Five indicators, and the formula behind each one.

Every series below is computed from our own continuous collection of the Binance order book — no third-party feed. The exact formula, the unit and the basket size are printed next to each chart, because the same words mean different things on different platforms.

1 — Depth

BID / ASK

Resting limit orders within a fixed percentage band of the mid price, summed across the whole spot market. Bid depth is what buyers have left standing; ask depth is what sellers have.

Formula
BID_x = Σ price × qty, bid side, within x % of mid
Unit
USD
Bar
1 hour, UTC
Basket
—

BIDASK

Levels published elsewhere do not apply. The often-quoted 100 M / 160 M thresholds for total depth were not reproduced on our data — the measured terciles are 147 M and 177 M. Basket size is written into every bar so a change in the number of pairs is never mistaken for a move in the market.

2 — Imbalance

Delta

The ratio of bid depth to ask depth in the same band. Above 1 the buyers hold more resting size; below 1 the sellers do.

Formula
DELTA_x = BID_x / ASK_x
Unit
ratio
Bar
1 hour, UTC
Neutral
1.00
«Delta» is not one thing. Here it is a division, BID / ASK. Other platforms publish a subtraction, BID − ASK in dollars, under the same word — and some invert the scale on top of that. Compare against another chart only after checking which of the two it is.

3 — Imbalance, normalised

Normalized skew

The same imbalance expressed as a percentage of the bid side, so bands of very different size can be read on one scale.

Formula
SKEW_x = (ASK_x − BID_x) / BID_x × 100
Unit
per cent
Bar
1 hour, UTC
Neutral
0.00
This is an open formula, and it is ours. It is not the indicator that other platforms publish as «Ratio»: that one is a closed, undisclosed formula, so there is nothing to reconcile against and no calibrated level to borrow. We publish the arithmetic instead of a name, and we do not attach thresholds to a series we have not calibrated.

4 — Market average

AVG

The average of the per-pair bid/ask ratio — not the ratio of the market totals. One illiquid coin counts as much as one large one, which is what makes it an average of the market rather than of its biggest names.

Formula
AVG_x = mean over pairs of (BID_x / ASK_x)
Unit
ratio
Measured zones
> 1.30 buyer · < 0.55 seller
Median
0.86 on 64 096 bars

Market tail — 460+ pairsMarket head — deepest symbols

0.8 is not a zone, it is the median. On 64 096 measured bars the market sits above 0.8 for 57.8 % of the time. The zones that do separate something are above 1.30 and below 0.55, measured at the 60 % band; shallower bands have to be measured separately. Thresholds of 0.45–0.8 that circulate for this indicator come from a different platform's average and do not transfer.

5 — Funding

Funding rate — BTCUSDT perpetual

The premium index Binance publishes for the BTCUSDT perpetual contract, sampled continuously and reduced to the last observation in each hour.

Source
Binance premiumIndex, raw
Unit
per cent per settlement
Interval
8 hours
Neutral
0.00 %
Do not carry breadth levels over to this line. The «10 / 30 / 50 %» levels that circulate describe how many contracts sit in each funding group, not the rate of one contract — and on our data those two quantities are almost uncorrelated. What did hold up on eight years of BTC funding is a gate on the raw rate itself: below its 5th percentile, −0.0054, the following 72 hours closed higher 65 % of the time.

About the data

The five series above are a snapshot exported from our collection server, not a live feed: the collector runs continuously behind a private network and nothing on this page reaches it. Each file carries a source column so that history from other platforms can be appended later without losing track of which part came from where.

Snapshot
—
Window
—
Bars
—
Step
—

The market-wide aggregate starts on 9 August 2026, when the market-wide poll was brought up. Per-symbol depth history in the same platform reaches back to November 2023.