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Track Bitcoin perpetual futures long/short ratio across Binance, Bybit, OKX, Deribit, Hyperliquid.
Sharpe Terminal aggregates Bitcoin (BTC) perpetual futures long/short ratio data from Binance, Bybit, OKX, Deribit, Hyperliquid and eight additional exchanges into a single real-time chart. Compare exchange-level breakdowns, overlay price, and switch between 1W, 1M, 3M, 1Y and 3Y historical windows. Ratio of accounts holding long vs. short perpetual futures positions by exchange. Derivatives traders use this view to confirm trend strength, spot crowded positioning, and pinpoint liquidation cascades before they ripple into spot.
Bitcoin (BTC) is the deepest and most liquid perpetual futures market in crypto, listed on every major venue from Binance and Bybit down to regional Korean DEXs. Aggregate BTC perp open interest peaked above $40B in March 2024 during the spot-ETF launch rally and again above $60B in late 2024 as price cleared $100K. Binance, Bybit, OKX, Hyperliquid, and the CME collectively clear roughly 85% of BTC perp volume; CME basis is the cleanest institutional-positioning read since retail cannot access it. Because BTC is the settlement asset for most cross-margined books, forced BTC liquidations cascade into altcoin selling within minutes — BTC futures data leads the rest of the complex on any meaningful deleveraging event, which is why traders chart it first before anything else.
The long/short ratio compares either the number of accounts or the position size of accounts holding longs vs. shorts on a given exchange. A ratio above 1.0 means more accounts (or size) are long than short; below 1.0 means the opposite. Retail-oriented venues (Binance, Bybit, Bitget) typically run structurally long — ratios of 2-4x long are normal even in sideways markets, because retail default-buys. Institutional venues (CME, OKX top-traders) fluctuate around 1.0. Extreme readings act as contrarian indicators: retail piling into longs above 3x historically precedes corrections, while crowding into shorts below 0.7x sets up squeezes.
Compare retail-account ratios to top-trader ratios on OKX or Binance — divergence between the two is the cleanest smart-money-vs-dumb-money signal in crypto derivatives. When top traders are flat or short while retail is aggressively long, fade the retail side. Watch for inflection points where the ratio flips from growing to shrinking — these are often earlier than price signals. Stack long/short by exchange to identify venue-specific crowding.