This indicator estimates funding rates by comparing a spot-index price vs a futures index price. It currently allows you to select your own spot-index combination and compare it to a particular exchange future price.
This script is under development, any feedback is welcome!
Limitations
Supported tickers The supported tickers are: BTC , ETH More will be available soon
Supported exchanges The supported tickers are: Binance, OKX and Kucoin More will be available soon
Notes de version
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Coins added: SOL, ADA Exchanges added: Coinbase, Kraken
Notes de version
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Fixed indicator name and added the average line. Updated chart
Notes de version
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BINANCEUS:BUSDUSD index was dropped, changed it to CRYPTO:BUSDUSD
Discovered this indicator few days ago. It has being a useful tool. Please, kindly share more lights on the significance and strengths of the color codes. Thanks
CryptoPlebbi
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@Docsukre_1, Hi! Glad it's useful - It was way better in the days of FTX but oh well :D So, there is no magic answer on how to use the indicator, but generally when markets are oversold and funding is negative, a short squeeze is likely and reverse is true as well.
But you need to form your own trading strategy and use them together to take your own decision and choices :)
Mysterysauce
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This sounds and looks interesting. Nice work! Two main points, positive funding is bearish and negative funding is bullish so flipping the colors and/or flipping the axis would be more appropriate. A histogram might read better than bars. What does the yellow color mean?
CryptoPlebbi
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@Mysterysauce, thanks for the pointers! I'll perhaps include an option on flipping the colors at least, I find it more logical to keep green as positive :D The yellow color basically means funding is currently opposite the current moving average funding rate.
Docsukre_1
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@CryptoPlebbi, nice work man. I like the current color codes. It is easier to relate with green as positive and red as negative. However, can you explain how this indicator can be used to make a trade decision??? In practical terms. Thanks
Docsukre_1
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This indicator is no longer working on my end. Why ?
CryptoPlebbi
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@Docsukre_1, Binance removed BUSD so my indicator was mad :D
idniilzo
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Could you open source this so I can add more tickers?
CryptoShalom
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hi, today can't use it , thanks for share
stambot9000
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Thanks for creating this. Is there a legend for the colour coding somewhere that I may have missed?