OI-normalized perpetual CVD

Public exchange observations: Binance and Bybit BTCUSDT / ETHUSDT perpetuals only. Selected: binance:perp:BTCUSDT. USDT quote flow and OI are expressed in USD units.

Window: 2026-11-11 13:00 → 2026-11-12 13:00 UTC. 24 / 24 hours eligible. Successful reads cached for 120 seconds; failed reads for 30 seconds.

Hourly net USD = Σ(2 × taker buy quote − quote volume), using exactly 60 unique minutes. Hourly increment = 100 × net USD / opening OI (USD). Opening OI is a pre-hour recorded OI proxy from the immediately preceding five-minute bucket; the bucket beginning at hour-open is excluded. It is not trading volume.

OI bucket intervals include the start and exclude the end. The historical schema retains a floored bucket label, not the exact OI observation time. These bounds describe the recorded bucket, not an exact observation instant or a guarantee of OI freshness. A missing or invalid preceding bucket excludes the hour.

Normalized CVD sums these increments within each uninterrupted segment: percent of opening OI, accumulated hourly. The USD panel accumulates the same hourly net flow separately. Missing minutes, taker splits or valid OI break both paths; the next valid hour starts a new segment from zero. Points are plotted at hour end. This is Swolecharts' explicit definition; Velo's undocumented formula may differ.

Latest eligible hour as one division. During the hour from 2026-11-12 12:00 to 2026-11-12 13:00 UTC on binance:perp:BTCUSDT, taker buyers exceeded taker sellers by $84,249,315.31; against the $7,287,853,212.32 pre-hour recorded opening-OI proxy (bucket [2026-11-12 11:55, 2026-11-12 12:00) UTC, not an hour-open observation), that is +$1.1560 per $100 of OI (+1.1560%). Worked division from the raw recorded values, not the compact labels: +$84,249,315.31 ÷ $7,287,853,212.32 × $100 = +$1.1560 per $100. The ratio describes aggressor (taker) trade flow in that one hour. It is not money entering or leaving the market, not newly opened long or short positions, and not the share of traders long or short. Each hour is its own division by its own pre-hour proxy; the accumulated chart sums those per-hour ratios within a segment and is not one division by today's OI.