Learn

Explainers on the mechanics behind the dashboards — funding, open interest, liquidation, and how perpetual DEXs and prediction markets are actually built. No live figures here on purpose: these pages cover how things work, not what they are doing today.

TL;DR

Twelve explainers covering perpetual DEX and prediction market mechanics: what funding rates and open interest measure, how liquidation and delta-neutral strategies work, how order book and pool-based venues differ, and how to read volume, TVL and protocol revenue.

What Is a Funding Rate?

A funding rate is the periodic payment between long and short holders that keeps a perpetual future trading near the spot price. How it works, who pays whom, and how to read it.

Read

What Is Open Interest?

Open interest is the total value of derivative positions currently open. What it measures, how it differs from volume, and what rising or falling open interest actually tells you.

Read

How Perpetual DEXs Work

Perpetual DEXs let traders take leveraged positions without handing custody to an exchange. How margin, matching, oracles and liquidation fit together on-chain.

Read

What Is a Liquidation?

A liquidation is the forced closure of a leveraged position when its margin falls below the maintenance requirement. Why it happens, how cascades form, and how the shortfall is covered.

Read

Funding Rate Arbitrage Explained

Funding arbitrage collects the payment between longs and shorts while hedging away price exposure. The two common structures, what the real costs are, and how the trade fails.

Read

Delta Neutral Strategies Explained

A delta-neutral position has no net exposure to price direction. What delta means, how neutrality is constructed and maintained, and why neutral does not mean safe.

Read

How to Read Perp DEX Volume

Volume is the most quoted and least examined metric in perpetual DEX analytics. What it includes, why venues disagree, and which figures to trust.

Read

What Is TVL?

Total value locked measures assets deposited in a protocol. What it captures, the ways it misleads, and what to read alongside it.

Read

How Prediction Markets Work

Prediction markets let people trade contracts that settle on real-world outcomes. How pricing, settlement and resolution work, and where the model breaks.

Read