PerpTwo green tiles can mean two different things
A spot tile can be green because its price rose over the past 24 hours. A positive funding number describes a payment direction under the perpetual contract's convention. Neither colour says that buying now is a good decision, and the two numbers do not cover the same time window.
PerpFox puts the spot heatmap beside a separate funding workbench because both can be useful observations. The value comes from keeping their meanings intact. This guide is a way to take better notes, not a trading rule built from a pair of colours.
The scope is deliberately narrow: 20 selected Binance USDT spot pairs for price context, with BTC, ETH and SOL connecting back to the supported funding records. You are not looking at a market-wide liquidation map, a market-cap ranking or a scan of every perpetual contract.
Put the windows in the first line of your notes
The heatmap uses a rolling 24-hour price change. At one observation time it describes a different interval from the one shown ten minutes later. It is not necessarily the change since your local midnight. Binance documents the public data service and its market fields in the market-data documentation and market endpoint reference, checked September 10, 2026.
The funding row is a different clock. On the current Binance integration it is a Coinalyze prediction with a provider update time; the settlement interval is not verified here. Pairing “24-hour price change” with “current predicted funding” is a valid descriptive note. Calling them two returns from the same period is not.
Record both timestamps. If you take a screenshot now and revisit an hour later, a changed percentage could reflect new observations entering and old observations leaving a rolling window. Do not attribute the entire difference to a price move at one instant.
Describe the combination before telling a story
| Observed combination | A restrained description | What has not been established |
|---|---|---|
| Price up, rate positive | The spot window is up; the prediction has a positive sign. | That a long will profit after costs |
| Price down, rate positive | The two observations have different signs and windows. | That the prediction is wrong or a reversal is due |
| Price up, rate negative | The spot window is up while the funding convention points the other way. | That a short is safe because it might pay or receive funding |
| Price down, rate negative | Both current displays are negative under their own definitions. | That another downward move is guaranteed |
A useful observation stops before it becomes an unsupported explanation of everyone else's positions. This page does not measure trader intent. The spot ticker does not tell you how many leveraged longs or shorts are open, and the funding sign alone does not identify who will enter or exit next.
You can make the note more precise by adding the selected contract and source age. You cannot make it more reliable merely by attaching an emphatic label such as “squeeze confirmed.”
Volume is activity over a window, not money waiting in positions
The heatmap's turnover field is quote volume in USDT over the rolling window. It is not open interest. The sum shown in the overview covers only the currently valid records in our selected set, not the whole crypto market.
A hypothetical pair with 120 million USDT of turnover and another with 40 million have different observed activity in that window. Those numbers do not, on their own, tell you which has the tighter executable spread for your order, how much leverage is in use or where liquidation orders might cluster.
Equal tile areas are intentional. PerpFox changes colour intensity with the absolute price move; it does not resize a tile by capitalization or liquidation size. Read the labels if you are comparing this page with another heatmap, because similar rectangles can encode completely different quantities.
A range position and a spread answer smaller questions
Select a tile to inspect the last price, 24-hour low and high, best bid, best ask and relative spread. The range marker describes where the latest observation sits inside the observed low-to-high interval. It is not a forecast of the next boundary to be touched.
The displayed spread divides the difference between ask and bid by their midpoint. As a hypothetical arithmetic example, a 100.00 bid and 100.02 ask give a 0.02 difference and a 100.01 midpoint: about 0.0200%. That measures those quotes at that observation, not what an order of a particular size will cost to execute.
Order size, depth, timing and fills are not modelled here. Do not copy the quoted spread into a cost worksheet as if it were your known slippage. If you choose a slippage assumption, keep it labelled as an assumption and assess it separately from funding.
A funding receipt is small arithmetic inside a larger position
Consider a hypothetical 8,000 USDT short receiving 0.80 USDT of funding at a particular event. Now imagine a separately modelled adverse price change equivalent to 80 USDT on that exposure. The small funding receipt does not erase the larger price loss. This is not a prediction of either amount; it shows why the sign of a funding cash flow cannot stand in for position profit or loss.
The same caution applies to a two-leg idea. Holding spot and an opposing perpetual adds basis, borrowing or cash requirements, execution differences and liquidation considerations. The PerpFox worksheet does not model that whole arrangement. A “positive funding” observation is insufficient to label it a risk-free return.
If your next question is “What did I actually pay?”, leave the heatmap and use the payment reconciliation guide. It follows event rates and the position value that belongs to each event rather than reading cost from a price colour.
Grey data is information about confidence, too
A stale or failed spot source loses its heat colour in PerpFox. The cached number can still be visible for reference, but it leaves the valid breadth and spread calculations. That is preferable to allowing an old tile to look equally current beside a fresh funding row.
Funding and spot are collected separately, with separate age limits. One may be available while the other has failed. Refresh asks for the latest cache our server holds; it does not create a successful upstream fetch. Inspect the timestamps and return later if the question requires a current observation.
Similarly, a blank Binance settlement timer remains blank even when the spot feed is healthy. Neither the price's update time nor the next frontend refresh is a substitute for a contract's next settlement.
A short observation sheet you can repeat
- Name the question. Price context, an unsettled funding observation and a completed payment are different tasks.
- Write the scope. Asset, spot pair or perpetual contract, platform and settlement currency.
- Write the windows. Spot rolling period, funding source time and any actual event time you have verified.
- Record the visible facts. Percentage, turnover unit, source status and missing fields. Avoid filling the gaps with a market story.
- Choose the next check. Contract details for funding scope, actual settlements for a payment, or the exchange's execution information for an order-cost question.
The point of this sheet is comparability across your own observations. A later reading is useful only if you can tell what changed: the price window, the funding prediction, the source status or the scope you selected.
Return to the BTC funding row or inspect how PerpFox labels its clocks. No account registration is needed for either check.