Athenum Analytics

FOMC and Crypto: How Rate Decisions Move Funding and Open Interest
An FOMC decision moves crypto through positioning, not just price: open interest builds into the event, perpetual funding swings as leverage crowds one side, then the 14:00…

The Premium Index: How Perpetual Prices Stay Tethered to Spot
The premium index measures how far a perpetual trades from its spot index and feeds the funding rate. Here is how it is built, why it exists, and what a persistent premium signals.

Perpetual Swaps vs Dated Futures: The Real Differences
A mechanics-first comparison of perpetual swaps and dated futures: settlement, how each tracks spot, the cost of carry through funding versus basis, liquidity, and when each instrument fits.

How to Choose a Crypto Derivatives Analytics Tool in 2026 (Free Options Compared)
A fair, mechanics-first guide to choosing a crypto derivatives analytics tool: what Coinglass, Velo, Coinalyze, Hyblock, Laevitas, Tensorcharts and Aggr each do well, the trade-offs, and how to match a tool to what you actually trade.

Insurance Funds and Auto-Deleveraging (ADL) in Crypto Futures, Explained
How exchange insurance funds absorb liquidation shortfalls, what auto-deleveraging (ADL) is, how the ADL queue ranks traders, and why winning positions on thin contracts carry hidden close-out risk.

Basis and Contango in Crypto Futures, Explained
What basis and contango mean in crypto futures, how to annualize basis, the cash-and-carry trade that anchors it, what steep, flat, and negative basis signal, and how dated-futures basis differs from perpetual funding.

How Crypto Perpetual Funding Rates Are Actually Calculated
How crypto perpetual funding is actually calculated: the premium and interest components, the clamp, the funding interval, why funding is paid peer to peer between longs and shorts, and why the same asset shows different funding across exchanges.

Cumulative Volume Delta (CVD) in Crypto, Explained
What cumulative volume delta measures, how it is built from the aggressor-tagged trade tape, how to read CVD-versus-price divergence for absorption and exhaustion, its venue-dependent limits, and why aggregating across exchanges matters.

Max Pain in Crypto Options: What It Is and How to Use It
What max pain means in crypto options, how it is computed from open interest, the theory that price gravitates toward it near expiry, and the honest caveats.

마크 가격 vs 인덱스 가격 vs 마지막 체결가: 청산이 왜 그 지점에서 일어나는가
암호화폐 파생상품 거래소는 마크 가격, 인덱스 가격, 마지막 체결가를 동시에 추적합니다. 캔들이 청산 라인에 닿지 않았는데도 청산되는 이유를 설명합니다.

암호화폐 선물에서 청산 캐스케이드가 발생하는 원리 (그리고 리스크를 읽는 법)
강제 청산이 어떻게 연쇄 반응을 일으키는지 마진, 유지 증거금, 청산 가격, 마크 가격, 청산 엔진, 청산 레벨 군집의 관점에서 단계별로 설명합니다.

Open Interest in Crypto Futures, Explained (With a Live Read of BTC, ETH and SOL)
What open interest is, the four open-interest-versus-price scenarios, why aggregating across exchanges matters, and a live read of BTC, ETH and SOL.