What PerpMetric measures
The live workspace brings price returns, funding, open interest, market breadth, mark-oracle differences and compact order-book microstructure into one view. Values become useful when they are compared with the same market's recent range. A move that is ordinary for one instrument can be exceptional for another.
Price
Short-horizon returns show direction and magnitude without turning movement into a recommendation.
Open interest
Changes in outstanding positioning help distinguish participation growth from position reduction.
Funding
The rate shows which side pays the other and can reveal unusually one-sided perpetual positioning.
Breadth
Market-wide advancing, declining and open-interest counts show whether activity is broad or isolated.
A useful reading sequence
- Start with breadth. Check whether the wider universe confirms or contradicts an individual move.
- Inspect price and open interest together. Price direction alone does not show whether exposure is being added or removed.
- Read funding and the mark-oracle gap. These add positioning and pricing context.
- Open historical outcomes. Compare the active condition with completed observations at 15-minute, 1-hour, 4-hour, 12-hour and 24-hour horizons.
- Check sample size and coverage. A median without enough completed observations should not drive a conclusion.
What the analysis can and cannot answer
PerpMetric can identify unusual conditions, show how common they are and summarize the distribution of completed historical outcomes. It does not know the future and does not convert historical association into a trading signal. A sound interpretation keeps direction, dispersion, sample size, market regime and data quality together.
Open live Hyperliquid analysis