wrong for a read in the final hour, 38 of 496 at two hours, 59 at three, 70 at four, 75 at five, 74 at six and 82 at seven, against a dashed baseline of 79 of 496 for simply assuming the rate stays where it last settled, with a lower panel showing that only 25 percent of the final average's weight has accrued at the start of the four hour window

Bitcoin Funding Rates Only Beat the Last Settlement in the Final Three Hours

The funding rate a venue shows you before a settlement is a running average, not the rate it will charge. Over 496 Bitcoin perpetual venue-settlements to 2026-08-08, a read taken four hours out was no better than assuming the rate stays where it last settled. The screen only starts to separate inside three hours.

Athenum AnalyticsAthenum Analytics
22 min
Athenum chart of Bitcoin perpetual turnover by venue over 168 hourly readings to 2026-08-06: median 2.35 times per day for OKX, 1.24 for Binance, 0.94 for Bybit, 0.93 for Bitget and 0.75 for Hyperliquid, each drawn with its interquartile band and full range, with Deribit shown as a single reading at 0.33

Bitcoin Perp Turnover Runs Three Times Faster on OKX Than on Hyperliquid

Turnover is the notional a venue traded in a day divided by the open interest still on its book. Run it on the same six Bitcoin perpetuals and the answers span a factor of seven, the two venues in the middle turn out not to be separable at all, and one venue's own open interest field doubles its own result.

Athenum AnalyticsAthenum Analytics
15 min
Athenum bar chart of USD-quoted Bitcoin perpetual open interest per venue on 2026-08-04: Binance $6.93B, Bybit $3.69B drawn split into a $1.85B single side plus the second side its default field adds, Bitget $2.25B, Hyperliquid $2.10B, OKX $2.02B and Deribit $0.72B

Open Interest One Side or Both, and Most Venues Never Say Which

Every futures contract has one long and one short, so a venue can report the open position once or twice and both are defensible. The problem is not that venues are silent about which they do. It is that the two venues here which do say both say they count twice, and adding their figures to the rest produces a total in no unit at all.

Athenum AnalyticsAthenum Analytics
14 min
Athenum horizontal bar chart of Bitcoin futures open interest share by venue on 2026-08-03: Binance 38.4 percent, Bybit 20.5 percent, Bitget 12.8 percent, Hyperliquid 12.3 percent, OKX 11.3 percent and Deribit 4.1 percent, each with its interquartile band and its full range over 168 hourly observations, giving an HHI of 2,351

Bitcoin Open Interest Concentration: What the HHI Says About Venue Risk

On 2026-08-05 the same six venue readings give a Bitcoin open interest concentration index of 2,376, 2,552 or 2,784, depending on which of them count both sides of a contract. Only one of the six publishes a figure that settles it.

Athenum AnalyticsAthenum Analytics
13 min
Athenum line chart of trailing long and short liquidations across the venues in its feed over the 7 days to 08:00 UTC on 2026-07-29, showing the long share falling from 98.6% on 2026-07-25 to 47.6% on 2026-07-29

Crypto Liquidation Data: Why the Reported Number Is a Floor, Not a Total

A crypto liquidation total is a measurement, not a fact, and at least one major venue documents that its public feed pushes only one order per symbol per second. Here is what the number counts, what it drops, and the four checks that make it usable.

Athenum AnalyticsAthenum Analytics
12 min
Athenum bar chart comparing Bitcoin's average one-hour change by UTC hour over the last 30 days against the last 200 days on 2026-07-28, showing 15:00 UTC leading the 30-day window at +0.142% while 20:00 UTC leads the 200-day window at +0.049%

Crypto Trading Hours: Which UTC Hours Move Bitcoin, and Which Are Noise

Every crypto hour-of-day chart has a best hour. Change the window and it changes too. Here is Bitcoin's UTC clock measured two ways, and the sample-size test that says which part of it you can trade on.

Athenum AnalyticsAthenum Analytics
15 min
Athenum line chart of the gain required to recover a drawdown of each depth, showing minus 50% needing plus 100% and minus 80% needing plus 400%, with Bitcoin marked on 2026-07-27 at 20.0% below its 2026-05-06 high and needing 24.9% to reclaim it

Crypto Drawdown Math: Why a 50% Loss Needs a 100% Gain to Break Even

Recovering a drawdown always costs more than the drawdown itself, and leverage widens the gap until liquidation ends it. Here is the recovery math, measured against Bitcoin's own live drawdown.

Athenum AnalyticsAthenum Analytics
14 min
Athenum bar chart of the quoted Bitcoin bid-ask spread across four venues at 09:05 UTC on 2026-07-25, ranging from 0.00157 bps on Binance spot to 0.15672 bps on Hyperliquid perp, with each bar labelled as exactly one price increment

Crypto Bid-Ask Spread: Why the Tightest Quote Is Just the Smallest Tick

The quoted spread on a liquid crypto book is almost always exactly one tick wide, which makes a cross-venue spread ranking a tick-size ranking. Here is the live cross-venue evidence, and the two numbers to read instead.

Athenum AnalyticsAthenum Analytics
10 min
Athenum chart of aggregate Bitcoin open interest indexed to 100 on 2026-07-17, showing the dollar reading rising +3.03% over seven days while the coin reading rose only -0.85% because BTC price gained +3.92%, as of 2026-07-24

Open Interest in Coins vs Dollars: Why the Same Crypto OI Can Rise and Fall at Once

Crypto open interest is quoted two ways, in coins and in dollars, and the same OI can rise in one while it falls in the other. Here is why, worked on a live BTC reading, and which number to trust for what.

Athenum AnalyticsAthenum Analytics
7 min
Athenum PnL waterfall for a 10x BTC long on 2026-07-22: gross price PnL plus $303.92, minus $10.15 taker fees, minus $11.31 funding over seven days, leaving a net of plus $282.46, or plus 28.2 percent on a $1,000 margin

How to Calculate Crypto Futures PnL: Entry, Exit, Funding, and Fees

Your crypto futures PnL is four things, not one: direction and size, the price move, fees, and funding. Here is the full formula, worked on a live BTC long, and why funding quietly differs by exchange.

Athenum AnalyticsAthenum Analytics
9 min
Athenum bar chart of Bitcoin perpetual funding annualized by venue on 2026-07-19: Bitget +1.1%, OKX +7.3%, Binance +7.7%, Bybit +11.0% and Hyperliquid +11.0% APR.

Funding Rate Intervals: Why the Same Crypto Perp Pays Differently on Each Exchange

Funding rate intervals differ by exchange: most crypto perps settle every 8 hours, some hourly. Normalize perp funding to APR to compare venues fairly.

Athenum AnalyticsAthenum Analytics
6 min