Orderflow ← Carry Lab

Mouse wheel over a chart zooms in time around the cursor, drag to move, double-click to see everything again. CVD is the running sum of what aggressive buyers bought minus what aggressive sellers sold, per size class. Falling means sellers who cross the spread outweigh buyers who do; it does not mean there are no buyers. Normalized stretches every line between its own low and high in the range, so it shows shape, not size: compare dollars with Absolute. The heatmap is resting limit orders per price band, averaged over each column; a wall shows supply or demand that is there now, and it can be pulled before price reaches it. Bands are summed over the fine levels, so a wide range shows coarser rows. Far from the price the book is only known where a level changed since the collector started (Binance’s snapshot reaches about ±1% on spot, ±0.15% on perp); what it learned is kept across restarts (saved every 5 minutes), so the far book fills in over time. A dark band there can still mean no orders or not yet seen. FireCharts also reads Binance only, but has the full depth. On Perp, the columns before the live collector come from Binance’s public depth archive: every 30 seconds the total of resting orders within 0.2, 1, 2, 3, 4 and 5% of the price on each side. That is six bands per side, not single price levels, so each band is spread evenly over its prices and single walls do not show there; the dashed line marks where the live book takes over, and the archive also fills minutes the live book missed. Binance publishes no such archive for spot. There the older columns come from CoinGlass’ record of the same Binance spot book: the dollars resting within 0.25, 0.5, 1, 2, 3, 5 and 10% of the price, every 15 minutes for the last month and every minute for the last three days. Same idea, seven bands per side, so again no single walls; the status line shows how closely its total depth matched our own live book.