What we measure
What we measure
The figures below are descriptive statistics computed from past data and are always given for both directions. A figure is shown only if it was measured on the market the event is watched on; where that measurement has not been made yet, this is said instead. Each event shows what was measured; the exact windows and thresholds, which were set by measurement, are not published.
Volume surge
A coin's traded value running far above its own recent normal.
Met 10,175 times in 156,788 measured coin-hours, about one in 15.
Measured over 56 days, to Oct 27, 2026. This counts how often the criterion was met; far fewer events are published, because one episode is published once.
How it is worked out
traded value over a recent window
÷ that coin's own median for the same span
- Watched on
- Binance, KuCoin and Pionex spot, each on its own; an event needs the threshold crossed on one of them
Extreme negative funding
The two sides of a perpetual contract pay each other at intervals, and that payment is called funding. When the contract trades far enough below the spot price, the payment turns around: the selling side pays the buying side. A small gap is ordinary and does not turn it; the rate carries a fixed component that the gap has to clear first.
No single base rate covers this one yet: it is watched on more than one market, and only some of them have been measured. What has been measured is named below.
How it is worked out
funding rate normalised to a day
below a measured line
- Measured on
- 601 Pionex perpetuals, 166 days, tokenised stocks excluded. For Pionex events only; being re-measured for Binance
- Watched on
- Pionex and Binance perpetuals, each exchange on its own; follow-up data from the same exchange's spot price
Parabolic run
A price multiplying within a few days. Measured close to close, not on the extremes reached inside a day.
Met 34 times in 6,384 measured coin-days, about one in 188.
Measured over 56 days, to Oct 27, 2026. This counts how often the criterion was met; far fewer events are published, because one episode is published once.
How it is worked out
close against the lowest close
of the days before it
- Watched on
- Binance spot; KuCoin spot where Binance does not list the coin
Volatility regime
The range a coin's price travels over three days running several times the range that is normal for that coin.
Met 13,622 times in 147,697 measured coin-hours, about one in 11.
Measured over 49 days, to Oct 24, 2026. This counts how often the criterion was met; far fewer events are published, because one episode is published once.
How it is worked out
range over the last 72 hours
÷ that coin’s own median range for 72 hours
- Watched on
- Binance spot; KuCoin spot where Binance does not list the coin