How to read the Perps radar
Perps shows whether leveraged traders agree with real money moving onto or off exchanges. Use it to spot a crowded side before it gets squeezed.
Start with the trap board
Each coin has two bars on one bearish to bullish axis: the crowd (funding) and the money (spot flow on exchanges and DEX). When they point opposite ways, the row is tagged CONFLICT: the crowd may be trapped. × usual shows how far funding is from that coin's normal level. Example: funding far above usual while the coin keeps moving onto exchanges (red). Longs pay to hold while supply arrives, which can end in a long squeeze.
- Funding
- The cost of holding the crowded side, not a direction signal alone.
- Open interest
- How much leverage is in the market.
Formed setups
A formed setup appears only when exchange flow and positioning line up unusually. Read the coin, direction, venue and confidence. Response strength shows how strong the futures reaction was, not that one wallet opened those positions.
Check before acting
Compare with the coin's flow in the Scanner and the spot chart. Disagreement can mean hedging or a move that has not reached spot yet. The validation panel shows how past setups turned out; check how many stand behind the number. Do not fade the crowd on funding alone: extreme funding can last for days.
Frequently asked questions
What do I see on Free?
The lead trap and past setups with a delay. Plans show every trap and setup live.
Does a red flow plus a long crowd mean the price will drop?
Not always. Coins sent to an exchange can be collateral or market-making inventory. Look closer before selling.