Derivatives Terminal
Liquidations, funding, open interest and positioning in one view.
Liquidation heatmap
The heatmap shows dollar density of likely liquidation levels at each price across the last seven days. Dense clusters act as magnets — price is drawn toward pools of forced orders because that is where liquidity sits.
Use the coin picker to switch across sixty-plus perpetual markets.
Funding and open interest
Funding rates reveal what leveraged traders are paying to hold their side. Persistently positive funding with rising open interest means crowded longs and a fragile structure.
Open interest rising while funding stays flat is the healthier configuration: positioning is building without the leverage froth that precedes violent unwinds.
Long / short ratio
The ratio panel shows aggregate account positioning. Extreme readings are contrarian signals more often than they are confirmation, particularly at the retail end of the distribution.