# Table of Contents - [5 Minute QuickStart | CoinKarma](#5-minute-quickstart-coinkarma) - [5 Minute QuickStart | English | CoinKarma](#5-minute-quickstart-english-coinkarma) - [FAQs | English | CoinKarma](#faqs-english-coinkarma) - [Future Basis Rolling APY | English | CoinKarma](#future-basis-rolling-apy-english-coinkarma) - [ALT resilient Index | English | CoinKarma](#alt-resilient-index-english-coinkarma) - [Karma Index | English | CoinKarma](#karma-index-english-coinkarma) - [OI-Weighted Funding Rate | English | CoinKarma](#oi-weighted-funding-rate-english-coinkarma) - [Bitfinex Indicators | English | CoinKarma](#bitfinex-indicators-english-coinkarma) - [Exchange App iOS Ranking | English | CoinKarma](#exchange-app-ios-ranking-english-coinkarma) - [Binance Insurance Fund | English | CoinKarma](#binance-insurance-fund-english-coinkarma) - [USD/USDT Interest Rate | English | CoinKarma](#usd-usdt-interest-rate-english-coinkarma) - [Stablecoin Supply | English | CoinKarma](#stablecoin-supply-english-coinkarma) - [BTC ETF Net Flow | English | CoinKarma](#btc-etf-net-flow-english-coinkarma) - [CVD(Cumulative Volume Delta) | English | CoinKarma](#cvd-cumulative-volume-delta-english-coinkarma) - [LSUR Z Index | English | CoinKarma](#lsur-z-index-english-coinkarma) - [LIQ | English | CoinKarma](#liq-english-coinkarma) - [CME Smart Money | English | CoinKarma](#cme-smart-money-english-coinkarma) - [Cumberland USDT Distribution | English | CoinKarma](#cumberland-usdt-distribution-english-coinkarma) - [Short filter | English | CoinKarma](#short-filter-english-coinkarma) - [Volatility Term Structure | English | CoinKarma](#volatility-term-structure-english-coinkarma) - [Grid Trading Signal | English | CoinKarma](#grid-trading-signal-english-coinkarma) - [USDC/USDT Premium | English | CoinKarma](#usdc-usdt-premium-english-coinkarma) - [Custom Signal | English | CoinKarma](#custom-signal-english-coinkarma) - [Custom Alerts | English | CoinKarma](#custom-alerts-english-coinkarma) - [BTC 25Δ Skew | English | CoinKarma](#btc-25-skew-english-coinkarma) - [Token Screener | English | CoinKarma](#token-screener-english-coinkarma) - [Market Pulse | English | CoinKarma](#market-pulse-english-coinkarma) - [USD/USDT Interest Rate | CoinKarma](#usd-usdt-interest-rate-coinkarma) - [CVD(Cumulative Volume Delta) | CoinKarma](#cvd-cumulative-volume-delta-coinkarma) - [Future Basis Rolling APY | CoinKarma](#future-basis-rolling-apy-coinkarma) - [OI-Weighted Funding Rate | CoinKarma](#oi-weighted-funding-rate-coinkarma) - [Exchange App iOS Ranking | CoinKarma](#exchange-app-ios-ranking-coinkarma) - [Ultron Signal | English | CoinKarma](#ultron-signal-english-coinkarma) - [OKX Referral Reassignment | English | CoinKarma](#okx-referral-reassignment-english-coinkarma) - [ALT Resilient Index | CoinKarma](#alt-resilient-index-coinkarma) - [Stablecoin Supply | CoinKarma](#stablecoin-supply-coinkarma) - [BTC ETF Net Flow | CoinKarma](#btc-etf-net-flow-coinkarma) - [Binance Insurance Fund | CoinKarma](#binance-insurance-fund-coinkarma) - [LSUR Z Index | CoinKarma](#lsur-z-index-coinkarma) - [Short Filter | CoinKarma](#short-filter-coinkarma) - [USDC/USDT Premium | CoinKarma](#usdc-usdt-premium-coinkarma) - [BTC 25Δ skew | CoinKarma](#btc-25-skew-coinkarma) - [CME Smart Money | CoinKarma](#cme-smart-money-coinkarma) - [Custom Alerts | CoinKarma](#custom-alerts-coinkarma) - [Grid Trading Signal | CoinKarma](#grid-trading-signal-coinkarma) - [Bitfinex Indicators | CoinKarma](#bitfinex-indicators-coinkarma) - [Custom Signal | CoinKarma](#custom-signal-coinkarma) - [Karma Index | CoinKarma](#karma-index-coinkarma) - [Cumberland USDT Distribution | CoinKarma](#cumberland-usdt-distribution-coinkarma) - [Market Pulse | CoinKarma](#market-pulse-coinkarma) - [Volatility Term Structure | CoinKarma](#volatility-term-structure-coinkarma) - [OKX Coinkarma 交易量換點數 | CoinKarma](#okx-coinkarma-coinkarma) - [Token Screener（山寨幣篩選器） | CoinKarma](#token-screener-coinkarma) - [Ultron Signal | CoinKarma](#ultron-signal-coinkarma) - [FAQs | CoinKarma](#faqs-coinkarma) - [OKX 推薦碼換綁指南 | CoinKarma](#okx-coinkarma) - [LIQ | CoinKarma](#liq-coinkarma) - [Strategy Builder(Backtest & Trading Bot) | English | CoinKarma](#strategy-builder-backtest-trading-bot-english-coinkarma) - [策略編輯器（回測&交易機器人） | CoinKarma](#-coinkarma) --- # 5 Minute QuickStart | CoinKarma ![Page cover](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2Fimages.unsplash.com%2Fphoto-1513569771920-c9e1d31714af%3Fcrop%3Dentropy%26cs%3Dsrgb%26fm%3Djpg%26ixid%3DM3wxOTcwMjR8MHwxfHNlYXJjaHw2fHxkYXJrfGVufDB8fHx8MTcyNDM3MzA2NHww%26ixlib%3Drb-4.0.3%26q%3D85&width=1248&dpr=4&quality=100&sign=2cfd2d02&sv=2) [](https://docs.coinkarma.co/#limited-channel-jia-ru-hui-yuan-zhuan-shu-bin-dao-zhang-wo-ge-shi-kuai-xun) 🔈 Limited Channel｜加入會員專屬頻道 掌握各式快訊 ------------------------------------------------------------------------------------------------------------------------------------------------- 以下頻道，為付費會員專屬限定，於[此頁面](https://www.coinkarma.co/account) 完成帳號綁定後，點擊導覽列 「 Telegram 機器人 」 即可加入。 * 📢 **Token Screener 山寨幣篩選器：於會員專屬頻道每小時播報，快速篩選出強勢幣種與弱勢幣種。**（詳細解說參考 [Token Screener](https://docs.coinkarma.co/features-guide/token-screener) 頁面） ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F1729336661-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FJw2jrjZQmACHsCUyfYLT%252Fuploads%252FoNu4atQ5ro94Oojb6nL3%252Fimage.png%3Falt%3Dmedia%26token%3D4943dadf-4be2-44e7-a36d-e7a370f525b1&width=768&dpr=4&quality=100&sign=b1d3511a&sv=2) * 📢 **Market Pulse: 綜合指標指數，可即時觀測市場綜合狀況，把握行情反轉機會。**（詳細解說參考 [Market Pulse](https://docs.coinkarma.co/features-guide/market-pulse) 頁面） ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F1729336661-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FJw2jrjZQmACHsCUyfYLT%252Fuploads%252FQ1cgtKBoN7zgosGBSe2B%252Fimage.png%3Falt%3Dmedia%26token%3Ddd1f44a6-2275-4414-95f2-57f19a362408&width=768&dpr=4&quality=100&sign=7d3c0b20&sv=2) * 📢 **Overall Liquidity Alert**: 每小時播報，整合 BTC + ETH 的市值狀況與各幣種 LIQ 的狀態，以及市值加權 Overall LIQ 的實時數據。（詳細解說參考 [LIQ](https://docs.coinkarma.co/indicators-guide/liq) 頁面） ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F1729336661-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FJw2jrjZQmACHsCUyfYLT%252Fuploads%252F0fZ4XIBkgjaTHZZaIQOp%252FOverall%2520LIQ%2520chanel%2520%282%29.png%3Falt%3Dmedia%26token%3D775fc95e-6530-4d0b-b03d-e6fb12cc41ab&width=768&dpr=4&quality=100&sign=e081ea01&sv=2) Overall LIQ 頻道參數說明 * 📢 **Grid Trading Signal**: 會員專屬 OKX 網格策略信號，根據 Overall LIQ 與幣種相對強弱指標，提供ㄧ鍵開單。（詳細解說參考 [Grid Trading Signal](https://docs.coinkarma.co/features-guide/grid-trading-signal) 頁面） ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F1729336661-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FJw2jrjZQmACHsCUyfYLT%252Fuploads%252F5ec7rdO0m8LCXe8oMTRx%252Fimage.png%3Falt%3Dmedia%26token%3Da8a83a47-9fcf-4e21-8df6-4dba9cd2feb0&width=768&dpr=4&quality=100&sign=e163d057&sv=2) [](https://docs.coinkarma.co/#dashboard-overview-zhi-biao-kan-ban-shi-yong-jiao-xue) 📋 Dashboard Overview｜指標看板使用教學 ------------------------------------------------------------------------------------------------------------------------ 註冊登入後，進入 CoinKarma 的 [Chart Dashboard](https://www.coinkarma.co/chart) ，即可觀測即時指標狀態並復盤歷史數據，以下是常見操作的快速指南： * **新增 CoinKarma 指標**：點擊 CoinKarma Indicator，選擇需要的指標項目（可選擇多個） ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F1729336661-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FJw2jrjZQmACHsCUyfYLT%252Fuploads%252FajJNjnRHN4SC3sc7LRRb%252Fimage.png%3Falt%3Dmedia%26token%3Dd84dbcf7-5298-4e48-b3b0-a991892f479a&width=768&dpr=4&quality=100&sign=ee975989&sv=2) * **調整參數 Benchmark**：滑鼠移至左下角指標名稱，點擊齒輪 icon，可調整參數值；點擊「Defaults」即可恢復預設值。 ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F1729336661-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FJw2jrjZQmACHsCUyfYLT%252Fuploads%252FL1vkMeBFygzjVMQsSiks%252Fimage.png%3Falt%3Dmedia%26token%3D82605649-1135-4ffa-9ed8-942ea10f8553&width=768&dpr=4&quality=100&sign=5e5b570d&sv=2) [](https://docs.coinkarma.co/#indicators-tips-kuai-su-shang-shou-zhong-dian-zhi-biao) 🎯 Indicators Tips｜快速上手重點指標 ---------------------------------------------------------------------------------------------------------------------- * **精選指標概覽** ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F1729336661-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FJw2jrjZQmACHsCUyfYLT%252Fuploads%252F2V7CAHYfEW6vyxxejlh6%252Fimage.png%3Falt%3Dmedia%26token%3D7fefdfdd-88bb-4b68-b7f1-61c4244ca16c&width=768&dpr=4&quality=100&sign=2b16d074&sv=2) * **Overall LIQ** * 市值加權流動性指標，用於判斷市場整體流動性狀態。預設基準值為(2, -2)，低於-2 顯示紅柱，超過 2 顯示綠柱。建議與 CVD、Funding Rate、ARI 等指標綜合判斷。 ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F1729336661-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FJw2jrjZQmACHsCUyfYLT%252Fuploads%252F1PbjwahpzU1jmCUcvyfO%252Fimage.png%3Falt%3Dmedia%26token%3D3713048c-c70f-45a1-bcb9-4e7b26c47b6a&width=768&dpr=4&quality=100&sign=4e8979ba&sv=2) * **LIQ** * 單幣別流動性指標，輔助判斷個別幣種的流動性狀態。預設基準值為(3, -3)，低於-3 顯示紅柱，超過 3 顯示綠柱。不同幣種的 Benchmark 可自行調整，並與 Overall LIQ 及其他指標搭配使用。 ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F1729336661-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FJw2jrjZQmACHsCUyfYLT%252Fuploads%252FqmHixitGv29IYpcu8Ktx%252Fimage.png%3Falt%3Dmedia%26token%3D893ebee3-4bc8-4d7a-b493-fb18cd01ef13&width=768&dpr=4&quality=100&sign=2644091a&sv=2) * **ALT Resilient Index** * Altcoins 抗跌指標，用於判斷在市場下跌趨勢中，Altcoins 相對於 BTC 的抗跌能力，數值越高，代表其在下跌中的強勢程度，適合用於判斷市場階段性低點。 ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F1729336661-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FJw2jrjZQmACHsCUyfYLT%252Fuploads%252FJTLdVMOKrpIjOXX1odP5%252Fimage.png%3Falt%3Dmedia%26token%3Dd94719fa-befc-4ed7-8657-be2481b07369&width=768&dpr=4&quality=100&sign=7b28467e&sv=2) * **Accumulated Overall LIQ** * 為 Overall LIQ 的累積加總指標，可自行透過覆盤調整參數，預設值為（24, 70, -70），用於觀測過去 24 小時內 Overall LIQ 的數值加總，當超過 70 顯示綠柱，小於 -70 則為紅柱警示，適合搭配 Overall LIQ, ARI 等不同指尋找市場相對高低點的交易機會。 ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F1729336661-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FJw2jrjZQmACHsCUyfYLT%252Fuploads%252FtDjR9B5b0uyrrMqqVtek%252Fimage.png%3Falt%3Dmedia%26token%3D6e423836-1787-4bdc-88de-cf811ac84c4f&width=768&dpr=4&quality=100&sign=888bf5d&sv=2) ### [](https://docs.coinkarma.co/#referral-affiliates-yao-qing-hao-you-yu-lian-meng-tui-guang) 🤝 Referral & Affiliates｜邀請好友與聯盟推廣 登入 CoinKarma 後，點擊右上方個人頭像，進入「[Referral](https://www.coinkarma.co/account/referral) 」頁面，獲取專屬邀請連結，邀請好友加入 CoinKarma，您與好友均可獲得 CoinKarma Points，可用於使用期間的兌換延長。 若您是 KOL 或是擁社群資源，您的受邀獎勵將可直接兌換成美元現金，歡迎申請加入我們的 Affiliates Program ▶️ [申請表單（點我加入）](https://forms.gle/DXkodkvXrYhU6yiP8) ### [](https://docs.coinkarma.co/#support-lian-xi-ke-fu-yu-liao-jie-geng-duo) ℹ️ Support｜聯繫客服與瞭解更多 * Coinkarma blog： [https://blog.coinkarma.co/](https://blog.coinkarma.co/) * 其他客服問題： [https://t.me/CoinKarma\_Roman](https://t.me/CoinKarma_Roman) [NextFAQs](https://docs.coinkarma.co/getting-started/faqs) Last updated 14 days ago --- # 5 Minute QuickStart | English | CoinKarma ![Page cover](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2Fimages.unsplash.com%2Fphoto-1513569771920-c9e1d31714af%3Fcrop%3Dentropy%26cs%3Dsrgb%26fm%3Djpg%26ixid%3DM3wxOTcwMjR8MHwxfHNlYXJjaHw2fHxkYXJrfGVufDB8fHx8MTcyNDM3MzA2NHww%26ixlib%3Drb-4.0.3%26q%3D85&width=1248&dpr=4&quality=100&sign=2cfd2d02&sv=2) [](https://docs.coinkarma.co/english#limited-channel-join-exclusive-channels-for-real-time-updates) 🔈 Limited Channel｜Join Exclusive Channels for Real-Time Updates ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- The following channels are exclusively available to paid members. Link your account [here](https://www.coinkarma.co/account) , then click the 「 Telegram Bot 」on navigation bar to join. * 📢 **Token Screener**: A members-only channel that provides hourly updates, swiftly identifying the strongest and weakest performing tokens. (For more details, visit the [Token Screener page](https://docs.coinkarma.co/english/features-guide/token-screener) .) ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F3881674611-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FLNdPzU6psKxnGpgv182e%252Fuploads%252F33wgWkoEMN8aYrKS9UST%252Fimage.png%3Falt%3Dmedia%26token%3Df3aa6483-afae-4720-a453-0783305d1321&width=768&dpr=4&quality=100&sign=8cffa9e6&sv=2) * 📢 **Market Pulse**: A comprehensive market index offering real-time insights into overall market conditions—helping you catch trend reversals as they happen. (For more details, visit the [Market Pulse page](https://docs.coinkarma.co/english/features-guide/market-pulse) .) ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F3881674611-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FLNdPzU6psKxnGpgv182e%252Fuploads%252FZzrHyi7gqN6zHYPzNcd1%252Fimage.png%3Falt%3Dmedia%26token%3D7e63cfaf-c98f-4ceb-9799-6d51e6eec7e1&width=768&dpr=4&quality=100&sign=daf6b4c4&sv=2) * 📢 **Overall Liquidity Alert**: Broadcasts hourly updates on the market cap of BTC + ETH, the liquidity status of various coins, and real-time data of the market-cap-weighted Overall LIQ indicator. ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2Fcontent.gitbook.com%2Fcontent%2FLNdPzU6psKxnGpgv182e%2Fblobs%2FpSPhALa7CDgmj7otnbCE%2FOverall%2520LIQ%2520chanel.png&width=768&dpr=4&quality=100&sign=e730f412&sv=2) * 📢 **Grid Trading Signal**: A member-exclusive OKX grid trading strategy signal. It provides a one-click entry based on the Overall LIQ and the Relative Strength Indicator (RSI) of different coins. Exit positions need to be managed manually. * 📢 **Set Custom Alert**: Set up custom indicator alerts. Receive real-time notifications when the set values are triggered. [](https://docs.coinkarma.co/english#dashboard-overview-guide-to-using-the-indicator-dashboard) 📋 Dashboard Overview｜Guide to Using the Indicator Dashboard ----------------------------------------------------------------------------------------------------------------------------------------------------------------- After registering and logging in, enter CoinKarma's [Chart Dashboard](https://www.coinkarma.co/chart) to observe real-time indicator statuses and review historical data. Here’s a quick guide to common operations * **Add CoinKarma Indicators**：Click on "CoinKarma Indicator" and select the desired indicators (you can choose multiple). ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2Fcontent.gitbook.com%2Fcontent%2FLNdPzU6psKxnGpgv182e%2Fblobs%2F28FMJ8fv0cIDaIYyPjOB%2Fimage.png&width=768&dpr=4&quality=100&sign=97a59cc&sv=2) * **Adjust Parameters (Benchmark)**：Hover over the indicator name in the bottom left, click the gear icon, and adjust the parameter values. Click "Defaults" to reset to the default values. ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2Fcontent.gitbook.com%2Fcontent%2FLNdPzU6psKxnGpgv182e%2Fblobs%2F5DvC0MTGmG640Xta0g3n%2Fimage.png&width=768&dpr=4&quality=100&sign=75e69ce1&sv=2) [](https://docs.coinkarma.co/english#indicators-tips-key-points-for-getting-started) 🎯 Indicators Tips｜Key Points for Getting Started ------------------------------------------------------------------------------------------------------------------------------------------- * **Featured highlight indicators** ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F3881674611-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FLNdPzU6psKxnGpgv182e%252Fuploads%252FAoQNkTe7XuXeA5aPq3SK%252Fimage.png%3Falt%3Dmedia%26token%3Dd82181d4-b018-4cab-ac3f-f0107c312543&width=768&dpr=4&quality=100&sign=d62e310a&sv=2) * **Overall LIQ** * A market-cap-weighted liquidity indicator used to gauge the overall market liquidity status. The default benchmark values are (2, -2), with red bars appearing when it falls below -2 and green bars above 2. It’s recommended to use this indicator along with CVD, Funding Rate, and ARI for a comprehensive analysis. ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2Fcontent.gitbook.com%2Fcontent%2FLNdPzU6psKxnGpgv182e%2Fblobs%2Fvh1lIMDSd4Ux0gD84vNT%2Fimage.png&width=768&dpr=4&quality=100&sign=ccf7f36a&sv=2) * **LIQ** * An individual coin liquidity indicator that helps assess the liquidity status of specific coins. The default benchmark values are (3, -3), with red bars below -3 and green bars above 3. You can adjust the benchmarks for different coins and combine them with Overall LIQ and other indicators. ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2Fcontent.gitbook.com%2Fcontent%2FLNdPzU6psKxnGpgv182e%2Fblobs%2Fft6bUy6kwETgzlf73MFN%2Fimage.png&width=768&dpr=4&quality=100&sign=51ee4af&sv=2) * **ALT Resilient Index** * This is an altcoin resilience indicator, used to assess how altcoins hold up against BTC during market downturns. The higher the value, the stronger the altcoins perform during a decline. It’s useful for identifying potential market bottoms. ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2Fcontent.gitbook.com%2Fcontent%2FLNdPzU6psKxnGpgv182e%2Fblobs%2F9ynfcI0y1ouYD9ZOh14v%2Fimage.png&width=768&dpr=4&quality=100&sign=ae281544&sv=2) * **Accumulated Overall LIQ** * A cumulative sum of the Overall LIQ indicator. You can adjust the parameters for backtesting, with default values set to (24, 70, -70). It tracks the sum of Overall LIQ over the past 24 hours, with green bars above 70 and red bars below -70, helping to spot potential trading opportunities at market highs and lows when combined with Overall LIQ, ARI, and other indicators. ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2Fcontent.gitbook.com%2Fcontent%2FLNdPzU6psKxnGpgv182e%2Fblobs%2F7ZF51OGtPhstucFR2kLX%2Fimage.png&width=768&dpr=4&quality=100&sign=a863c68b&sv=2) ### [](https://docs.coinkarma.co/english#referral-and-affiliates-invite-friends-and-alliance-promotion) 🤝 Referral & Affiliates｜Invite Friends and Alliance Promotion After logging into CoinKarma, click on your profile icon in the top right corner and go to the "[Referral](https://www.coinkarma.co/account/referral) " page to get your exclusive invite link. When you invite friends to join CoinKarma, both you and your friends will earn CoinKarma Points, which can be redeemed for subscription extensions. If you're a KOL or have community resources, your referral rewards can be directly converted into USD cash. Feel free to apply to join our Affiliates Program ▶️ [Application Form](https://www.notion.so/Quickstart-Guide-CoinKarma-3ea2abc7e2974645ad52017dffbb3210#) ### [](https://docs.coinkarma.co/english#support-ontact-customer-service-and-learn-more) ℹ️ Support｜ontact Customer Service & Learn More * Coinkarma blog： [https://blog.coinkarma.co/](https://blog.coinkarma.co/) * Other inquiries： [https://t.me/CoinKarma\_Roman](https://t.me/CoinKarma_Roman) [NextFAQs](https://docs.coinkarma.co/english/getting-started/faqs) Last updated 26 days ago * [🔈 Limited Channel｜Join Exclusive Channels for Real-Time Updates](https://docs.coinkarma.co/english#limited-channel-join-exclusive-channels-for-real-time-updates) * [📋 Dashboard Overview｜Guide to Using the Indicator Dashboard](https://docs.coinkarma.co/english#dashboard-overview-guide-to-using-the-indicator-dashboard) * [🎯 Indicators Tips｜Key Points for Getting Started](https://docs.coinkarma.co/english#indicators-tips-key-points-for-getting-started) * [🤝 Referral & Affiliates｜Invite Friends and Alliance Promotion](https://docs.coinkarma.co/english#referral-and-affiliates-invite-friends-and-alliance-promotion) * [ℹ️ Support｜ontact Customer Service & Learn More](https://docs.coinkarma.co/english#support-ontact-customer-service-and-learn-more) --- # FAQs | English | CoinKarma [](https://docs.coinkarma.co/english/getting-started/faqs#about-product-features) **About Product Features** ----------------------------------------------------------------------------------------------------------------- * **Will too many users cause CoinKarma's alpha signals to become ineffective?** * We will limit the number of members to maintain the effectiveness of the alpha signals and the quality of community interactions. In the first phase, the cap will be set between 1,000 to 2,000 members. Early members will benefit from a pricing advantage, and adjustments will be made later based on demand and pricing strategies. * **Will CoinKarma's LIQ indicator offer API services?** * It's currently under planning. To protect the alpha signals, access will be limited to a set number of users. [](https://docs.coinkarma.co/english/getting-started/faqs#about-using-the-indicators) About Using the Indicators --------------------------------------------------------------------------------------------------------------------- * **What's the difference between LIQ and Overall LIQ?** * LIQ is the liquidity indicator for individual coins. For example, if you're charting BTCUSDT, it reflects BTC's liquidity. Overall LIQ is a market-cap-weighted liquidity indicator for the entire market. No matter which trading pair you're viewing, it will display the same data. In short, LIQ focuses on individual markets, while Overall LIQ provides a view of the entire market. * **How do I use the LIQ indicator in conjunction with position management for entering and exiting trades?** * The LIQ indicator is more suitable for counter-trend trades in ranging markets. In a strong trending market, it may result in consecutive stop losses. You should adjust according to your own risk tolerance. For example, you could enter in batches: 10% of your position after the first green bar, another 10% after the fourth bar, or wait for the Accumulate LIQ (the sum of LIQ over the past 24 candlesticks) to reach a certain peak before entering. * **Since LIQ is a range-bound indicator, what should I do in a trending market?** * You’ll need a filtering mechanism based on your trading preferences. A simple method would be using the 200-day moving average (MA) as a reference. If the price is above the 200 MA, you can use LIQ to filter for the best buying points. Below the 200 MA, be more cautious with long positions. You can also observe the Cumulative Volume Delta (CVD) to gauge the strength of a trend. Only when CVD continues to rise can the market potentially break through the sell pressure indicated by LIQ's red bars, and vice versa. * **How should I apply the LIQ indicator for different coins?** * Given the high correlation in the crypto market, it's recommended to analyze both individual coin LIQ and Overall LIQ together to filter out meaningful buy and sell points. * **Some of my CoinKarma indicators are not displaying properly. How should I resolve this?** * Try clearing your cache and cookies (hold Ctrl+Shift+R). If the problem persists, contact customer support. [](https://docs.coinkarma.co/english/getting-started/faqs#about-grid-and-quantitative-strategies) About Grid and Quantitative Strategies --------------------------------------------------------------------------------------------------------------------------------------------- * **What is the selection logic behind the Grid Trading Signal?** * Grid Trading Signal provides long or short signals when Overall LIQ hits certain thresholds. In addition to always having a BTC grid trade, it selects altcoins based on recent price performance—choosing stronger-performing coins for long trades and weaker-performing ones for short trades (ignoring individual coin LIQ). * **What are the stop-loss conditions for the Grid Trading Signal?** * Each trade will be automatically closed if it incurs a 30% loss. * **Why did my Ultron copy trade fail to open a position?** * Ultron tends to use smaller position sizes. The minimum position size for OKX is 0.001 BTC, so if your leverage-adjusted balance exceeds $12,000, the chance of failed orders decreases. If you're having trouble, try increasing your balance or leverage. [](https://docs.coinkarma.co/english/getting-started/faqs#other-information) **Other Information** ------------------------------------------------------------------------------------------------------- If you have further questions, feel free to contact our support team via [https://t.me/CoinKarma\_Roman](https://t.me/CoinKarma_Roman) , We'll do our best to assist you. [Previous5 Minute QuickStart](https://docs.coinkarma.co/english) [NextLIQ](https://docs.coinkarma.co/english/indicators-guide/liq) Last updated 11 months ago * [About Product Features](https://docs.coinkarma.co/english/getting-started/faqs#about-product-features) * [About Using the Indicators](https://docs.coinkarma.co/english/getting-started/faqs#about-using-the-indicators) * [About Grid and Quantitative Strategies](https://docs.coinkarma.co/english/getting-started/faqs#about-grid-and-quantitative-strategies) * [Other Information](https://docs.coinkarma.co/english/getting-started/faqs#other-information) --- # Future Basis Rolling APY | English | CoinKarma [](https://docs.coinkarma.co/english/indicators-guide/future-basis-rolling-apy#what-is-future-basis-rolling-apy) What is Future Basis Rolling APY? ------------------------------------------------------------------------------------------------------------------------------------------------------- ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F3881674611-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FLNdPzU6psKxnGpgv182e%252Fuploads%252FjO2aOuKs6XWPwD62sHCv%252Fimage.png%3Falt%3Dmedia%26token%3D728aeea5-7d8a-486a-9fb2-0cc03aee24f1&width=768&dpr=4&quality=100&sign=9db5b9fd&sv=2) Future Basis Rolling APY refers to the annualized yield derived from the price difference (basis) between futures contracts and spot prices. In the crypto market, futures contracts for most coins often trade at a premium (positive basis) due to the market's long-term bullish sentiment. This creates an arbitrage opportunity. **Arbitrage Opportunity Explained** For example: * Suppose a BTC futures contract has a 2% price premium (basis) compared to the spot price, and the contract expires in 30 days. * An arbitrageur can **buy BTC in the spot market** and simultaneously **short the futures contract** for the same amount, locking in the 2% price difference. * By holding both positions until the contract expires, the arbitrageur secures the 2% profit as the prices converge, with minimal risk. The annualized yield from this trade is calculated as: 2%\*(360/30)=24% **Why "Rolling"?** The term "Rolling" refers to the dynamic nature of this APY. As the contract approaches its expiration date, the basis narrows (converges with the spot price), and the APY changes. Traders often roll their positions to new contracts to maintain a steady yield. [](https://docs.coinkarma.co/english/indicators-guide/future-basis-rolling-apy#how-to-use-future-basis-rolling-apy) How to Use Future Basis Rolling APY ------------------------------------------------------------------------------------------------------------------------------------------------------------ **Indicator of Market Sentiment** Just like the funding rate, Rolling APY reflects market sentiment. Higher premiums in futures contracts (and therefore higher APY) suggest optimism, while lower premiums signal fear or bearishness. From historical data on BTC quarterly futures contracts, Rolling APY can be interpreted as follows: * **Below 0%:** Extreme pessimism (e.g., March 12, 2020, crash). * **0-5%:** Severe market fear. * **5-10%:** Neutral or calm market conditions. * **10-15%:** Slightly bullish sentiment. * **15-20%:** Market exuberance. * **Above 20%:** FOMO-driven speculation. Default thresholds are typically set between **5% (neutral) and 20% (FOMO)**, but traders may adjust these based on backtesting and current market conditions. * * * [](https://docs.coinkarma.co/english/indicators-guide/future-basis-rolling-apy#conclusion-future-basis-rolling-apys-limitations) **Conclusion:** Future Basis Rolling APY's Limitations -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 1. **Market Evolution and Data Sensitivity** * Before BTC spot ETFs were approved, institutional investors had limited ways to gain exposure to Bitcoin, making futures contracts a key tool. * With the introduction of ETFs, arbitrage between ETFs and futures has become easier, compressing the basis and muting Rolling APY values. 2. **Adjusting Standards** * Historical thresholds may no longer apply due to these changes. * For instance, a Rolling APY of 15%-20% today may already indicate FOMO conditions, whereas it required 20%+ in the past. #### [](https://docs.coinkarma.co/english/indicators-guide/future-basis-rolling-apy#conclusion) Conclusion Future Basis Rolling APY is a useful metric for understanding market sentiment and identifying arbitrage opportunities. However, as the market structure evolves, traders should regularly reevaluate thresholds and adapt their strategies accordingly. This indicator, when combined with others like funding rates, offers a clearer picture of the market’s state. * * * #### [](https://docs.coinkarma.co/english/indicators-guide/future-basis-rolling-apy#disclaimer) **Disclaimer** Thank you for using CoinKarma. The data provided is based on historical performance and cannot guarantee future market trends. The cryptocurrency market is highly volatile. Users must assess risks and bear responsibility for their decisions. [PreviousALT resilient Index](https://docs.coinkarma.co/english/indicators-guide/alt-resilient-index) [NextOI-Weighted Funding Rate](https://docs.coinkarma.co/english/indicators-guide/oi-weighted-funding-rate) Last updated 1 year ago * [What is Future Basis Rolling APY?](https://docs.coinkarma.co/english/indicators-guide/future-basis-rolling-apy#what-is-future-basis-rolling-apy) * [How to Use Future Basis Rolling APY](https://docs.coinkarma.co/english/indicators-guide/future-basis-rolling-apy#how-to-use-future-basis-rolling-apy) * [Conclusion: Future Basis Rolling APY's Limitations](https://docs.coinkarma.co/english/indicators-guide/future-basis-rolling-apy#conclusion-future-basis-rolling-apys-limitations) --- # ALT resilient Index | English | CoinKarma [](https://docs.coinkarma.co/english/indicators-guide/alt-resilient-index#what-is-the-ari-indicator-alt-resilient-index) What is the ARI Indicator (ALT Resilient Index)? ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2Flh7-rt.googleusercontent.com%2Fdocsz%2FAD_4nXdp3pS7y5T--z3FB7nSfr7Ykk6qGodOVkbTXKnt741GlVKjiB6xGa0kCfW0exK_00gHqxx2P-1evpqIfxKK-gtLFVhFJRuU7VARzkWnDhzZ7ARrwdnAbcAhDcaKHYdpviijgx8L9w%3Fkey%3DluLiz2GY4XjFT_nYY-mTIQJp&width=768&dpr=4&quality=100&sign=a7525d90&sv=2) The ARI (ALT Resilient Index) is designed to identify relatively safe entry points during market downturns by analyzing the behavior of altcoins compared to Bitcoin. **Core Concept** When Bitcoin (BTC) experiences significant declines but altcoins (ALT) do not follow suit with proportional drops, it often signals a short-term stabilization point. This phenomenon occurs because altcoins are generally more sensitive to selling pressure during market corrections. When the market begins to stabilize, market makers start accumulating the altcoins they previously sold, resulting in a rebound in the ALT/BTC ratio. The ARI measures the willingness of market makers to absorb selling pressure during extreme market conditions. A higher ARI value indicates a stronger commitment by market makers to support prices, which often coincides with a market bottom. * * * [](https://docs.coinkarma.co/english/indicators-guide/alt-resilient-index#how-to-use-the-ari-indicator) How to Use the ARI Indicator ----------------------------------------------------------------------------------------------------------------------------------------- **1\. Using ARI as a Standalone Entry Signal** ARI is particularly effective during sharp corrections within bullish market trends, where Bitcoin often experiences drops exceeding 10-20%. During such corrections, the ARI indicator helps identify entry points with higher safety margins. **Example:** * **Point A:** BTC correction due to "sell the news" after ETF approval. * **Point B:** Market turmoil caused by the intensifying Israel-Hamas conflict. * **Point C:** Japanese central bank's interest rate hike, triggering global financial turbulence. ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F3881674611-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FLNdPzU6psKxnGpgv182e%252Fuploads%252FhP6u2oTtuEs8vJ2RQYGR%252Fimage.png%3Falt%3Dmedia%26token%3Dea660837-d3c1-4a10-9bfd-e7a4b1896481&width=768&dpr=4&quality=100&sign=d02479a2&sv=2) At each of these events, ARI highlighted relatively low-risk entry points during market fear. * * * ### [](https://docs.coinkarma.co/english/indicators-guide/alt-resilient-index#id-2.-combining-ari-with-liq-for-enhanced-entry-strategies) **2\. Combining ARI with LIQ for Enhanced Entry Strategies** The ARI can be used alongside the LIQ (Liquidity Index) to filter entry signals during volatile markets. **Example:** During the Bank of Japan's unexpected rate hike (July 31), Bitcoin dropped rapidly from 67K to 58K. The LIQ indicator generated an entry signal (yellow box), but the price continued to fall to a low of 49K. By incorporating ARI (orange box) as an additional filter, the safety margin of the entry was significantly improved. ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F3881674611-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FLNdPzU6psKxnGpgv182e%252Fuploads%252Fk3dUQbqTncY6qSDFntps%252Fimage.png%3Falt%3Dmedia%26token%3D59b4f712-1ba1-4a7a-9d4e-bb2366c376a9&width=768&dpr=4&quality=100&sign=101952cc&sv=2) * * * [](https://docs.coinkarma.co/english/indicators-guide/alt-resilient-index#conclusion-ari-indicators-strengths-and-limitations) **Conclusion:** ARI Indicator's Strengths and Limitations --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- **Strengths** * **Effective during sharp corrections:** The ARI excels in identifying safe entry points when the market experiences significant pullbacks. **Limitations** **Limited Trading Opportunities:** With a benchmark set at 3, ARI signals may trigger infrequently. Users can combine ARI with other indicators to maximize its utility. ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F3881674611-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FLNdPzU6psKxnGpgv182e%252Fuploads%252FwXX2eagCLF1hnictDQoh%252Fimage.png%3Falt%3Dmedia%26token%3D2614d1f6-0cce-4eed-bb80-b60c062ac3aa&width=768&dpr=4&quality=100&sign=7bcc29b9&sv=2) **Not Guaranteed to Pinpoint Absolute Lows:** While ARI reflects the willingness of market makers to absorb selling pressure, it does not account for all market-driving factors. For example: **January 2024:** During a "sell the news" event for Bitcoin, ARI triggered, but BTC still declined by over 10%. However, in hindsight, the ARI signal still indicated a solid entry zone. ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F3881674611-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FLNdPzU6psKxnGpgv182e%252Fuploads%252FXGTESjZJz0y1PSg6a9sJ%252Fimage.png%3Falt%3Dmedia%26token%3D665b5fd1-af69-4af1-a0fe-1acfa69a25fd&width=768&dpr=4&quality=100&sign=ead862bc&sv=2) #### [](https://docs.coinkarma.co/english/indicators-guide/alt-resilient-index#conclusion) Conclusion The ARI indicator is a valuable tool for identifying high-safety-margin entry points during major corrections. While it excels in specific scenarios, combining it with other indicators like LIQ can enhance its effectiveness and mitigate its limitations. Users should always evaluate market dynamics holistically and recognize that no single indicator can account for all variables in the highly volatile crypto market. * * * #### [](https://docs.coinkarma.co/english/indicators-guide/alt-resilient-index#disclaimer) **Disclaimer** Thank you for using CoinKarma. The data provided is based on historical performance and cannot guarantee future market trends. The cryptocurrency market is highly volatile. Users must assess risks and bear responsibility for their decisions. [PreviousLIQ](https://docs.coinkarma.co/english/indicators-guide/liq) [NextFuture Basis Rolling APY](https://docs.coinkarma.co/english/indicators-guide/future-basis-rolling-apy) Last updated 1 year ago * [What is the ARI Indicator (ALT Resilient Index)?](https://docs.coinkarma.co/english/indicators-guide/alt-resilient-index#what-is-the-ari-indicator-alt-resilient-index) * [How to Use the ARI Indicator](https://docs.coinkarma.co/english/indicators-guide/alt-resilient-index#how-to-use-the-ari-indicator) * [2\. Combining ARI with LIQ for Enhanced Entry Strategies](https://docs.coinkarma.co/english/indicators-guide/alt-resilient-index#id-2.-combining-ari-with-liq-for-enhanced-entry-strategies) * [Conclusion: ARI Indicator's Strengths and Limitations](https://docs.coinkarma.co/english/indicators-guide/alt-resilient-index#conclusion-ari-indicators-strengths-and-limitations) --- # Karma Index | English | CoinKarma [](https://docs.coinkarma.co/english/indicators-guide/karma-index#what-is-the-karma-index) **What Is the Karma Index?** ---------------------------------------------------------------------------------------------------------------------------- ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F3881674611-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FLNdPzU6psKxnGpgv182e%252Fuploads%252Fu4xLki1gnSxrxbMPVORn%252Fimage.png%3Falt%3Dmedia%26token%3Dc05a6d03-59a9-4ed1-8181-7307517d1c28&width=768&dpr=4&quality=100&sign=403f23cc&sv=2) The **Karma Index** is a comprehensive indicator designed to identify cyclical market tops and bottoms in cryptocurrency trading. It combines data from various sources, including: * **Spot market liquidity** * **On-chain metrics** * **Off-market sentiment** * **Exchange traffic** * **Derivatives market data** By quantifying these factors, the Karma Index provides a reliable tool for traders to pinpoint the relative highs and lows of major market cycles. #### [](https://docs.coinkarma.co/english/indicators-guide/karma-index#the-challenge-defining-highs-and-lows) **The Challenge: Defining Highs and Lows** The fundamental strategy for success in trading is “**buy low, sell high.**” However, determining what constitutes “low” and “high” is the core challenge for any trader. In an upward-trending market, each cycle tends to establish higher lows and higher highs. * **Low points** are defined as **cycle bottoms**, where sentiment is excessively bearish. * **High points** are **cycle tops**, characterized by market euphoria. As the saying goes: > _“Buy when there’s no interest, sell when there’s a frenzy.”_ Yet, these psychological turning points are notoriously difficult to act upon due to fear at the bottom and greed at the top. #### [](https://docs.coinkarma.co/english/indicators-guide/karma-index#features-of-the-karma-index) **Features of the Karma Index** The Karma Index stands out for its dual strengths: 1. **Cyclical Awareness**: Accurately identifies the larger market cycles. 2. **Precision**: Generates clear buy and sell signals that outperform other mainstream indicators. * * * [](https://docs.coinkarma.co/english/indicators-guide/karma-index#how-to-use-the-karma-index) **How to Use the Karma Index** --------------------------------------------------------------------------------------------------------------------------------- The Karma Index is optimized for **long-term cycle analysis**, focusing on major market movements. * **Macro Cycle: The 2019–2021 Bull-Bear Cycle** During this cycle, even with the **March 12, 2020, event**, there was no panic selling of holdings. Instead, positions were steadily held until reaching the phase high in 2021. ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F3881674611-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FLNdPzU6psKxnGpgv182e%252Fuploads%252F2SGIBV5YFsRhGrbfxUcG%252Fimage.png%3Falt%3Dmedia%26token%3D6454b152-73e7-4f07-a7fa-aab2e9b5f9a2&width=768&dpr=4&quality=100&sign=2535e3ce&sv=2) * **Within-Cycle: Accumulation Opportunities in the 2019–2021 Bull-Bear Cycle** Point B was a low in the Karma Index during this cycle and corresponded to Point A, which had the same Karma Index value. Afterward, BTC reached new highs. Looking back, Point B was at the tail end of consolidation following the **May 19 crash**, making it an excellent entry point. ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2Flh7-rt.googleusercontent.com%2Fdocsz%2FAD_4nXcq_oItOQU8y_K-caPWcfWvw-jAe3DehkjIt7PtiLVui8rOqifOps2iCmLDAFwXQM_R3oM7-EWbaRYRa0o8CtWhcyOtvViItJCGmqxLC1i-c7wjf7z3ENOiJPk2Q_B9j5V3mxAcLw%3Fkey%3DluLiz2GY4XjFT_nYY-mTIQJp&width=768&dpr=4&quality=100&sign=98c01f05&sv=2) * **Macro Cycle: The 2022–2024 Bull-Bear Cycle** The **FTX bankruptcy event in November 2022** caused BTC to drop to a cycle low of 16K. During this period, the Karma Index provided a clear entry signal, enabling holders to ride the trend steadily to the phase high of 73K. ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2Flh7-rt.googleusercontent.com%2Fdocsz%2FAD_4nXcVwhkxh0D6Vm1N2Uh20WPWPMCIN3vSlRqmglPSqYTUfiVIQuN2ISX9lAB4bKM5Xi-lkuS7CUGEn0VNamZp-VTeVN8OINUr905bQWNCyF5W2IheIdjEevaYmV23QLmc8ciwR1Bg6A%3Fkey%3DluLiz2GY4XjFT_nYY-mTIQJp&width=768&dpr=4&quality=100&sign=9b1c4c81&sv=2) * **Within-Cycle: Accumulation Opportunities in the 2022–2024 Bull-Bear Cycle** Point B was a low in the Karma Index during this cycle and corresponded to Point A, which had the same Karma Index value. Afterward, BTC reached new highs. Looking back, Point B was precisely at the starting point of the Q4 bull market, making it an excellent entry point. ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2Flh7-rt.googleusercontent.com%2Fdocsz%2FAD_4nXfBZGMQJVUKmNTT6PJuW31B19G8U-iOBAnJtg2qdb6e451bmHXdT2ZlsgIkSBCxa1hgeKmmj5oYQ-f0ZH79Tk6RTtpuS0yWVFsZVmJ8pB-Ftf82zsDXE1Ko3j-7cuAGFeIAsQeU%3Fkey%3DluLiz2GY4XjFT_nYY-mTIQJp&width=768&dpr=4&quality=100&sign=3d20e1d4&sv=2) * * * **Cyclical Nature** * The **green arrows** in the historical chart represent **buy signals**, typically occurring at global cycle bottoms. * The **red arrows** indicate **sell signals**, correlating with cycle peaks. * The pattern demonstrates that frequent buy signals tend to align with bottoming phases, while sell signals coincide with market tops, validating the **cyclical reliability** of the index. **Precision** Backtesting the Karma Index against other popular cyclical indicators—**AHR999** and **Crypto Greed & Fear Index**—reveals its superior accuracy in buy/sell signals. ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F3881674611-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FLNdPzU6psKxnGpgv182e%252Fuploads%252FGVf5lTRbEHt6SpFRGorf%252Fimage.png%3Falt%3Dmedia%26token%3Db67f2158-a2c3-4f9f-8e31-9561331ffa96&width=768&dpr=4&quality=100&sign=b349c7f6&sv=2) Allocate **10% of capital** on each buy signal, Close **50% of positions** on each sell signal. #### [](https://docs.coinkarma.co/english/indicators-guide/karma-index#backtesting-results-karma-index-vs.-other-indicators) **Backtesting Results: Karma Index vs. Other Indicators** **Indicator** **ROI** **MDD (Max Drawdown)** **Karma Index** **1917.4%** **62.5%** AHR999 478.7% 35.4% Crypto Greed & Fear 54.2% 71.5% * **ROI (Return on Investment):** The Karma Index delivered a staggering **1917.4%**, far exceeding other indicators. * **MDD (Max Drawdown):** While slightly higher than AHR999, the Karma Index maintained a tolerable drawdown, outperforming Crypto Greed & Fear significantly. * * * #### [](https://docs.coinkarma.co/english/indicators-guide/karma-index#disclaimer) **Disclaimer** Thank you for using CoinKarma. The data provided is based on historical performance and cannot guarantee future market trends. The cryptocurrency market is highly volatile. Users must assess risks and bear responsibility for their decisions. [PreviousBitfinex Indicators](https://docs.coinkarma.co/english/indicators-guide/bitfinex-indicators) [NextExchange App iOS Ranking](https://docs.coinkarma.co/english/indicators-guide/exchange-app-ios-ranking) Last updated 1 year ago * [What Is the Karma Index?](https://docs.coinkarma.co/english/indicators-guide/karma-index#what-is-the-karma-index) * [How to Use the Karma Index](https://docs.coinkarma.co/english/indicators-guide/karma-index#how-to-use-the-karma-index) --- # OI-Weighted Funding Rate | English | CoinKarma [](https://docs.coinkarma.co/english/indicators-guide/oi-weighted-funding-rate#what-is-oi-weighted-funding-rate-open-interest-weighted-funding-rate) What is OI-Weighted Funding Rate? (Open Interest-Weighted Funding Rate) --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2Flh7-rt.googleusercontent.com%2Fdocsz%2FAD_4nXcfRoNOwoVujyky-uXV_wJQD5FgElARc-CZeuO1OzlvpMlD_LhzJaqT7GBXJs_1Exn8uxqAJzjAG6l5uCmveKdJtJcKFrm79kJ5aiHAjzG-LNLrb32mT2DuUmXfJkuRUpmImWpxWw%3Fkey%3DluLiz2GY4XjFT_nYY-mTIQJp&width=768&dpr=4&quality=100&sign=28b575e0&sv=2) The **OI-Weighted Funding Rate** is an adjusted metric that calculates the weighted average funding rate of BTC perpetual contracts across major exchanges, based on their open interest (OI). It provides a more comprehensive view of market sentiment by accounting for the relative size of positions on different platforms. **Understanding Funding Rates** Funding rates are a mechanism used by cryptocurrency exchanges to maintain the price of perpetual contracts in line with the underlying spot price. The funding rate typically consists of: 1. **A constant interest rate (e.g., 0.01%)**, and 2. **A premium component (based on price divergence).** When perpetual contract prices trade significantly above the spot price: * **Funding rates increase** to make long positions more expensive. * This discourages excessive buying and incentivizes long positions to close, bringing prices back down. Conversely, when perpetual contracts trade below the spot price: * **Funding rates turn negative**, making short positions costlier. * This incentivizes short positions to close, bringing prices back up. * * * [](https://docs.coinkarma.co/english/indicators-guide/oi-weighted-funding-rate#how-to-use-oi-weighted-funding-rate) How to Use OI-Weighted Funding Rate ------------------------------------------------------------------------------------------------------------------------------------------------------------ **Interpreting Market Sentiment** Just like **Future Basis Rolling APY**, the OI-Weighted Funding Rate is an indicator of market sentiment. 1. **When the funding rate surges** (indicating perpetual contracts are priced significantly higher than spot prices): * Possible Scenarios: * **Rising Trend:** Over-leveraged longs drive prices up as traders aggressively open bullish positions. * **Falling Trend:** Long traders aggressively attempt to "buy the dip," pushing perpetual prices above spot levels. * Implications for Bulls: * High funding rates suggest euphoria, often driven by retail traders. Over-leveraged long positions may face liquidations, especially in a downturn. 2. **When the funding rate drops** (indicating perpetual contracts are priced significantly lower than spot prices): * Possible Scenarios: * **Falling Trend:** Aggressive shorting with high leverage causes perpetual prices to fall below spot. * **Rising Trend:** Bears continue shorting despite upward momentum, creating a divergence. * Implications for Bears: * High leverage among short positions makes them vulnerable to liquidations if the price moves upward. **Market Behavior and Key Insights** **High Funding Rates (Perpetual > Spot)** * **Bullish Overextension** * A rising trend with high funding suggests optimism but often leads to volatility as leveraged long positions face liquidation risk. * **Bearish Reversal Potential** * If funding spikes during a downtrend, it may indicate that longs are being squeezed, favoring shorts. **Low Funding Rates (Perpetual < Spot)** * **Bearish Overextension** * A falling trend with low funding indicates excessive pessimism, often driven by retail shorts. * **Bullish Reversal Potential** * If funding plummets during an uptrend, it signals that shorts are over-leveraged, favoring longs. [](https://docs.coinkarma.co/english/indicators-guide/oi-weighted-funding-rate#conclusion-oi-weighted-funding-rates-limitations) **Conclusion:** OI-Weighted Funding Rate's Limitations -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Like the **Future Basis Rolling APY**, the introduction of BTC spot ETFs and other regulated instruments has changed the market dynamics: * Institutional players can now easily hedge BTC exposure by shorting futures, compressing funding rates. * This **dampens funding rate volatility**, making historical thresholds less relevant. **Example Adjustment:** Previously, a high funding rate (e.g., 0.1%+) signaled extreme euphoria. Today, lower values (e.g., 0.05%-0.08%) may already indicate over-leveraging. #### [](https://docs.coinkarma.co/english/indicators-guide/oi-weighted-funding-rate#conclusion) Conclusion The OI-Weighted Funding Rate provides valuable insights into leverage dynamics and market sentiment. While it reflects extremes in bullish or bearish sentiment, evolving market structures require traders to recalibrate their thresholds and combine this indicator with others to improve accuracy. * * * #### [](https://docs.coinkarma.co/english/indicators-guide/oi-weighted-funding-rate#disclaimer) **Disclaimer** Thank you for using CoinKarma. The data provided is based on historical performance and cannot guarantee future market trends. The cryptocurrency market is highly volatile. Users must assess risks and bear responsibility for their decisions. [PreviousFuture Basis Rolling APY](https://docs.coinkarma.co/english/indicators-guide/future-basis-rolling-apy) [NextBitfinex Indicators](https://docs.coinkarma.co/english/indicators-guide/bitfinex-indicators) Last updated 1 year ago * [What is OI-Weighted Funding Rate? (Open Interest-Weighted Funding Rate)](https://docs.coinkarma.co/english/indicators-guide/oi-weighted-funding-rate#what-is-oi-weighted-funding-rate-open-interest-weighted-funding-rate) * [How to Use OI-Weighted Funding Rate](https://docs.coinkarma.co/english/indicators-guide/oi-weighted-funding-rate#how-to-use-oi-weighted-funding-rate) * [Conclusion: OI-Weighted Funding Rate's Limitations](https://docs.coinkarma.co/english/indicators-guide/oi-weighted-funding-rate#conclusion-oi-weighted-funding-rates-limitations) --- # Bitfinex Indicators | English | CoinKarma [](https://docs.coinkarma.co/english/indicators-guide/bitfinex-indicators#what-are-bitfinex-indicators) What Are Bitfinex Indicators? ------------------------------------------------------------------------------------------------------------------------------------------ ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F3881674611-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FLNdPzU6psKxnGpgv182e%252Fuploads%252F9RuCtEQ5D43Bq59vXGmN%252Fimage.png%3Falt%3Dmedia%26token%3D4569d140-fa1b-4b7c-b3cd-7ed015d902a4&width=768&dpr=4&quality=100&sign=26d6bfcd&sv=2) Bitfinex Indicators are metrics designed to track the behavior of whales (large traders) on the Bitfinex exchange, providing insights into how these "smart money" players view the market. Bitfinex, a veteran cryptocurrency exchange operated by iFinex (also the parent company of Tether, issuer of USDT), is known for its significant whale activity that can influence market trends. By monitoring these indicators, traders can gain valuable insights into market sentiment and identify potential opportunities during whale accumulation or distribution phases. * * * [](https://docs.coinkarma.co/english/indicators-guide/bitfinex-indicators#how-to-usebitfinex-indicators) How to Use**Bitfinex Indicators** ----------------------------------------------------------------------------------------------------------------------------------------------- ### [](https://docs.coinkarma.co/english/indicators-guide/bitfinex-indicators#bitfinex-btcusd-longs-bitfinex-ethusd-longs) **Bitfinex BTCUSD LONGS / Bitfinex ETHUSD LONGS** These indicators represent the total leverage-based long positions on BTC and ETH in BTC-denominated terms. * **Whale Behavior:** Whales often avoid aggressive market buys/sells due to their large capital size, which can cause price volatility. Instead: * Whales **accumulate during price drops** (when sell-side liquidity is abundant). * Whales **distribute during price rallies** (when buy-side liquidity is high). * **Application:** * During sharp market declines, check whether whales are accumulating. For instance, during the 2022 bear market, BTC dropped below $35K after the LUNA collapse, prompting significant whale buying that lasted until $16K. * Watch for whales completing their distribution phases. For example, by March 2024, whales had offloaded most of their positions established during the 2022 bear market. Following BTC's peak of $73K, the market entered a prolonged consolidation phase, with BTC dipping below $50K in August 2024 before whales resumed accumulation. ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F3881674611-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FLNdPzU6psKxnGpgv182e%252Fuploads%252FQpI3TL7E9zBaom5bfeWV%252Fimage.png%3Falt%3Dmedia%26token%3D4ee0e12d-3b97-4dff-8cd4-f091ea437f59&width=768&dpr=4&quality=100&sign=b3fd8ac&sv=2) * * * ### [](https://docs.coinkarma.co/english/indicators-guide/bitfinex-indicators#bitfinex-margin-long-size) **Bitfinex Margin Long Size** This indicator measures the total leveraged USD/USDT borrowing positions on Bitfinex. * **Relationship with BTCUSD LONGS:** Similar to BTCUSD LONGS, it reflects whale behavior during accumulation and distribution phases. However, it tends to exhibit **greater sensitivity**, making it a useful early warning indicator. ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F3881674611-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FLNdPzU6psKxnGpgv182e%252Fuploads%252Fba8Yh1zXCyhGYi0JnJqX%252Fimage.png%3Falt%3Dmedia%26token%3Dd281406c-d08f-4bf3-a95b-98f5e38f4ffb&width=768&dpr=4&quality=100&sign=8a368897&sv=2) * * * ### [](https://docs.coinkarma.co/english/indicators-guide/bitfinex-indicators#bitfinex-premium) **Bitfinex Premium** The Bitfinex Premium compares BTCUSD prices on Bitfinex versus Coinbase. * **Interpretation:** * When **Bitfinex BTCUSD is at a premium to Coinbase**, it indicates bearish sentiment, with whales accumulating during downturns. * When **Bitfinex BTCUSD trades at a discount to Coinbase**, it signals bullish sentiment, as whales offload positions during uptrends. * **Threshold Example:** * Premium/Discount exceeding ±0.25% often coincides with market tops or bottoms. ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F3881674611-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FLNdPzU6psKxnGpgv182e%252Fuploads%252Fh5N9YDulXhYoGC2mrL2D%252Fimage.png%3Falt%3Dmedia%26token%3De617c9ef-5767-4fec-ae78-d814e7f94095&width=768&dpr=4&quality=100&sign=4c7f5801&sv=2) * * * ### [](https://docs.coinkarma.co/english/indicators-guide/bitfinex-indicators#bitfinex-eth-btc-whale-indicator) **Bitfinex ETH/BTC Whale Indicator** This indicator tracks the net long leveraged positions in ETH/BTC pairs. * **Interpretation:** * A high indicator value suggests whales are borrowing BTC to long ETH, indicating bullish ETH sentiment relative to BTC. * Conversely, a decline in this indicator signals whales closing ETH longs, often coinciding with ETH/BTC exchange rate peaks. * **Application:** * Example: After whales closed significant ETH/BTC long positions, the ETH/BTC ratio often peaked, signaling a potential shift from ETH to BTC as a safer allocation. ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F3881674611-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FLNdPzU6psKxnGpgv182e%252Fuploads%252Fh38z76bt1Q1ONyWJff0h%252Fimage.png%3Falt%3Dmedia%26token%3D431f232a-900b-4a09-bae6-9d86bf268020&width=768&dpr=4&quality=100&sign=23cd61e6&sv=2) * * * [](https://docs.coinkarma.co/english/indicators-guide/bitfinex-indicators#conclusion-bitfinex-indicatorss-strengths-and-limitations) **Conclusion: Bitfinex Indicators**'s Strengths and Limitations --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- **Best Use Cases:** * These indicators are ideal for **medium to long-term market analysis**. * They help traders understand whale behavior and market sentiment trends over longer cycles. **Limitations:** * Whale trading strategies on Bitfinex involve **large-scale, prolonged accumulation and distribution**, making these indicators less effective for short-term or intraday trading. * As a result, retail traders should combine Bitfinex Indicators with other CoinKarma tools and indicators to refine their strategies. #### [](https://docs.coinkarma.co/english/indicators-guide/bitfinex-indicators#conclusion) **Conclusion** Bitfinex Indicators provide a unique perspective into the behavior of smart money, helping traders align their strategies with whale sentiment. While they are less suitable for short-term trades, these metrics can offer valuable insights into broader market cycles when used alongside other analysis tools. * * * #### [](https://docs.coinkarma.co/english/indicators-guide/bitfinex-indicators#disclaimer) **Disclaimer** Thank you for using CoinKarma. The data provided is based on historical performance and cannot guarantee future market trends. The cryptocurrency market is highly volatile. Users must assess risks and bear responsibility for their decisions. [PreviousOI-Weighted Funding Rate](https://docs.coinkarma.co/english/indicators-guide/oi-weighted-funding-rate) [NextKarma Index](https://docs.coinkarma.co/english/indicators-guide/karma-index) Last updated 1 year ago * [What Are Bitfinex Indicators?](https://docs.coinkarma.co/english/indicators-guide/bitfinex-indicators#what-are-bitfinex-indicators) * [How to UseBitfinex Indicators](https://docs.coinkarma.co/english/indicators-guide/bitfinex-indicators#how-to-usebitfinex-indicators) * [Bitfinex BTCUSD LONGS / Bitfinex ETHUSD LONGS](https://docs.coinkarma.co/english/indicators-guide/bitfinex-indicators#bitfinex-btcusd-longs-bitfinex-ethusd-longs) * [Bitfinex Margin Long Size](https://docs.coinkarma.co/english/indicators-guide/bitfinex-indicators#bitfinex-margin-long-size) * [Bitfinex Premium](https://docs.coinkarma.co/english/indicators-guide/bitfinex-indicators#bitfinex-premium) * [Bitfinex ETH/BTC Whale Indicator](https://docs.coinkarma.co/english/indicators-guide/bitfinex-indicators#bitfinex-eth-btc-whale-indicator) * [Conclusion: Bitfinex Indicators's Strengths and Limitations](https://docs.coinkarma.co/english/indicators-guide/bitfinex-indicators#conclusion-bitfinex-indicatorss-strengths-and-limitations) --- # Exchange App iOS Ranking | English | CoinKarma [](https://docs.coinkarma.co/english/indicators-guide/exchange-app-ios-ranking#what-is-the-exchange-app-ios-ranking) What is the Exchange App iOS Ranking? --------------------------------------------------------------------------------------------------------------------------------------------------------------- The iOS App Ranking tracks download rankings of centralized exchange apps in the U.S. market. During quiet market periods, many people gradually exit the market, resulting in decreased attention. However, when the market enters a frenzy, hearing stories of others making money draws people back in droves—even those with no prior interest, like kids shining shoes, seek ways to enter the market. This phenomenon is commonly referred to as the "Shoeshine Boy Effect." By observing the download rankings of the Coinbase app, it’s possible to gauge whether the Shoeshine Boy Effect is occurring. When the app ranks among the top few, it signifies a highly exuberant market with widespread interest in joining, and vice versa. * * * [](https://docs.coinkarma.co/english/indicators-guide/exchange-app-ios-ranking#how-to-use-the-exchange-app-ios-ranking) How to Use the Exchange App iOS Ranking -------------------------------------------------------------------------------------------------------------------------------------------------------------------- The blue line in the indicator represents Coinbase’s ranking within the Finance category of iOS apps in the U.S. A lower value indicates a higher rank. When the Coinbase app climbs higher in the rankings, it reflects a stronger retail interest in crypto in the U.S. market. If the app ranks within the Top 10, surpassing traditional finance apps like Interactive Brokers or Yahoo Finance, it could signal a short-term overheated market, as most retail participants have already entered. Looking back at past bull markets, when Coinbase consistently ranked in the Top 10 for an extended period, it often marked a local market top. The longer the rankings stayed elevated, the more likely it was that the trend was approaching a global peak. The chart below uses a Top 10 threshold as a reference, reviewing the bull markets of 2021 and 2024 for readers’ insights. ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F3881674611-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FLNdPzU6psKxnGpgv182e%252Fuploads%252FTDlTB5XucDXC9HtK2PLs%252Fimage.png%3Falt%3Dmedia%26token%3Dc0e49c6a-11b9-4ea0-86ad-4a617693d28c&width=768&dpr=4&quality=100&sign=fa7f7fee&sv=2) * * * #### [](https://docs.coinkarma.co/english/indicators-guide/exchange-app-ios-ranking#disclaimer) **Disclaimer** Thank you for using CoinKarma. The data provided is based on historical performance and cannot guarantee future market trends. The cryptocurrency market is highly volatile. Users must assess risks and bear responsibility for their decisions. [PreviousKarma Index](https://docs.coinkarma.co/english/indicators-guide/karma-index) [NextUSD/USDT Interest Rate](https://docs.coinkarma.co/english/indicators-guide/usd-usdt-interest-rate) Last updated 1 year ago * [What is the Exchange App iOS Ranking?](https://docs.coinkarma.co/english/indicators-guide/exchange-app-ios-ranking#what-is-the-exchange-app-ios-ranking) * [How to Use the Exchange App iOS Ranking](https://docs.coinkarma.co/english/indicators-guide/exchange-app-ios-ranking#how-to-use-the-exchange-app-ios-ranking) --- # Binance Insurance Fund | English | CoinKarma [](https://docs.coinkarma.co/english/indicators-guide/binance-insurance-fund#what-is-the-binance-insurance-fund-contract-risk-protection-fund) What is the Binance Insurance Fund (Contract Risk Protection Fund)? ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- According to Binance's documentation: **Definition** The Contract Risk Protection Fund is a safeguard mechanism designed to limit the impact of counterparty liquidations. It protects traders from adverse losses caused by bankrupt positions and ensures that profits from winning positions are fully paid out to the profitable traders. **Source of Funds** When a position is liquidated, unless the position becomes a bankrupt one after liquidation, the remaining assets (after deducting the portion required to maintain the position) are charged as liquidation fees by Binance. A portion of these fees is allocated to the Contract Risk Protection Fund. #### [](https://docs.coinkarma.co/english/indicators-guide/binance-insurance-fund#key-insights) Key Insights Perpetual contracts operate as a zero-sum market: for every gain, there is a corresponding loss. During extreme market conditions, if the losing side's margin is insufficient to fully cover the profits of the winning side, the Binance Insurance Fund steps in to make up the difference. Therefore, the Insurance Fund typically decreases only after extreme leveraged liquidations occur. * * * [](https://docs.coinkarma.co/english/indicators-guide/binance-insurance-fund#how-to-use-the-binance-insurance-fund) How to Use the Binance Insurance Fund -------------------------------------------------------------------------------------------------------------------------------------------------------------- The Binance Insurance Fund tends to grow steadily over time. It decreases only during events of massive liquidations that result in user bankruptcies. When the Insurance Fund decreases, it indicates excessive short-term liquidations have occurred. This is particularly effective when analyzing leveraged long positions: * A decrease in the Binance Insurance Fund often suggests a market that has been excessively cleared out, which may signal a **short-term bottom**. ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F3881674611-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FLNdPzU6psKxnGpgv182e%252Fuploads%252F5YiLmyBeiLmau6Dp8N1G%252Fimage.png%3Falt%3Dmedia%26token%3D498a2652-666f-476a-8f61-61a86f433e89&width=768&dpr=4&quality=100&sign=e28a74ec&sv=2) * * * #### [](https://docs.coinkarma.co/english/indicators-guide/binance-insurance-fund#disclaimer) **Disclaimer** Thank you for using CoinKarma. The data provided is based on historical performance and cannot guarantee future market trends. The cryptocurrency market is highly volatile. Users must assess risks and bear responsibility for their decisions. [PreviousUSD/USDT Interest Rate](https://docs.coinkarma.co/english/indicators-guide/usd-usdt-interest-rate) [NextCVD(Cumulative Volume Delta)](https://docs.coinkarma.co/english/indicators-guide/cvd-cumulative-volume-delta) Last updated 1 year ago * [What is the Binance Insurance Fund (Contract Risk Protection Fund)?](https://docs.coinkarma.co/english/indicators-guide/binance-insurance-fund#what-is-the-binance-insurance-fund-contract-risk-protection-fund) * [How to Use the Binance Insurance Fund](https://docs.coinkarma.co/english/indicators-guide/binance-insurance-fund#how-to-use-the-binance-insurance-fund) --- # USD/USDT Interest Rate | English | CoinKarma [](https://docs.coinkarma.co/english/indicators-guide/usd-usdt-interest-rate#what-is-the-usd-usdt-interest-rate) What is the USD/USDT Interest Rate? --------------------------------------------------------------------------------------------------------------------------------------------------------- In addition to crypto-native features like perpetual contracts and funding rates, the crypto market also includes borrowing interest rates commonly seen in traditional finance. These rates are generated by spot borrowing activities on centralized exchanges. There are two key elements to analyze: the centralized exchange and the interest rate levels. Currently, the benchmark data comes from Binance, the world’s largest exchange, and Bitfinex, a long-standing platform renowned for lending activities. **● Binance** As the world’s largest exchange, Binance has a more diverse user base, with a relatively high proportion of retail traders. This composition often leads to more aggressive behavior during periods of price discovery or bull markets. **● Bitfinex** Bitfinex, one of the oldest exchanges, is characterized by its seasoned user base, often consisting of crypto-native whales. Observing Bitfinex’s borrowing interest rates can provide insights into how so-called “smart money” perceives current market conditions. * * * [](https://docs.coinkarma.co/english/indicators-guide/usd-usdt-interest-rate#how-to-use-the-usd-usdt-interest-rate) How to Use the USD/USDT Interest Rate -------------------------------------------------------------------------------------------------------------------------------------------------------------- The USD/USDT Interest Rate is a highly cyclical indicator. Given the differing characteristics and user bases of the two exchanges, Binance’s borrowing behavior is viewed as representative of retail traders, while Bitfinex’s behavior reflects that of market movers. Key observations: * When **Bitfinex’s borrowing rate > Binance’s borrowing rate**, it often signals a market bottom. * When **Bitfinex’s borrowing rate < Binance’s borrowing rate**, it often signals a market top. * * * #### [](https://docs.coinkarma.co/english/indicators-guide/usd-usdt-interest-rate#disclaimer) **Disclaimer** Thank you for using CoinKarma. The data provided is based on historical performance and cannot guarantee future market trends. The cryptocurrency market is highly volatile. Users must assess risks and bear responsibility for their decisions. [PreviousExchange App iOS Ranking](https://docs.coinkarma.co/english/indicators-guide/exchange-app-ios-ranking) [NextBinance Insurance Fund](https://docs.coinkarma.co/english/indicators-guide/binance-insurance-fund) Last updated 1 year ago * [What is the USD/USDT Interest Rate?](https://docs.coinkarma.co/english/indicators-guide/usd-usdt-interest-rate#what-is-the-usd-usdt-interest-rate) * [How to Use the USD/USDT Interest Rate](https://docs.coinkarma.co/english/indicators-guide/usd-usdt-interest-rate#how-to-use-the-usd-usdt-interest-rate) --- # Stablecoin Supply | English | CoinKarma [](https://docs.coinkarma.co/english/indicators-guide/stablecoin-supply#what-is-stablecoin-supply) What is Stablecoin Supply? ---------------------------------------------------------------------------------------------------------------------------------- Stablecoin Supply refers to the circulating market capitalization of stablecoins such as USDT and USDC. * * * [](https://docs.coinkarma.co/english/indicators-guide/stablecoin-supply#how-to-use-stablecoin-supply) How to Use Stablecoin Supply --------------------------------------------------------------------------------------------------------------------------------------- #### [](https://docs.coinkarma.co/english/indicators-guide/stablecoin-supply#by-comparing-the-market-capitalization-of-the-largest-stablecoin-usdt-with-the-price-of-btc) By comparing the market capitalization of the largest stablecoin, USDT, with the price of BTC: • In 2022, as the market declined, USDT’s market cap also decreased → indicating funds flowing out of the market and a continuous reduction in market liquidity. • Conversely, as the market began to recover in 2023-2024, USDT’s market cap increased → signaling funds flowing into the market and a steady increase in market liquidity. ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2Flh7-rt.googleusercontent.com%2Fdocsz%2FAD_4nXepJcCldLtoXiLwYqWpgsHegk4GW8g8aOKrtbLG33-nECvw7hOmtAr7rvxaWte5eQgfGvj6F24u2QGWIsTRexG5rSoiPHudrcm0L7tEIZ3EB7n-6dLzQB7ccXa644mIuaiP9waysQ%3Fkey%3DluLiz2GY4XjFT_nYY-mTIQJp&width=768&dpr=4&quality=100&sign=58c566fb&sv=2) #### [](https://docs.coinkarma.co/english/indicators-guide/stablecoin-supply#key-observation-usdcs-counter-trend-issuance) Key Observation: USDC’s Counter-Trend Issuance Analysis reveals that when USDC experiences counter-trend issuance, diverging from price movements, it may signal a market bottom. For example: • When Overall LIQ shows green bars combined with a USDC issuance exceeding $1 billion, this often forms a short-term range bottom in the market. ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2Flh7-rt.googleusercontent.com%2Fdocsz%2FAD_4nXcsbvGJaYjL1JXDvyGe3A_GlDis_J6rI5p3FzDDx8DnHHRaSG0kEQT6sodHXPb6P0gniZtYqSDWkadxBMw9F37H1OBggdhaB3m5qnTu6awt2LicaszU67YKN-AYci-f6njXwvj9hA%3Fkey%3DluLiz2GY4XjFT_nYY-mTIQJp&width=768&dpr=4&quality=100&sign=8baf7e54&sv=2) * * * #### [](https://docs.coinkarma.co/english/indicators-guide/stablecoin-supply#disclaimer) **Disclaimer** Thank you for using CoinKarma. The data provided is based on historical performance and cannot guarantee future market trends. The cryptocurrency market is highly volatile. Users must assess risks and bear responsibility for their decisions. [PreviousBTC ETF Net Flow](https://docs.coinkarma.co/english/indicators-guide/btc-etf-net-flow) [NextLSUR Z Index](https://docs.coinkarma.co/english/indicators-guide/lsur-z-index) Last updated 8 months ago * [What is Stablecoin Supply?](https://docs.coinkarma.co/english/indicators-guide/stablecoin-supply#what-is-stablecoin-supply) * [How to Use Stablecoin Supply](https://docs.coinkarma.co/english/indicators-guide/stablecoin-supply#how-to-use-stablecoin-supply) --- # BTC ETF Net Flow | English | CoinKarma [](https://docs.coinkarma.co/english/indicators-guide/btc-etf-net-flow#what-is-btc-etf-net-flow) What is BTC ETF Net Flow? ------------------------------------------------------------------------------------------------------------------------------- BTC ETF Net Flow measures the net inflows (or outflows) of U.S.-listed BTC ETFs. CoinKarma tracks the daily net flow data for 10 BTC ETFs traded in the U.S. market. CoinKarma includes this indicator because historical analysis reveals that a portion of BTC ETF inflows originates from arbitrage trades, which have limited direct impact on price trends. This challenges the intuitive notion that net inflows signal bullishness, while net outflows signal bearishness. Instead, BTC ETF Net Flow can provide insights into sentiment in the futures market. * * * [](https://docs.coinkarma.co/english/indicators-guide/btc-etf-net-flow#how-to-use-btc-etf-net-flow) How to Use BTC ETF Net Flow ------------------------------------------------------------------------------------------------------------------------------------ The following illustrates how U.S. investors use BTC ETFs for arbitrage: * **When market sentiment is bullish (overheated):** Futures premiums rise, prompting arbitrage traders to buy BTC ETFs while shorting CME futures. * **When market sentiment is bearish (fearful):** Futures premiums decline, leading arbitrage traders to sell BTC ETFs and close their CME shorts. **Observation:** At market tops, CME open interest typically spikes (corresponding to hedge funds increasing net short positions). After sharp market corrections, CME open interest declines alongside the market. These arbitrage traders don’t need to wait until futures expire to close their positions. They profit by shorting during market FOMO and closing their shorts during panic sell-offs as market sentiment oscillates. #### [](https://docs.coinkarma.co/english/indicators-guide/btc-etf-net-flow#ibit-and-arbitrage-behavior) IBIT and Arbitrage Behavior IBIT, due to its investor profile and lower fees, is particularly favored by arbitrage traders. While other ETFs exhibit similar behavior, their scale is far smaller compared to IBIT. By comparing IBIT’s net flows with BTC price movements, we observe that: * **Net outflows or a halt in inflows of IBIT funds** (indicating short positions being closed and ETF holdings being sold) often coincide with **short-term market bottoms**. ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F3881674611-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FLNdPzU6psKxnGpgv182e%252Fuploads%252FeGVEel6hCXR990FUtxZW%252Fimage.png%3Falt%3Dmedia%26token%3Dacbffe04-99d7-4ff4-8615-1703d4748edf&width=768&dpr=4&quality=100&sign=4e44d9d8&sv=2) * * * #### [](https://docs.coinkarma.co/english/indicators-guide/btc-etf-net-flow#disclaimer) **Disclaimer** Thank you for using CoinKarma. The data provided is based on historical performance and cannot guarantee future market trends. The cryptocurrency market is highly volatile. Users must assess risks and bear responsibility for their decisions. [PreviousCME Smart Money](https://docs.coinkarma.co/english/indicators-guide/cme-smart-money) [NextStablecoin Supply](https://docs.coinkarma.co/english/indicators-guide/stablecoin-supply) Last updated 1 year ago * [What is BTC ETF Net Flow?](https://docs.coinkarma.co/english/indicators-guide/btc-etf-net-flow#what-is-btc-etf-net-flow) * [How to Use BTC ETF Net Flow](https://docs.coinkarma.co/english/indicators-guide/btc-etf-net-flow#how-to-use-btc-etf-net-flow) --- # CVD(Cumulative Volume Delta) | English | CoinKarma [](https://docs.coinkarma.co/english/indicators-guide/cvd-cumulative-volume-delta#what-is-cvd-cumulative-volume-delta) What is CVD (Cumulative Volume Delta)? ------------------------------------------------------------------------------------------------------------------------------------------------------------------ CVD is an indicator used to analyze the balance of buying and selling pressure in the market. It accumulates the volume difference between buy and sell orders over a given time period. In simple terms, CVD reflects the "market order" buying and selling strength during a specific trend. #### [](https://docs.coinkarma.co/english/indicators-guide/cvd-cumulative-volume-delta#why-does-coinkarma-include-the-cvd-indicator) Why Does CoinKarma Include the CVD Indicator? CoinKarma features CVD because its LIQ-related indicators are based on bid (buy) and ask (sell) orders from the spot order book—essentially composed of "limit orders." However, when "market orders" consistently drive price movement in one direction during a trend, they can deplete most of the "limit orders," causing LIQ-related data to show excessive extension. * * * [](https://docs.coinkarma.co/english/indicators-guide/cvd-cumulative-volume-delta#how-to-use-cvd) How to Use CVD --------------------------------------------------------------------------------------------------------------------- This section focuses on comparing CVD with instances of LIQ overextension to demonstrate how CVD can filter out such scenarios. **Example:** In cases where Overall LIQ red bars appear excessively (as marked by the yellow boxes), prices often continue to reach new highs. Observing the CVD during these periods reveals strong market buying activity, which consumes a significant amount of sell (ask) limit orders. This depletion leads to LIQ overextension. By analyzing CVD, traders can identify these scenarios and avoid taking short positions during such periods. ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F3881674611-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FLNdPzU6psKxnGpgv182e%252Fuploads%252FYHsS4cZ2Y0luhQI8kaOb%252Fimage.png%3Falt%3Dmedia%26token%3Dc8596955-23fc-488a-a963-eca249274d30&width=768&dpr=4&quality=100&sign=a623a3b7&sv=2) * * * #### [](https://docs.coinkarma.co/english/indicators-guide/cvd-cumulative-volume-delta#disclaimer) **Disclaimer** Thank you for using CoinKarma. The data provided is based on historical performance and cannot guarantee future market trends. The cryptocurrency market is highly volatile. Users must assess risks and bear responsibility for their decisions. [PreviousBinance Insurance Fund](https://docs.coinkarma.co/english/indicators-guide/binance-insurance-fund) [NextCME Smart Money](https://docs.coinkarma.co/english/indicators-guide/cme-smart-money) Last updated 11 months ago * [What is CVD (Cumulative Volume Delta)?](https://docs.coinkarma.co/english/indicators-guide/cvd-cumulative-volume-delta#what-is-cvd-cumulative-volume-delta) * [How to Use CVD](https://docs.coinkarma.co/english/indicators-guide/cvd-cumulative-volume-delta#how-to-use-cvd) --- # LSUR Z Index | English | CoinKarma ### [](https://docs.coinkarma.co/english/indicators-guide/lsur-z-index#shen-mo-shi-lsurzindex) What is the LSUR Z Index The LSUR Z Index represents the weighted LSUR (Long/Short User Ratio) of major cryptocurrencies based on open interest, measured in terms of how many standard deviations it deviates from its 14-day average. For example, a value of -2 means it’s two standard deviations below the average. (_Note: LSUR refers to the ratio of long to short positions in perpetual futures contracts._) Historically, in the crypto market, an LSUR below 1 indicated that more traders were shorting than longing—typically a sign of overly pessimistic market sentiment. This often marked a potential market bottom, making it a common short-term reversal signal. However, in recent years, this relationship has broken down or even reversed. An LSUR below 1 can now sometimes precede short-term market tops. The exact reason remains unclear, but CoinKarma hypothesizes that the structural shift is due to the influx of institutional capital and their hedging strategies. Unlike retail investors, institutions often hold large spot positions and hedge them by opening short positions in futures—not necessarily because they’re bearish, but as a risk management tactic. As a result, an LSUR below 1 may no longer reflect extreme bearish sentiment, but rather strategic positioning. Despite these changes, LSUR still provides valuable insights. Using CoinKarma’s proprietary algorithms, the LSUR Z Index remains a useful tool for gauging short-term market direction. ### [](https://docs.coinkarma.co/english/indicators-guide/lsur-z-index#ru-he-yun-yong-lsurzindex) How to use LSUR Z Index The LSUR Z Index is best interpreted in conjunction with other CoinKarma indicators. Examples include: ● Spotting Potential Reversal Points with Overall LIQ In a ranging market, when the LSUR Z Index and Overall LIQ show aligned signals, it can indicate a possible trend reversal. ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2Flh7-rt.googleusercontent.com%2Fdocsz%2FAD_4nXeiUAmf97NCa1gCl_ACrqQpjjK7oAA1erinkCVILwnsmJEdZAQNSsoXdXaU6pAz_CkNZghr-_TZuS66-QM7c-L3KvJBYQa86A9lxLMh49GrXLz8SEoCwf9xIGzrm1wamx8fxx0kPw%3Fkey%3DluLiz2GY4XjFT_nYY-mTIQJp&width=768&dpr=4&quality=100&sign=dd27ac76&sv=2) ● Identifying Overextended Conditions with LIQ Indicators * Yellow Box: When both LIQ-related indicators and the LSUR Z Index suggest a potential pullback but the price remains strong, this implies that previously effective reversal signals are weakening. This could be a sign that the market is transitioning from range-bound to trending, and shorting should be avoided. * Purple Box: When the LSUR Z Index drops below -2, use it alongside LIQ indicators to filter out noise and avoid making decisions based solely on LSUR Z Index readings. ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2Flh7-rt.googleusercontent.com%2Fdocsz%2FAD_4nXeXR3hDJmv7QVoxYa_QSB-qZotxhDFoC9k7WMFXVgMu-dHelxpun4lUFYbGQKlKE5PSZj-WofTz3tkOl-2I8SrnrpHx8ktIAdu6u2DevrfX4OKZhyrR_JWMST6_nnjfd2e2awBq%3Fkey%3DluLiz2GY4XjFT_nYY-mTIQJp&width=768&dpr=4&quality=100&sign=1e51eca4&sv=2) #### [](https://docs.coinkarma.co/english/indicators-guide/lsur-z-index#disclaimer) **Disclaimer** Thank you for using CoinKarma. The data provided is based on historical performance and cannot guarantee future market trends. The cryptocurrency market is highly volatile. Users must assess risks and bear responsibility for their decisions. [PreviousStablecoin Supply](https://docs.coinkarma.co/english/indicators-guide/stablecoin-supply) [NextCumberland USDT Distribution](https://docs.coinkarma.co/english/indicators-guide/cumberland-usdt-distribution) Last updated 8 months ago * [What is the LSUR Z Index](https://docs.coinkarma.co/english/indicators-guide/lsur-z-index#shen-mo-shi-lsurzindex) * [How to use LSUR Z Index](https://docs.coinkarma.co/english/indicators-guide/lsur-z-index#ru-he-yun-yong-lsurzindex) --- # LIQ | English | CoinKarma [](https://docs.coinkarma.co/english/indicators-guide/liq#what-is-the-liq-indicator) What is the LIQ Indicator? -------------------------------------------------------------------------------------------------------------------- ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2Flh7-rt.googleusercontent.com%2Fdocsz%2FAD_4nXfckYrou_5nKpoDakAAa3ZEB4qI9lubNoPqQQX6oSPdHP11ellqrKbVRYoSVcbIU9LV2d0SacKg77-Kt61_LoJmBJa578wcSGXz9tXz4jo52wfj07YJMPh8uS26oBR_uxhv-hKEMw%3Fkey%3DluLiz2GY4XjFT_nYY-mTIQJp&width=768&dpr=4&quality=100&sign=84b62246&sv=2) _The red and green arrows on the chart correspond to the LIQ indicator_ Before diving into the mechanics of the LIQ indicator, it’s essential to understand the factors influencing the cryptocurrency market: **Long-Term Factors:** These drive external capital inflows and outflows in the crypto market, determining whether a directional "trend market" develops. * **BTC Adoption Rate:** The percentage of people outside the crypto space recognizing BTC as a valuable asset. For example, Bitcoin ETFs being approved in 2024. * **Overall Monetary Market Liquidity:** Factors like U.S. interest rate hikes or cuts, and the expansion or contraction of the balance sheets of major central banks. * **Crypto-Specific Trends:** Topics that attract external capital, such as DeFi, NFTs, or ICOs. **Short-Term Factors:** Short-term market movements are primarily driven by "high-leverage liquidations," leading to a volatile, range-bound market. * **High Leverage in Derivatives Markets:** Crypto retail investors tend to use high leverage in contracts, making derivatives markets a key tool for market makers to "harvest" retail positions. Hence, short-term price movements are often influenced by derivatives data. * **Market Maker Perspective:** Market makers evaluate the cost of manipulating prices to liquidate leveraged positions versus the potential profit. They will only act if the potential gains significantly outweigh the costs. * * * [](https://docs.coinkarma.co/english/indicators-guide/liq#what-is-liq) **What is LIQ?** -------------------------------------------------------------------------------------------- LIQ is an indicator designed to analyze movements in a volatile market. Below is a detailed breakdown of its logic: **Core Logic:** LIQ is a standardized indicator calculated using the ratio of quantities in the spot order book. * **Order Book Composition:** Comprised of buy orders (_bids_) and sell orders (_asks_). * **CoinKarma's Proprietary Algorithm:** Standardizes calculations to identify price ranges where the cost of upward or downward movement for market makers is higher. **Interpretation Logic:** The LIQ indicator helps assess the cost of upward (_buy up_) or downward (_sell down_) price manipulation by market makers. * **High LIQ (>3):** Indicates deeper buy orders in the lower order book. This means it’s costlier for market makers to push the price down, suggesting a likely bottom in a volatile market. * **Low LIQ (<-3):** Indicates deeper sell orders in the upper order book. This makes it costlier for market makers to push the price up, suggesting a likely top in a volatile market. In simple terms, the LIQ indicator reveals the cost of market maker manipulations. When the cost of price control becomes too high, market reversals are more likely. [](https://docs.coinkarma.co/english/indicators-guide/liq#how-to-use-the-liq-indicator) **How to Use the LIQ Indicator** ----------------------------------------------------------------------------------------------------------------------------- ### [](https://docs.coinkarma.co/english/indicators-guide/liq#using-liq-alone-to-identify-entry-points) **Using LIQ Alone to Identify Entry Points** If we define the price movements within the white box as a large volatile range, LIQ effectively marks both the range's bottom and top. (Benchmarks: +3, -3) ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2Flh7-rt.googleusercontent.com%2Fdocsz%2FAD_4nXeHKlGtknc8Dk3Lc_Em0SmfJeuXRFhSBdtGKtPEagNdC60MODJqYFYGyvdso_FQSI4XIlkQb3mI92mVnPBXkGHxkBnbvOLUMUwmdhn2MN26BqN3STqXS1MR42yrwwZuNUsj6b9-4g%3Fkey%3DluLiz2GY4XjFT_nYY-mTIQJp&width=768&dpr=4&quality=100&sign=b52d13d2&sv=2) * **Chart Behavior:** * _Green Arrows:_ Appear when Overall LIQ > 2 and BTC LIQ > 3. * _Red Arrows:_ Appear when Overall LIQ < -2 and BTC LIQ < -3. **Example:** * After the first green arrow appears in a volatile market, there’s often still significant distance to the actual bottom. This is due to the crypto derivatives market's natural long bias, making liquidating long positions more profitable. Even if the cost of pushing prices lower is high, market makers may continue to do so. * Conversely, after the first red arrow, the distance to the top is usually shorter than the green arrow's distance to the bottom. Therefore: * When green bars appear, gradually build long positions. * When red bars appear, close positions more promptly. ### [](https://docs.coinkarma.co/english/indicators-guide/liq#using-cvd-as-an-alert-for-overextended-liq) **Using CVD as an Alert for Overextended LIQ** LIQ is based on order book (limit order) data (_bids_ and _asks_). However, when market buy pressure (reflected in rising CVD) is strong, it can cause LIQ to overextend. CVD can be used to filter out trending markets, avoiding short positions in a strongly upward market. ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2Flh7-rt.googleusercontent.com%2Fdocsz%2FAD_4nXezJsotSn0ss729N2crgeaRSGpggXn5qjebd6h_IvNOpi-VmNCBSq7unyQsKByFeDdwkTIMsWuXzBRqf8d7-Ef2zkVDTpI5uSo4dQF41m-ierpmBc5bYnNR4MrdF6hkzEPk-iBKBA%3Fkey%3DluLiz2GY4XjFT_nYY-mTIQJp&width=768&dpr=4&quality=100&sign=959a7f2e&sv=2) ### [](https://docs.coinkarma.co/english/indicators-guide/liq#combining-liq-with-other-coinkarma-indicators) **Combining LIQ with Other CoinKarma Indicators** CoinKarma develops multiple indicators to complement LIQ for better trade strategies. ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2Flh7-rt.googleusercontent.com%2Fdocsz%2FAD_4nXczQs6SMtiRla780_3RkdrZiZD0_9GMXNyI6tvo5ca-bHpLidJsmmrjdCK42L7Iv3vaEFzyVZRylcxVO0gbMiwDH8H5jLdliG9Gj3SWoogzc-LEGD0Ot9qYFdvGYK1Q__qxI1OvLQ%3Fkey%3DluLiz2GY4XjFT_nYY-mTIQJp&width=768&dpr=4&quality=100&sign=b6adebc4&sv=2) Examples: 1. **LIQ + LIQ Accumulated:** Stricter entry/exit conditions, though trading opportunities are fewer. * Purple box: LIQ; Yellow box: LIQ + LIQ Accumulated. 2. **LIQ + ALT Resilient Index:** Similar stricter strategy for entries/exits. * Purple box: LIQ; Yellow box: LIQ + ALT Resilient Index. By backtesting with various configurations, users can build LIQ-based trading strategies. [](https://docs.coinkarma.co/english/indicators-guide/liq#liq-derived-indicators) **LIQ-Derived Indicators** ----------------------------------------------------------------------------------------------------------------- ### [](https://docs.coinkarma.co/english/indicators-guide/liq#overall-liq) **Overall LIQ** * **Principle:** Same as LIQ but weighted by market cap, representing overall market liquidity. * **Difference:** LIQ focuses on a single asset (e.g., BTC/USDT), while Overall LIQ represents the broader market, showing the same data across all trading pairs. Overall LIQ is a market cap-weighted liquidity indicator that reflects the overall liquidity of the market. No matter which trading pair you’re viewing, the data shown remains consistent. In simple terms, LIQ focuses on a single market, while Overall LIQ provides a broader view of the entire market. Currently, the coins included in CoinKarma’s Overall LIQ are: (BTCUSDT, BTCUSD, ETHUSDT, ETHUSD, XRPUSDT, SOLUSDT, DOGEUSDT, ADAUSDT, AVAXUSDT, DOTUSDT, LINKUSDT, BCHUSDT, NEARUSDT, PEPEUSDT) * **Application:** Combine LIQ with Overall LIQ for more sensitive and frequent short-term trading signals. ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2Flh7-rt.googleusercontent.com%2Fdocsz%2FAD_4nXe82xXlx0tsiU91qIgV83guHMXBKOQ9_sRkBm6CMBoDMk78CfM9zLW0yiekDf-dsi11iZy9H2HdxUoIFnF4Ayt0sK3_HBNuW0QS6JUxZJo7GJw6_22AaPaTugiKowCIrFj1swV4fA%3Fkey%3DluLiz2GY4XjFT_nYY-mTIQJp&width=768&dpr=4&quality=100&sign=792cccd2&sv=2) ### [](https://docs.coinkarma.co/english/indicators-guide/liq#accumulated-liq) **Accumulated LIQ** * **Principle:** Adds a time dimension to LIQ by accumulating past values. * **Application:** * 1-hour time frame: Default settings (24, 60, -60). ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2Flh7-rt.googleusercontent.com%2Fdocsz%2FAD_4nXe_bDaJYM1EjEue9vr_FQchQ9p6WKjbEEFdjWNeXIGVJ6Ghs8IFI8UIO1Egr4R0RHmQFUPKKWLSvahLBDnvqgYTh74rYSkTwZ3EXwtiJRSOia--eM0CKgN0N_1MXiWMuDvhUpuZ5Q%3Fkey%3DluLiz2GY4XjFT_nYY-mTIQJp&width=768&dpr=4&quality=100&sign=8b2f9683&sv=2) * 4-hour time frame: Default settings (50, 100, -100). ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2Flh7-rt.googleusercontent.com%2Fdocsz%2FAD_4nXejJn-cZP3-_JAeIAuyo26YJFbQCb-P2kgBn-wVWmhpOSt9Rnjx9oZsgEvqV_LeigbEFmqdUs6v9Ax6o98gKnxfgZoq86iWjKt9k-lxySw0djaM4VSEBHcxQzPMfH1quU2kKekxaA%3Fkey%3DluLiz2GY4XjFT_nYY-mTIQJp&width=768&dpr=4&quality=100&sign=72f38753&sv=2) ### [](https://docs.coinkarma.co/english/indicators-guide/liq#id-10-orderbook-dif) **10% Orderbook DIF** * **Principle:** Measures the difference in bid-ask within the top 10% of the order book. * **Application:** Helps gauge the liquidity strength of buyers or sellers under identical LIQ conditions. ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2Flh7-rt.googleusercontent.com%2Fdocsz%2FAD_4nXc92vq2XnDd1ZH397fSyH8Cm4TdNlhr9gteACSGk88VwqdyR9aoSZoFwSbKcRzVcmQZBWNGhmD3ZCZDPx7FnZpr2FGmRb-c5ulQKX-A6BX4KgVuJ1MA7Ed0wENm4o2i8qM7IO6T%3Fkey%3DluLiz2GY4XjFT_nYY-mTIQJp&width=768&dpr=4&quality=100&sign=593c42f3&sv=2) * * * ### [](https://docs.coinkarma.co/english/indicators-guide/liq#id-10-overall-liquidity) 10% Overall Liquidity Concept: The metric is based on the difference between bids and asks within 10% of the overall market order book. ([Referencing the coins currently included in CoinKarma’s Overall LIQ.](https://docs.coinkarma.co/indicators-guide/liq#overall-liq) ) Application: By analyzing the 10% Overall Liquidity, we can observe that—given the same Overall LIQ values—buy-side liquidity in the yellow box is greater than that in the purple box. (Default thresholds are set at 300 million and -300 million.) ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F3881674611-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FLNdPzU6psKxnGpgv182e%252Fuploads%252FeMijOlPnKf9n2QElhaJi%252Fimage.png%3Falt%3Dmedia%26token%3Db94a8d3b-0209-42d7-a761-0a758bb5a148&width=768&dpr=4&quality=100&sign=38473adc&sv=2) Overall Liquidity – Displayed in BTC: You can choose to display liquidity in BTC through the indicator settings. (Default thresholds: +3000 BTC, -3000 BTC.) The logic behind it is: the difference between bids and asks within 10% of the overall market order book, divided by the current BTC price. In a bullish scenario, backtesting has shown that this metric has strong predictive value for price movements. ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F3881674611-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FLNdPzU6psKxnGpgv182e%252Fuploads%252FKcZuKr1bAkjX23GHRJ9e%252Fimage.png%3Falt%3Dmedia%26token%3D93a58b55-7400-41a5-8af3-fb52e2cba0e5&width=768&dpr=4&quality=100&sign=20a7635b&sv=2) [](https://docs.coinkarma.co/english/indicators-guide/liq#conclusion-liqs-strengths-and-limitations) **Conclusion: LIQ's Strengths and Limitations** --------------------------------------------------------------------------------------------------------------------------------------------------------- **Applicable Scenarios** LIQ performs best during range-bound markets with no significant capital inflows or outflows. **Limitations** 1. **Trend Markets:** LIQ struggles during strong directional trends, as seen in November 2024 when external capital pushed BTC from $67K to $99K. 2. **Macro Factors:** Events like aggressive interest rate hikes in 2022 caused large capital outflows, reducing LIQ's effectiveness. 3. **Asset-Specific Thresholds:** Different assets may require adjusted LIQ benchmarks due to varying market-making styles. Users can fine-tune settings for better accuracy. * * * #### [](https://docs.coinkarma.co/english/indicators-guide/liq#disclaimer) **Disclaimer** Thank you for using CoinKarma. The data provided is based on historical performance and cannot guarantee future market trends. The cryptocurrency market is highly volatile. Users must assess risks and bear responsibility for their decisions. [PreviousFAQs](https://docs.coinkarma.co/english/getting-started/faqs) [NextALT resilient Index](https://docs.coinkarma.co/english/indicators-guide/alt-resilient-index) Last updated 26 days ago * [What is the LIQ Indicator?](https://docs.coinkarma.co/english/indicators-guide/liq#what-is-the-liq-indicator) * [What is LIQ?](https://docs.coinkarma.co/english/indicators-guide/liq#what-is-liq) * [How to Use the LIQ Indicator](https://docs.coinkarma.co/english/indicators-guide/liq#how-to-use-the-liq-indicator) * [Using LIQ Alone to Identify Entry Points](https://docs.coinkarma.co/english/indicators-guide/liq#using-liq-alone-to-identify-entry-points) * [Using CVD as an Alert for Overextended LIQ](https://docs.coinkarma.co/english/indicators-guide/liq#using-cvd-as-an-alert-for-overextended-liq) * [Combining LIQ with Other CoinKarma Indicators](https://docs.coinkarma.co/english/indicators-guide/liq#combining-liq-with-other-coinkarma-indicators) * [LIQ-Derived Indicators](https://docs.coinkarma.co/english/indicators-guide/liq#liq-derived-indicators) * [Overall LIQ](https://docs.coinkarma.co/english/indicators-guide/liq#overall-liq) * [Accumulated LIQ](https://docs.coinkarma.co/english/indicators-guide/liq#accumulated-liq) * [10% Orderbook DIF](https://docs.coinkarma.co/english/indicators-guide/liq#id-10-orderbook-dif) * [10% Overall Liquidity](https://docs.coinkarma.co/english/indicators-guide/liq#id-10-overall-liquidity) * [Conclusion: LIQ's Strengths and Limitations](https://docs.coinkarma.co/english/indicators-guide/liq#conclusion-liqs-strengths-and-limitations) --- # CME Smart Money | English | CoinKarma [](https://docs.coinkarma.co/english/indicators-guide/cme-smart-money#what-is-cme-smart-money) What is CME Smart Money? ---------------------------------------------------------------------------------------------------------------------------- In the market, certain whales have enough holdings to significantly influence prices. When these entities buy, they provide strong buying support. Beyond their market impact, information asymmetry has always been a cornerstone of profitability in trading. Observing whales that likely possess this informational edge can help forecast potential market trends. In 2024, around the approval of the BTC ETF, the market narrative largely revolved around this event. During that period, the Chicago Mercantile Exchange (CME) became the most accessible platform for U.S. traditional financial traders to trade BTC. CME Smart Money is an indicator derived by identifying specific groups of traders on CME whose position changes have historically shown alpha in market trends. * * * [](https://docs.coinkarma.co/english/indicators-guide/cme-smart-money#how-to-use-cme-smart-money) How to Use CME Smart Money --------------------------------------------------------------------------------------------------------------------------------- * **Unit:** Contracts; one contract equals 5 BTC. * **Reading:** Above the zero line indicates net long positions; below the zero line indicates net short positions. * **Update Cycle:** Data updates every Saturday (UTC+8), reflecting the positions as of the preceding Tuesday. From 2022 to 2023, whenever CME Smart Money shifted to a net short position, it often marked a local market top. ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F3881674611-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FLNdPzU6psKxnGpgv182e%252Fuploads%252F7WTpAme4yUa532P3vcJs%252Fimage.png%3Falt%3Dmedia%26token%3D8cf63aa3-6ada-4a64-b48a-7a2fcee47862&width=768&dpr=4&quality=100&sign=5328ab8e&sv=2) In October 2024, CME Smart Money increased positions from 1,800 to 12,000 contracts, marking the largest holdings and addition of contracts in recorded data. Following this, BTC entered a one-sided rally, surpassing the $100K milestone. ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F3881674611-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FLNdPzU6psKxnGpgv182e%252Fuploads%252FXoRkLxaUdoHBZ03WCglm%252Fimage.png%3Falt%3Dmedia%26token%3De87bc198-ec1a-4e8d-862b-d1935c7ef28d&width=768&dpr=4&quality=100&sign=14ff1fbf&sv=2) * * * #### [](https://docs.coinkarma.co/english/indicators-guide/cme-smart-money#disclaimer) **Disclaimer** Thank you for using CoinKarma. The data provided is based on historical performance and cannot guarantee future market trends. The cryptocurrency market is highly volatile. Users must assess risks and bear responsibility for their decisions. [PreviousCVD(Cumulative Volume Delta)](https://docs.coinkarma.co/english/indicators-guide/cvd-cumulative-volume-delta) [NextBTC ETF Net Flow](https://docs.coinkarma.co/english/indicators-guide/btc-etf-net-flow) Last updated 1 year ago * [What is CME Smart Money?](https://docs.coinkarma.co/english/indicators-guide/cme-smart-money#what-is-cme-smart-money) * [How to Use CME Smart Money](https://docs.coinkarma.co/english/indicators-guide/cme-smart-money#how-to-use-cme-smart-money) --- # Cumberland USDT Distribution | English | CoinKarma [](https://docs.coinkarma.co/english/indicators-guide/cumberland-usdt-distribution#waht-is-cumberland-usdt-distribution) Waht is Cumberland USDT Distribution ------------------------------------------------------------------------------------------------------------------------------------------------------------------ ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F3881674611-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FLNdPzU6psKxnGpgv182e%252Fuploads%252FhanPI8mjXhM97cnjZhXF%252Funknown.png%3Falt%3Dmedia%26token%3D27d60db2-b740-488d-b283-8fc271dbed9f&width=768&dpr=4&quality=100&sign=52f8e2ae&sv=2) [](https://docs.coinkarma.co/english/indicators-guide/cumberland-usdt-distribution#about-cumberland) About Cumberland -------------------------------------------------------------------------------------------------------------------------- ### [](https://docs.coinkarma.co/english/indicators-guide/cumberland-usdt-distribution#company) Company * Company: Cumberland DRW (“Cumberland”), the crypto trading division of DRW Holdings. * Parent: DRW is a Chicago-based proprietary trading firm founded in 1992. * Crypto Focus: Cumberland was launched in 2014 and is one of the earliest institutional players in the digital asset market. ### [](https://docs.coinkarma.co/english/indicators-guide/cumberland-usdt-distribution#core-businesses) Core Businesses * OTC Trading – Facilitates large crypto transactions for institutions, miners, foundations, and family offices, minimizing slippage and market disruption. * Liquidity Provision – One of the largest liquidity providers in crypto, acting as a market maker across major exchanges such as Binance, OKX, and Coinbase. ### [](https://docs.coinkarma.co/english/indicators-guide/cumberland-usdt-distribution#why-track-cumberland) Why Track Cumberland? * Key USDT Gateway: Cumberland is a primary partner of Tether Treasury, frequently handling newly minted USDT and distributing it to exchanges or institutional clients. * Not All Mints Equal: USDT issuance doesn’t always mean new inflows into crypto; some funds may be used for settlements, off-exchange transactions, or gray-market activity. CoinKarma monitors Cumberland’s wallets in real time to determine whether fresh USDT is actually entering exchanges and driving buy-side pressure. * Market Impact: Historical data shows that major USDT inflows via Cumberland—such as in early 2024, late 2024, and mid-2025—preceded strong market rallies, highlighting its influence on liquidity cycles. [](https://docs.coinkarma.co/english/indicators-guide/cumberland-usdt-distribution#how-to-use-cumberland-usdt-distribution) How to Use Cumberland USDT Distribution ------------------------------------------------------------------------------------------------------------------------------------------------------------------------ * A red box marks when Cumberland’s 7-day cumulative USDT transfers exceed $500M. * Logic: If a large USDT mint is quickly funneled to exchanges, it often fuels taker-buy demand over the next 1–2 weeks. After such an event, the effectiveness of LIQ red bars (bearish liquidity signals) tends to weaken, making premature shorts riskier. **Case Review with Overall LIQ** On the daily chart, highlight candles at points where Cumberland’s 7-day inflows exceed $500M. ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F3881674611-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FLNdPzU6psKxnGpgv182e%252Fuploads%252FWkWTQvGWzA3BuWB1S4rK%252Funknown.png%3Falt%3Dmedia%26token%3Db4ae628d-af6d-46d7-8e30-4fed2125b08c&width=768&dpr=4&quality=100&sign=c10ae440&sv=2) On the hourly chart, compare these red-box periods with LIQ signals. Example: after significant inflows (points ① and ②), markets continued to rally despite LIQ red bars suggesting resistance. ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F3881674611-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FLNdPzU6psKxnGpgv182e%252Fuploads%252FyAxl91Bsiv1JwJU4efnf%252Funknown.png%3Falt%3Dmedia%26token%3D8bee5bce-9555-4d86-9877-46aa0467eed1&width=768&dpr=4&quality=100&sign=74b03a17&sv=2) [](https://docs.coinkarma.co/english/indicators-guide/cumberland-usdt-distribution#indicator-value) Indicator Value ------------------------------------------------------------------------------------------------------------------------ * LIQ red bars: Reliable short signals during choppy or sideways markets. * Problem: In strong uptrends, they often trigger early shorts that get squeezed. * Solution: Combine LIQ with Cumberland USDT Distribution to filter signals. When large inflows support the market, fade LIQ shorts and avoid false bearish setups. #### [](https://docs.coinkarma.co/english/indicators-guide/cumberland-usdt-distribution#disclaimer) **Disclaimer** Thank you for using CoinKarma. The data provided is based on historical performance and cannot guarantee future market trends. The cryptocurrency market is highly volatile. Users must assess risks and bear responsibility for their decisions. [PreviousLSUR Z Index](https://docs.coinkarma.co/english/indicators-guide/lsur-z-index) [NextBTC 25Δ Skew](https://docs.coinkarma.co/english/indicators-guide/btc-25d-skew) Last updated 3 months ago * [Waht is Cumberland USDT Distribution](https://docs.coinkarma.co/english/indicators-guide/cumberland-usdt-distribution#waht-is-cumberland-usdt-distribution) * [About Cumberland](https://docs.coinkarma.co/english/indicators-guide/cumberland-usdt-distribution#about-cumberland) * [Company](https://docs.coinkarma.co/english/indicators-guide/cumberland-usdt-distribution#company) * [Core Businesses](https://docs.coinkarma.co/english/indicators-guide/cumberland-usdt-distribution#core-businesses) * [Why Track Cumberland?](https://docs.coinkarma.co/english/indicators-guide/cumberland-usdt-distribution#why-track-cumberland) * [How to Use Cumberland USDT Distribution](https://docs.coinkarma.co/english/indicators-guide/cumberland-usdt-distribution#how-to-use-cumberland-usdt-distribution) * [Indicator Value](https://docs.coinkarma.co/english/indicators-guide/cumberland-usdt-distribution#indicator-value) --- # Short filter | English | CoinKarma [](https://docs.coinkarma.co/english/indicators-guide/short-filter#what-is-short-filter) What is Short filter ------------------------------------------------------------------------------------------------------------------ When the Market Pulse Index triggers a short signal and the Cumberland USDT Distribution’s 7-day cumulative USDT transfer volume exceeds 10% of overall liquidity (USD), the “No-Short Filter” is triggered. [](https://docs.coinkarma.co/english/indicators-guide/short-filter#how-to-use-short-filter) How to use Short filter ------------------------------------------------------------------------------------------------------------------------ The Short Filter (i.e., the “No-Short Filter”) is designed to keep you from shorting into a one-sided uptrend (the ❌ marks on the chart). While it may cause you to miss some short-side profits, it helps you avoid getting squeezed by shorting too early—such as at points A and B. In many cases, once the “No-Short Filter” fires, more attractive short setups tend to appear later (see the orange arrows). ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F3881674611-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FLNdPzU6psKxnGpgv182e%252Fuploads%252FglKphISdaBQU93aXeKPn%252Funknown.png%3Falt%3Dmedia%26token%3D7e192879-f574-44e9-9fe5-5a3cef63084b&width=768&dpr=4&quality=100&sign=342172b8&sv=2) #### [](https://docs.coinkarma.co/english/indicators-guide/short-filter#disclaimer) **Disclaimer** Thank you for using CoinKarma. The data provided is based on historical performance and cannot guarantee future market trends. The cryptocurrency market is highly volatile. Users must assess risks and bear responsibility for their decisions. [PreviousVolatility Term Structure](https://docs.coinkarma.co/english/indicators-guide/volatility-term-structure) [NextUSDC/USDT Premium](https://docs.coinkarma.co/english/indicators-guide/usdc-usdt-premium) Last updated 5 days ago * [What is Short filter](https://docs.coinkarma.co/english/indicators-guide/short-filter#what-is-short-filter) * [How to use Short filter](https://docs.coinkarma.co/english/indicators-guide/short-filter#how-to-use-short-filter) --- # Volatility Term Structure | English | CoinKarma [](https://docs.coinkarma.co/english/indicators-guide/volatility-term-structure#what-is-volatility-term-structure) What is Volatility Term Structure --------------------------------------------------------------------------------------------------------------------------------------------------------- The volatility term structure describes how at-the-money (ATM) implied volatility (IV) varies across option expiries (tenors). Put simply, it compares the relative levels of short-, mid-, and long-dated ATM IV to gauge how the market’s expectations for future volatility are shifting. ### [](https://docs.coinkarma.co/english/indicators-guide/volatility-term-structure#normal-vs.-inverted-structures) Normal vs. Inverted Structures #### [](https://docs.coinkarma.co/english/indicators-guide/volatility-term-structure#normal-upward-sloping) Normal (upward-sloping): * Long-dated ATM IV > Short-dated ATM IV * Longer horizons embed more uncertainty, so the market usually assigns higher forward volatility to longer expiries. #### [](https://docs.coinkarma.co/english/indicators-guide/volatility-term-structure#inverted-downward-sloping) Inverted (downward-sloping): * Short-dated ATM IV > Long-dated ATM IV * An inversion signals the market expects outsized movement in the near term—often around periods of extreme sentiment (e.g., just before a crash or ahead of a bottoming reversal). ### [](https://docs.coinkarma.co/english/indicators-guide/volatility-term-structure#a-note-on-implied-volatility-iv) A Note on Implied Volatility (IV) In options markets, IV reflects the market’s expectation for the magnitude of future price moves in the underlying. * High IV → the market anticipates large moves; uncertainty is elevated. * Low IV → the market expects calmer conditions; uncertainty is subdued. Among the various IV measures, ATM IV is watched most closely because it best captures the market’s “baseline” view of future volatility. ### [](https://docs.coinkarma.co/english/indicators-guide/volatility-term-structure#how-to-use-the-volatility-term-structure) How to Use the Volatility Term Structure Practitioners typically compare ATM IV across three time frames: * Short term: 1-month ATM IV * Mid term: 3-month ATM IV * Long term: 6-month ATM IV ### [](https://docs.coinkarma.co/english/indicators-guide/volatility-term-structure#key-configurations) Key Configurations Setup Context Market Interpretation Volatility Expectation ① 1M < 3M < 6M Normal structure The market is steady; long-term uncertainty is higher than short-term. Volatility expected to be stable. ② 1M > 3M > 6M Fully inverted The market expects pronounced near-term turbulence. Intense short-term volatility likely; often seen before crashes or ahead of bottom reversals. ③ 1M ≈ 3M ≈ 6M Completely flat The market lacks a clear directional view and is waiting for a catalyst. Typically the calm before a volatility breakout. #### [](https://docs.coinkarma.co/english/indicators-guide/volatility-term-structure#post-trade-backtest-takeaways) Post-Trade / Backtest Takeaways ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F3881674611-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FLNdPzU6psKxnGpgv182e%252Fuploads%252FLqbqkVFkocVyQTJIRQBy%252Funknown.png%3Falt%3Dmedia%26token%3D0b9c98be-a9ed-429c-9258-fa8a9534081c&width=768&dpr=4&quality=100&sign=7086c1ea&sv=2) From the illustrative chart: when the orange line (1M ATM IV) rises above the blue and purple lines (3M and 6M ATM IV)—i.e., an inversion—the VTS panel highlights these periods in red. These episodes often line up with phases when the BTC market is about to experience pronounced volatility. Typical behaviors observed: * Inversion during an uptrend → prone to reversal lower or transition into a choppy range. * Inversion during a downtrend → prone to reversal higher or transition into a consolidation range. The yellow boxes mark inverted regimes where short-dated ATM IV spikes—often reflecting a jump in hedging demand—after which price frequently shows a clear directional change. When the inversion fades and the structure normalizes (1M ATM IV falls back below 3M/6M), realized volatility tends to decline and price action often compresses/mean-reverts. ### [](https://docs.coinkarma.co/english/indicators-guide/volatility-term-structure#conclusion-limits-of-vts) Conclusion: Limits of VTS The volatility term structure is effective for tracking changes in volatility expectations, but it is not directional. An inversion indicates the market expects more near-term movement; it does not say whether price will rise or fall. In practice, traders pair VTS with other tools—e.g., sentiment gauges, liquidity metrics, or options skew—to cross-validate signals before acting. #### [](https://docs.coinkarma.co/english/indicators-guide/volatility-term-structure#disclaimer) **Disclaimer** Thank you for using CoinKarma. The data provided is based on historical performance and cannot guarantee future market trends. The cryptocurrency market is highly volatile. Users must assess risks and bear responsibility for their decisions. [PreviousBTC 25Δ Skew](https://docs.coinkarma.co/english/indicators-guide/btc-25d-skew) [NextShort filter](https://docs.coinkarma.co/english/indicators-guide/short-filter) Last updated 2 months ago * [What is Volatility Term Structure](https://docs.coinkarma.co/english/indicators-guide/volatility-term-structure#what-is-volatility-term-structure) * [Normal vs. Inverted Structures](https://docs.coinkarma.co/english/indicators-guide/volatility-term-structure#normal-vs.-inverted-structures) * [A Note on Implied Volatility (IV)](https://docs.coinkarma.co/english/indicators-guide/volatility-term-structure#a-note-on-implied-volatility-iv) * [How to Use the Volatility Term Structure](https://docs.coinkarma.co/english/indicators-guide/volatility-term-structure#how-to-use-the-volatility-term-structure) * [Key Configurations](https://docs.coinkarma.co/english/indicators-guide/volatility-term-structure#key-configurations) * [Conclusion: Limits of VTS](https://docs.coinkarma.co/english/indicators-guide/volatility-term-structure#conclusion-limits-of-vts) --- # Grid Trading Signal | English | CoinKarma [](https://docs.coinkarma.co/english/features-guide/grid-trading-signal#what-is-grid-trading-signal) What is Grid Trading Signal ------------------------------------------------------------------------------------------------------------------------------------- Grid Trading Signal is an exclusive “grid copy trading” channel for Gold members. ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F3881674611-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FLNdPzU6psKxnGpgv182e%252Fuploads%252Fv8WiVgPglNH0328u6PLl%252Fimage.png%3Falt%3Dmedia%26token%3Df0b44cde-aec7-4eae-a189-cfe8a75d37e1&width=768&dpr=4&quality=100&sign=af051bff&sv=2) #### [](https://docs.coinkarma.co/english/features-guide/grid-trading-signal#copy-trading-information) Copy Trading Information • Trading Pair: BTC • Trading Direction: Both long and short • Entry Strategy: Orders are placed in batches for each grid based on entry conditions • Profit Sharing: 10% #### [](https://docs.coinkarma.co/english/features-guide/grid-trading-signal#entry-conditions) Entry Conditions • Long Position: When Overall LIQ > 2 and notional\_btc ≥ 3000 • Short Position: When Overall LIQ < -2 and notional\_btc ≤ -3000 #### [](https://docs.coinkarma.co/english/features-guide/grid-trading-signal#exit-conditions) Exit Conditions • For Grid Long Positions: Automatically closed when Overall LIQ < -1 • For Grid Short Positions: Automatically closed when Overall LIQ > 1 #### [](https://docs.coinkarma.co/english/features-guide/grid-trading-signal#take-profit-and-stop-loss-conditions) Take Profit & Stop Loss Conditions • Take Profit: Order closes when PnL per grid ≥ 30% • Stop Loss: Order closes when PnL per grid ≤ -30% (The order will be closed when either the exit condition or the take profit/stop loss condition is met.) [PreviousStrategy Builder(Backtest & Trading Bot)](https://docs.coinkarma.co/english/features-guide/strategy-builder-backtest-and-trading-bot) [NextMarket Pulse](https://docs.coinkarma.co/english/features-guide/market-pulse) Last updated 10 months ago --- # USDC/USDT Premium | English | CoinKarma [](https://docs.coinkarma.co/english/indicators-guide/usdc-usdt-premium#what-is-usdc-usdt-premium) What is USDC/USDT Premium --------------------------------------------------------------------------------------------------------------------------------- USDC/USDT Premium measures the price spread between USDC and USDT. Although both are marketed as being pegged to USD at 1:1, in real trading their prices can trade at a premium or discount due to differences in demand and funding pressure. That spread can be used to infer short-term capital flows and where market pressure is coming from—and it tends to be highly correlated with BTC’s short-term price swings. When there is no meaningful inflow of fresh external capital, the market is largely driven by internal capital rotation. Since USDT is the dominant settlement currency in crypto, its trading volume and depth have long exceeded those of USDC. As a result, BTC/USDT—rather than BTC/USDC—typically acts as the true benchmark for short-term price direction. So when major players have an incentive to sell BTC in the short run, they usually start in the more liquid BTC/USDT market. This can lead to BTC/USDT trading below BTC/USDC, because BTC/USDT bears the brunt of the active selling pressure (and the opposite happens when they’re buying). Once that gap opens, an arbitrage opportunity emerges: arbitrageurs buy BTC where it’s cheaper (BTC/USDT), sell it where it’s more expensive (BTC/USDC), then sell the USDC they receive back into USDT to complete the loop. Therefore, when USDC/USDT Premium falls below 0, it often indicates that the dominant flow driving the market is net selling BTC. Putting the logic together—using USDC/USDT Premium < 0 as an example: 1. Large capital sells BTC on BTC/USDT → BTC/USDT leads the decline 2. This creates BTC/USDT < BTC/USDC → arbitrage opportunities appear 3. Arbitrage flows step in: buy BTC on cheaper BTC/USDT, sell BTC on richer BTC/USDC 4. Arbitrageurs then sell the USDC proceeds back into USDT → pushing USDC/USDT Premium below 0 [](https://docs.coinkarma.co/english/indicators-guide/usdc-usdt-premium#how-to-use-usdc-usdt-premium) How to use USDC/USDT Premium --------------------------------------------------------------------------------------------------------------------------------------- Using USDC/USDT Premium < 0 as an example: in an environment with no incremental external capital, whenever the USDC/USDT Premium turns negative, the market often shows short-term topping behavior soon after. ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F3881674611-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FLNdPzU6psKxnGpgv182e%252Fuploads%252FSeBgIXlGvi3rADvjPHD2%252Funknown.png%3Falt%3Dmedia%26token%3D6512139b-05f5-45c5-89ed-014055a397b1&width=768&dpr=4&quality=100&sign=aefbdb63&sv=2) #### [](https://docs.coinkarma.co/english/indicators-guide/usdc-usdt-premium#disclaimer) **Disclaimer** Thank you for using CoinKarma. The data provided is based on historical performance and cannot guarantee future market trends. The cryptocurrency market is highly volatile. Users must assess risks and bear responsibility for their decisions. [PreviousShort filter](https://docs.coinkarma.co/english/indicators-guide/short-filter) [NextCustom Signal](https://docs.coinkarma.co/english/features-guide/custom-signal) Last updated 5 days ago * [What is USDC/USDT Premium](https://docs.coinkarma.co/english/indicators-guide/usdc-usdt-premium#what-is-usdc-usdt-premium) * [How to use USDC/USDT Premium](https://docs.coinkarma.co/english/indicators-guide/usdc-usdt-premium#how-to-use-usdc-usdt-premium) --- # Custom Signal | English | CoinKarma #### [](https://docs.coinkarma.co/english/features-guide/custom-signal#what-is-a-custom-signal) What is a Custom Signal? As shown in the chart, **Custom Signal** allows you to define specific conditions for displaying arrows directly on the chart. ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F3881674611-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FLNdPzU6psKxnGpgv182e%252Fuploads%252Fz6njvISR2ayp5Db9NFb1%252Fimage.png%3Falt%3Dmedia%26token%3D1cd364d9-5f2f-450e-a1ec-c0eb19d46ca2&width=768&dpr=4&quality=100&sign=cc180fcc&sv=2) * * * #### [](https://docs.coinkarma.co/english/features-guide/custom-signal#how-to-set-up-a-custom-signal) How to Set Up a Custom Signal 1. Navigate to **CoinKarma** and select the **Custom Signal** indicator. 2. Click on the gear icon to customize the conditions for displaying arrows. ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F3881674611-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FLNdPzU6psKxnGpgv182e%252Fuploads%252F49n86CnO7EdPygAlrq5B%252Fimage.png%3Falt%3Dmedia%26token%3Db1530bba-246a-47ac-9cb0-c0cafc765108&width=768&dpr=4&quality=100&sign=c5ac0b9&sv=2) [PreviousUSDC/USDT Premium](https://docs.coinkarma.co/english/indicators-guide/usdc-usdt-premium) [NextCustom Alerts](https://docs.coinkarma.co/english/features-guide/custom-alerts) Last updated 1 year ago --- # Custom Alerts | English | CoinKarma [](https://docs.coinkarma.co/english/features-guide/custom-alerts#what-is-custom-alerts) What is Custom Alerts? -------------------------------------------------------------------------------------------------------------------- **Custom Alerts** allow users to set notifications triggered when an indicator reaches a predefined threshold. The system will send real-time alerts to a connected Telegram bot, enabling users to monitor indicator activity conveniently. ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F3881674611-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FLNdPzU6psKxnGpgv182e%252Fuploads%252FKZ2mseIZyDggzjMsVYfM%252Fimage.png%3Falt%3Dmedia%26token%3D415c4670-6346-4c36-a2d8-5cfaea22abb8&width=768&dpr=4&quality=100&sign=cb08e8c4&sv=2) * * * [](https://docs.coinkarma.co/english/features-guide/custom-alerts#how-to-set-up-custom-alerts) How to Set Up Custom Alerts ------------------------------------------------------------------------------------------------------------------------------- 1. **Link Your Telegram Account:** Begin by completing the integration of your Telegram account. ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F3881674611-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FLNdPzU6psKxnGpgv182e%252Fuploads%252F5ADVQt3soJH88fNTD4Zl%252Fimage.png%3Falt%3Dmedia%26token%3D71ffc1ed-19b8-4970-ac60-7cb6adeaf504&width=768&dpr=4&quality=100&sign=9a67902b&sv=2) 1. **Define Alert Conditions:** Once your Telegram account is linked, go to the settings and add custom conditions for triggering alerts. ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F3881674611-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FLNdPzU6psKxnGpgv182e%252Fuploads%252FZSaA5kBuPzXSBqK2QbOA%252Fimage.png%3Falt%3Dmedia%26token%3D17c6cbe0-4ade-4e38-b404-63492f10e0dd&width=768&dpr=4&quality=100&sign=9e5f6d5b&sv=2) [PreviousCustom Signal](https://docs.coinkarma.co/english/features-guide/custom-signal) [NextToken Screener](https://docs.coinkarma.co/english/features-guide/token-screener) Last updated 1 year ago * [What is Custom Alerts?](https://docs.coinkarma.co/english/features-guide/custom-alerts#what-is-custom-alerts) * [How to Set Up Custom Alerts](https://docs.coinkarma.co/english/features-guide/custom-alerts#how-to-set-up-custom-alerts) --- # BTC 25Δ Skew | English | CoinKarma [](https://docs.coinkarma.co/english/indicators-guide/btc-25d-skew#waht-is-btc-25d-skew) Waht is BTC 25Δ Skew ------------------------------------------------------------------------------------------------------------------ 25Δ Skew measures the difference in implied volatility (IV) between put and call options with the same delta magnitude (±0.25)： ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F3881674611-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FLNdPzU6psKxnGpgv182e%252Fuploads%252F4IIyZnPaJC0RgTkx8cAZ%252Fimage.png%3Falt%3Dmedia%26token%3De5955f81-d2ee-4699-824a-dd6d1c5f45c0&width=768&dpr=4&quality=100&sign=745c40c5&sv=2) **Key terms** * IV (Implied Volatility): The market’s expectation of future price variability, embedded in option prices. * ATM (At-The-Money): The IV of options whose strike is closest to the current spot price; often used as a normalization anchor for comparing vol levels across maturities or strikes. ### [](https://docs.coinkarma.co/english/indicators-guide/btc-25d-skew#why-25d) 📘 Why “25Δ”? “25Δ” denotes options with delta ≈ ±0.25—i.e., out-of-the-money (OTM) options a step away from spot. * 25Δ Put: Slightly below spot; proxies demand for downside hedging. * 25Δ Call: Slightly above spot; proxies willingness to pay for upside exposure. Comparing the IV of these two strikes reveals the market’s directional bias and risk appetite. ### [](https://docs.coinkarma.co/english/indicators-guide/btc-25d-skew#how-to-read-btc-25d-skew) 📊 How to Read BTC 25Δ Skew Skew Interpretation Market Sentiment \> 0 Put IV > Call IV Fearful; hedging demand elevated (bearish bias) < 0 Call IV > Put IV Optimistic; strong appetite for upside/chasing rallies (bullish bias) ### [](https://docs.coinkarma.co/english/indicators-guide/btc-25d-skew#extreme-sentiment-zones-1m-tenor-example) Extreme sentiment zones（1M Tenor Example） ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F3881674611-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FLNdPzU6psKxnGpgv182e%252Fuploads%252F4k21Fc5XHbIxlmu6Wm4M%252Funknown.png%3Falt%3Dmedia%26token%3Da8c12f0b-2352-41d5-8867-f0727186cd7d&width=768&dpr=4&quality=100&sign=6c4601e6&sv=2) ### [](https://docs.coinkarma.co/english/indicators-guide/btc-25d-skew#btc-25d-skew-practical-interpretation) 📈 BTC 25Δ Skew Practical Interpretation #### [](https://docs.coinkarma.co/english/indicators-guide/btc-25d-skew#skew-less-than-8-excessive-bullishness-call-enthusiasm-overheated) Skew < −8 → Excessive bullishness (call enthusiasm overheated) * When call IV is materially higher than put IV, the market is broadly betting on upside. * In December 2024, BTC rallied sharply and the 25Δ skew dipped below −8 multiple times—an expression of exuberant sentiment. Such phases often carry elevated short-term risk and are prone to pullbacks. #### [](https://docs.coinkarma.co/english/indicators-guide/btc-25d-skew#skew-greater-than-8-acute-fear-put-hedging-demand-surges) Skew > +8 → Acute fear (put-hedging demand surges) * When put IV far exceeds call IV, hedging demand and fear dominate. * In early April 2025, skew printed above +8 repeatedly amid heightened macro headlines, reflecting a rush for protection. These episodes often coincide with sentiment “bottoms,” but price reversal still needs confirmation from structure/price action. > Note： In crypto, extreme sentiment can persist. A skew below −8 does not imply an immediate top, and a skew above +8 does not guarantee an immediate bottom. Skew should complement—not replace—other signals. [](https://docs.coinkarma.co/english/indicators-guide/btc-25d-skew#how-to-btc-25d-skew) How to BTC 25Δ skew ---------------------------------------------------------------------------------------------------------------- BTC 25Δ Skew is a sentiment gauge, not a standalone trading signal. It helps you: * Identify when fear/greed reaches extremes that often precede price turning points. * Contextualize risk: combine skew with price structure, breadth/liquidity metrics, funding/basis, and momentum to refine entries and exits. #### [](https://docs.coinkarma.co/english/indicators-guide/btc-25d-skew#skew-iv-put-iv-call) **Skew = IV(Put) − IV(Call)** Skew > 0 (positive): Put IV > Call IV → crowd is paying up for downside protection → sentiment fearful. * Markets can rebound as panic becomes crowded, but wait for confirmation (e.g., momentum/market-structure turns). Skew < 0 (negative): Call IV > Put IV → crowd is paying up for upside exposure → sentiment optimistic. * Markets can stall or mean-revert after excessive optimism; again, seek confirmation before acting. [](https://docs.coinkarma.co/english/indicators-guide/btc-25d-skew#how-to-read-btc-25d-skew-1) How to Read BTC 25Δ Skew ---------------------------------------------------------------------------------------------------------------------------- Skew Interpretation Extreme Threshold Interpretation at Extreme Skew > 0 Put IV > Call IV → market fear; bearish bias Skew > 8 Extreme fear Skew < 0 Call IV > Put IV → market optimism; bullish bias Skew < -8 Extreme optimism Time-Period (Tenor) Baseline: 1M “Time Period” here refers to the option maturity used for comparison. * Very short-dated (e.g., 1-day): Hyper-sensitive to headlines; captures immediate fear/greed. * Long-dated (e.g., 1-year): Smoother; reflects expectations for the broader trend. Using 1-month as the baseline balances responsiveness with stability for most tactical reads. [](https://docs.coinkarma.co/english/indicators-guide/btc-25d-skew#btc-25d-skews-limitation) BTC 25Δ skew's limitation --------------------------------------------------------------------------------------------------------------------------- BTC 25Δ Skew reflects market sentiment, not absolute buy/sell instructions. When skew reaches extremes, use it alongside other indicators (price action, liquidity, macro catalysts, positioning) to more reliably identify inflection points. #### [](https://docs.coinkarma.co/english/indicators-guide/btc-25d-skew#disclaimer) **Disclaimer** Thank you for using CoinKarma. The data provided is based on historical performance and cannot guarantee future market trends. The cryptocurrency market is highly volatile. Users must assess risks and bear responsibility for their decisions. [PreviousCumberland USDT Distribution](https://docs.coinkarma.co/english/indicators-guide/cumberland-usdt-distribution) [NextVolatility Term Structure](https://docs.coinkarma.co/english/indicators-guide/volatility-term-structure) Last updated 3 months ago * [Waht is BTC 25Δ Skew](https://docs.coinkarma.co/english/indicators-guide/btc-25d-skew#waht-is-btc-25d-skew) * [📘 Why “25Δ”?](https://docs.coinkarma.co/english/indicators-guide/btc-25d-skew#why-25d) * [📊 How to Read BTC 25Δ Skew](https://docs.coinkarma.co/english/indicators-guide/btc-25d-skew#how-to-read-btc-25d-skew) * [Extreme sentiment zones（1M Tenor Example）](https://docs.coinkarma.co/english/indicators-guide/btc-25d-skew#extreme-sentiment-zones-1m-tenor-example) * [📈 BTC 25Δ Skew Practical Interpretation](https://docs.coinkarma.co/english/indicators-guide/btc-25d-skew#btc-25d-skew-practical-interpretation) * [How to BTC 25Δ skew](https://docs.coinkarma.co/english/indicators-guide/btc-25d-skew#how-to-btc-25d-skew) * [How to Read BTC 25Δ Skew](https://docs.coinkarma.co/english/indicators-guide/btc-25d-skew#how-to-read-btc-25d-skew-1) * [BTC 25Δ skew's limitation](https://docs.coinkarma.co/english/indicators-guide/btc-25d-skew#btc-25d-skews-limitation) --- # Token Screener | English | CoinKarma [](https://docs.coinkarma.co/english/features-guide/token-screener#what-is-token-screener) What is Token Screener? ----------------------------------------------------------------------------------------------------------------------- Token Screener is an exclusive channel for members that provides hourly updates. ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F3881674611-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FLNdPzU6psKxnGpgv182e%252Fuploads%252FkXRcbJANlh0KNXFdfps9%252Fimage.png%3Falt%3Dmedia%26token%3D88c31a48-497e-4ab8-9add-22ef61694b4b&width=768&dpr=4&quality=100&sign=5df70179&sv=2) This channel categorizes all cryptocurrencies into four quadrants and uses color to indicate whether certain conditions are met. Coins that do not meet the criteria are shown in white, while BTC is always marked in orange on the quadrant chart. ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F3881674611-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FLNdPzU6psKxnGpgv182e%252Fuploads%252FyJl1WOmmfzTEQaRBWY76%252Fimage.png%3Falt%3Dmedia%26token%3D74374c46-d34c-4d94-b7a3-e209e113b93f&width=768&dpr=4&quality=100&sign=ddff6b3a&sv=2) Note 1: RSI\_Dif = the value obtained by subtracting BTC’s RSI from the coin’s RSI. A positive value indicates stronger relative strength; a negative value indicates weaker. Note 2: LIQ Percentile = the percentile rank of the coin’s LIQ over the past month. ### [](https://docs.coinkarma.co/english/features-guide/token-screener#ru-he-yun-yong-token-screener) How to Use Token Screener Token Screener allows you to quickly identify strong tokens (Quadrant I) and weak tokens (Quadrant III). However, it’s essential not to rely solely on individual token data — you must also consider the overall market condition, primarily indicated by Bitcoin (referred to as BTC below). In the crypto market, the price movements of altcoins remain highly correlated with BTC. Even if a specific altcoin shows strong individual metrics, if BTC is trending downward or broader market indicators are bearish, that altcoin will likely face headwinds and struggle to perform. This is mainly because many altcoins are traded against BTC (e.g., ALTs/BTC). So, even if an altcoin holds steady in USD terms, it can still perform poorly in BTC terms when BTC drops. Therefore, when analyzing altcoins, it’s not enough to assess their standalone data — you must also evaluate BTC’s overall condition. ### [](https://docs.coinkarma.co/english/features-guide/token-screener#ju-ti-cao-zuo) How to Use It in Practice 1. Use Token Screener to quickly identify strong and weak tokens. 2. Observe BTC’s position on the Y-axis in the Token Screener chart: * The higher BTC appears on the Y-axis, the stronger the bullish tokens on the chart tend to be. * The lower BTC appears on the Y-axis, the stronger the bearish tokens on the chart tend to be. ● Case Studies: Identifying Strong and Weak Tokens * Strong Token (April 7, 2025 – 15:00) – $SUI $SUI appeared in the strong token list on Token Screener. Custom Signal data indicated supportive market liquidity (green arrow). Following this signal, $SUI experienced an impressive rally, significantly outperforming $BTC. ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F3881674611-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FLNdPzU6psKxnGpgv182e%252Fuploads%252F0iFFDYXyr5NxaOrpk4iO%252Fimage.png%3Falt%3Dmedia%26token%3D95401981-3d36-45f4-94dc-564583aab8fe&width=768&dpr=4&quality=100&sign=ce51f02b&sv=2) * Strong Token (April 7, 2025 – 15:00) – $DOGE $DOGE also showed up in the strong token list, with Custom Signal confirming favorable liquidity conditions (green arrow). It subsequently posted a major price surge, far outpacing $BTC. ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F3881674611-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FLNdPzU6psKxnGpgv182e%252Fuploads%252FlphSro81ASjmVUBzalgh%252Fimage.png%3Falt%3Dmedia%26token%3Dfa0cfad1-4076-491e-b6ff-230667a403c9&width=768&dpr=4&quality=100&sign=fc150bff&sv=2) * Weak Token (March 3, 2025 – 02:00) – $SOL $SOL was flagged as a weak token by Token Screener. Custom Signal showed negative market liquidity conditions (red arrow), and $SOL later underwent a sharp correction, dropping more than $BTC. ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F1729336661-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FJw2jrjZQmACHsCUyfYLT%252Fuploads%252FGtlj1AaJdldSVkPH2dHZ%252Fimage.png%3Falt%3Dmedia%26token%3D6039f24e-7dec-4e5a-9492-377bde07d5a8&width=768&dpr=4&quality=100&sign=859c7c2&sv=2) * Weak Token (March 3, 2025 – 02:00) – $LTC $LTC appeared in the weak token list, with Custom Signal indicating bearish liquidity (red arrow). It later saw a significant decline, underperforming $BTC. ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F3881674611-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FLNdPzU6psKxnGpgv182e%252Fuploads%252FbFNuTJaluNZ3VPmGTZhI%252Fimage.png%3Falt%3Dmedia%26token%3D5e914ecf-dabe-4674-99b3-35e8564e322f&width=768&dpr=4&quality=100&sign=75d91d85&sv=2) #### [](https://docs.coinkarma.co/english/features-guide/token-screener#disclaimer) **Disclaimer** Thank you for using CoinKarma. The data provided is based on historical performance and cannot guarantee future market trends. The cryptocurrency market is highly volatile. Users must assess risks and bear responsibility for their decisions. [PreviousCustom Alerts](https://docs.coinkarma.co/english/features-guide/custom-alerts) [NextStrategy Builder(Backtest & Trading Bot)](https://docs.coinkarma.co/english/features-guide/strategy-builder-backtest-and-trading-bot) Last updated 6 months ago * [What is Token Screener?](https://docs.coinkarma.co/english/features-guide/token-screener#what-is-token-screener) * [How to Use Token Screener](https://docs.coinkarma.co/english/features-guide/token-screener#ru-he-yun-yong-token-screener) * [How to Use It in Practice](https://docs.coinkarma.co/english/features-guide/token-screener#ju-ti-cao-zuo) --- # Market Pulse | English | CoinKarma [](https://docs.coinkarma.co/english/features-guide/market-pulse#what-is-market-pulse) What is Market Pulse ---------------------------------------------------------------------------------------------------------------- Market Pulse is an index ranging from 0 to 100, calculated based on 11 indicators from CoinKarma. ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F3881674611-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FLNdPzU6psKxnGpgv182e%252Fuploads%252FgHbmwdABk3FysjgWKdxu%252Fimage.png%3Falt%3Dmedia%26token%3Deb6af46f-b3dd-4701-b02b-16286790d92b&width=768&dpr=4&quality=100&sign=9cbcf463&sv=2) [](https://docs.coinkarma.co/english/features-guide/market-pulse#how-to-use-market-pulse) How to use Market Pulse ---------------------------------------------------------------------------------------------------------------------- #### [](https://docs.coinkarma.co/english/features-guide/market-pulse#pulse-index) Pulse Index * Pulse Index ≤ 20：Potential buying opportunity for a market reversal * Pulse Index ≥ 80：Potential selling opportunity for a market reversal ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2Flh7-rt.googleusercontent.com%2Fdocsz%2FAD_4nXdWyayIkm3_S7ne0pj_S6AWNiIzdtJA43zZHWJU8LvHkIZEO-RKtYuRHnRmIyop2dP6vCtFtiUbJxvCqbVhipCmwVzDRSDB-QE3No-hDxpXM246KtQpxo-TwbfWECWWNmaeL0fOIA%3Fkey%3DluLiz2GY4XjFT_nYY-mTIQJp&width=768&dpr=4&quality=100&sign=156276ee&sv=2) Users Can Review Market Pulse via CoinKarma Charts #### [](https://docs.coinkarma.co/english/features-guide/market-pulse#individual-market-pulse-indicators) Individual Market Pulse Indicators 🟢 Potential buying opportunity for a market reversal ⚪ Neutral (wait-and-see approach) 🟠 Caution – be aware of downside risks 🔴 Potential selling-to-buying transition ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2Flh7-rt.googleusercontent.com%2Fdocsz%2FAD_4nXdPmp4VsDPgkB_fOPdz6AkbPijV3thO588pE6dUWpVf0dfH92n2uUoYw5pqh_FAVHFjWwa1VV8Hqsqiv7Aa2m56ixeI7_Safkz3Q8P4ISE_4Kq9HsXTDNAPSi53_sVLG2G5A3uQ%3Fkey%3DluLiz2GY4XjFT_nYY-mTIQJp&width=768&dpr=4&quality=100&sign=1185099d&sv=2) 註:圖中 Current Value 的箭頭增減是與上一小時 Value 比較的結果 #### [](https://docs.coinkarma.co/english/features-guide/market-pulse#comparison-market-pulse-channel-vs.-overall-liquidity-channel) Comparison: Market Pulse Channel vs. Overall Liquidity Channel ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F3881674611-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FLNdPzU6psKxnGpgv182e%252Fuploads%252FEKDLUzSSZPIGI5mkThXR%252Fimage.png%3Falt%3Dmedia%26token%3D848cb7c6-faff-4d2a-8d20-87e41ae9c7a2&width=768&dpr=4&quality=100&sign=9301709b&sv=2) #### [](https://docs.coinkarma.co/english/features-guide/market-pulse#disclaimer) **Disclaimer** Thank you for using CoinKarma. The data provided is based on historical performance and cannot guarantee future market trends. The cryptocurrency market is highly volatile. Users must assess risks and bear responsibility for their decisions. [PreviousGrid Trading Signal](https://docs.coinkarma.co/english/features-guide/grid-trading-signal) [NextUltron Signal](https://docs.coinkarma.co/english/features-guide/ultron-signal) Last updated 10 months ago * [What is Market Pulse](https://docs.coinkarma.co/english/features-guide/market-pulse#what-is-market-pulse) * [How to use Market Pulse](https://docs.coinkarma.co/english/features-guide/market-pulse#how-to-use-market-pulse) --- # USD/USDT Interest Rate | CoinKarma [](https://docs.coinkarma.co/indicators-guide/usd-usdt-interest-rate#shen-mo-shi-usdusdt-interest-rate) 什麼是USD/USDT Interest Rate -------------------------------------------------------------------------------------------------------------------------------------- 除了幣圈獨有的永續合約和資金費率外，幣圈依舊有傳統金融常見的借貸利率。借貸利率是中心化交易所上，進行現貨借貸行為所產生的利率。因此有兩個重點可以進行分析，第一個是中心化交易所，第二個就是利率高低。目前中心化交易所採取的依據為目前世界上最大的交易所 Binance 以及以借貸著名的老牌交易所 Bitfinex。 ●Binance 目前身為世界上最大的交易所，因此裡面的會員組成會相對複雜，且散戶比例會相對較高， 這樣的特性可能導致在市場進入價值發現的階段或是牛市時，大家的行為會普遍比較激進。 ●Bitfinex Bitfinex身為歷史最悠久的交易所及其背景，交易成員有蠻大機率為幣圈原生主力(巨鯨)，因此透過觀察Bitfinex的借貸利率，可以判斷市場所謂的聰明錢是如何判斷當前市場行情。 [](https://docs.coinkarma.co/indicators-guide/usd-usdt-interest-rate#ru-he-yun-yong-usdusdt-interest-rate) 如何運用USD/USDT Interest Rate ------------------------------------------------------------------------------------------------------------------------------------------ USD/USDT Interest Rate屬於一款週期性較大的指標。因兩家交易所的各自特性及成員組成，我們將Binance的借貸行為視為散戶、Bitfinex的借貸行為視為主力。 可以發現 * 當Bitfinex的借貸利率 > Binance的借貸利率，往往是行情底部， * 當Bitfinex的借貸利率 < Binance的借貸利率，往往是行情頂部。 **使用須知** 感謝您使用 CoinKarma，本平台提供的數據指標主要基於過去的歷史表現，無法完全預測未來的市場走勢。加密貨幣市場具有高度的波動性，使用者應謹慎評估風險，並為自己的決策負責。 [PreviousExchange App iOS Ranking](https://docs.coinkarma.co/indicators-guide/exchange-app-ios-ranking) [NextBinance Insurance Fund](https://docs.coinkarma.co/indicators-guide/binance-insurance-fund) Last updated 1 year ago * [什麼是USD/USDT Interest Rate](https://docs.coinkarma.co/indicators-guide/usd-usdt-interest-rate#shen-mo-shi-usdusdt-interest-rate) * [如何運用USD/USDT Interest Rate](https://docs.coinkarma.co/indicators-guide/usd-usdt-interest-rate#ru-he-yun-yong-usdusdt-interest-rate) --- # CVD(Cumulative Volume Delta) | CoinKarma [](https://docs.coinkarma.co/indicators-guide/cvd-cumulative-volume-delta#shen-mo-shi-cvdcumulative-volume-delta) 什麼是CVD(Cumulative Volume Delta) ------------------------------------------------------------------------------------------------------------------------------------------------------ CVD是一種用來分析市場買賣力量平衡的指標，它累積了在一定時間內買入和賣出訂單的交易量差異。 簡言之，可以把CVD當作一段行情下「市價單」買賣力道的呈現。 [](https://docs.coinkarma.co/indicators-guide/cvd-cumulative-volume-delta#wei-shen-mo-coinkarma-yao-te-bie-shou-lu-cvd-zhi-biao) 為什麼Coinkarma要特別收錄CVD指標？ ------------------------------------------------------------------------------------------------------------------------------------------------------------- 是因為LIQ的相關指標，皆是基於現貨訂單簿的買單 (bid) 以及賣單 (ask) 即「限價單」所組成，而當一段行情中，「市價單」的力量持續往某一方向推進時，就有可能同時消耗大多數的「限價單」，這會使LIQ相關數據呈現過度延伸。 [](https://docs.coinkarma.co/indicators-guide/cvd-cumulative-volume-delta#ru-he-yun-yong-cvd) 如何運用 CVD ----------------------------------------------------------------------------------------------------------- 此段的介紹，我們將以LIQ過度延伸的部分去對比CVD，探討如何用CVD去過濾LIQ過度延伸的情況。 以下舉例：Overall LIQ紅柱時的過度延伸，黃框處頻繁出現Overall LIQ紅柱，但是價格卻屢創高點，同時我們觀察到CVD，可以發現這段的市價買盤非常猛烈，這使許多賣單 (ask)「限價單」被消耗，造成Overall LIQ過度延伸。因此可以透過觀察CVD去過濾掉開空的選擇。 ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2Flh7-rt.googleusercontent.com%2Fdocsz%2FAD_4nXdPatF0u0S-dyQKBnnSG0Cgmg24sX5SdKZ7fud8VuDQQshzfMRXMWvJAaNzcM6osxW4WPmiHVIC18niqpviBZGlEhaz6CrUm9LmPeLIFvNucab3W9Pb12lKmujhfbdtDmKZ9urQYA%3Fkey%3DluLiz2GY4XjFT_nYY-mTIQJp&width=768&dpr=4&quality=100&sign=738accf0&sv=2) **使用須知** 感謝您使用 CoinKarma，本平台提供的數據指標主要基於過去的歷史表現，無法完全預測未來的市場走勢。加密貨幣市場具有高度的波動性，使用者應謹慎評估風險，並為自己的決策負責。 [PreviousBinance Insurance Fund](https://docs.coinkarma.co/indicators-guide/binance-insurance-fund) [NextCME Smart Money](https://docs.coinkarma.co/indicators-guide/cme-smart-money) Last updated 11 months ago * [什麼是CVD(Cumulative Volume Delta)](https://docs.coinkarma.co/indicators-guide/cvd-cumulative-volume-delta#shen-mo-shi-cvdcumulative-volume-delta) * [為什麼Coinkarma要特別收錄CVD指標？](https://docs.coinkarma.co/indicators-guide/cvd-cumulative-volume-delta#wei-shen-mo-coinkarma-yao-te-bie-shou-lu-cvd-zhi-biao) * [如何運用 CVD](https://docs.coinkarma.co/indicators-guide/cvd-cumulative-volume-delta#ru-he-yun-yong-cvd) --- # Future Basis Rolling APY | CoinKarma [](https://docs.coinkarma.co/indicators-guide/future-basis-rolling-apy#shen-mo-shi-future-basis-rolling-apy) 什麼是 Future Basis Rolling APY ---------------------------------------------------------------------------------------------------------------------------------------------- ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2Flh7-rt.googleusercontent.com%2Fdocsz%2FAD_4nXcjdPzxa-vK-CM3VEruaPpVI9-NE9zcrBooNsjF34QJccitTYW0ZLlke6_9nDdc3iSz9piHfEcow46WlEsj-Co3FGLTNX0U6o0oOhAnZrAAPVrYCgGOHn3tUm3sghHHF7hTHvlV%3Fkey%3DluLiz2GY4XjFT_nYY-mTIQJp&width=768&dpr=4&quality=100&sign=b06f7c2d&sv=2) 遠期交割合約跟現貨價格的差距稱為基差，由於幣圈市場情緒長期看漲，大部分幣種的遠期交割合約都有正基差。這就出現了套利機會，假設 BTC 某個交割合約基差為 2%，距離交割還有 30天，那套利者就可以買進現貨並且做空等量的遠期交割合約來套取這 2% 的利差，這可以說是 free money，只要放到放到交割，這 2% 就是穩賺的。 以上述例子來說，換算的年化報酬率就是 2%\*(360/30)=24%，這稱為 Rolling APY，之所以是 Rolling （滾動），是因為這個報酬率會一直隨著交割時間越來越近而不斷改變，因為越接近交割日，遠期合約跟現貨的價差就會越收斂。 [](https://docs.coinkarma.co/indicators-guide/future-basis-rolling-apy#ru-he-yun-yong-future-basis-rolling-apy) 如何運用 Future Basis Rolling APY -------------------------------------------------------------------------------------------------------------------------------------------------- 通常期貨市場越樂觀的時候， 市場大部分的人都會做多，這會造成遠期交割合約相對現貨的溢價擴大，Rolling APY 也會隨之上升，所以 Future Basis Rolling APY 跟資金費率(Funding Rate)一樣，可以用來衡量市場情緒。 從過去歷史來看，BTC 最近一個季度合約的 Rolling APY 有著以下意義： * 0 以下 = 世界末日（2020/3/12大跌期間有出現過） * 0-5% = 極度恐慌 * 5%-10% = 市場冷靜 * 10%-15% = 市場微熱 * 15%-20% = 市場狂熱 * 20%以上 = FOMO 預設值為（5, 20），用戶可自行透過覆盤調整參數。 [](https://docs.coinkarma.co/indicators-guide/future-basis-rolling-apy#jie-yu-future-basis-rolling-apy-de-ju-xian-xing) 結語-Future Basis Rolling APY 的侷限性 ------------------------------------------------------------------------------------------------------------------------------------------------------------- 如同資金費率(Funding Rate)一樣，以往 BTC 現貨 ETF 還沒通過的時候，正規基金要取得 BTC 的曝險相對困難，現在買 ETF 做空合約非常方便，這會壓低了合約跟現貨的價差使數據有所鈍化。因此使用 Rolling APY 判斷市場情緒時，可能需要降低標準，以往 20% 以上屬 FOMO，現階段 Rolling APY 達 15%-20% 可能已經屬於 FOMO 情況。 **使用須知** 感謝您使用 CoinKarma，本平台提供的數據指標主要基於過去的歷史表現，無法完全預測未來的市場走勢。加密貨幣市場具有高度的波動性，使用者應謹慎評估風險，並為自己的決策負責。 [PreviousALT Resilient Index](https://docs.coinkarma.co/indicators-guide/alt-resilient-index) [NextOI-Weighted Funding Rate](https://docs.coinkarma.co/indicators-guide/oi-weighted-funding-rate) Last updated 11 months ago * [什麼是 Future Basis Rolling APY](https://docs.coinkarma.co/indicators-guide/future-basis-rolling-apy#shen-mo-shi-future-basis-rolling-apy) * [如何運用 Future Basis Rolling APY](https://docs.coinkarma.co/indicators-guide/future-basis-rolling-apy#ru-he-yun-yong-future-basis-rolling-apy) * [結語-Future Basis Rolling APY 的侷限性](https://docs.coinkarma.co/indicators-guide/future-basis-rolling-apy#jie-yu-future-basis-rolling-apy-de-ju-xian-xing) --- # OI-Weighted Funding Rate | CoinKarma [](https://docs.coinkarma.co/indicators-guide/oi-weighted-funding-rate#shen-mo-shi-oiweighted-funding-rate-chi-cang-jia-quan-zi-jin-feil) 什麼是 OI-Weighted Funding Rate (持倉加權資金費率) -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 以下以 BTC OI-Weighted Funding Rate 為例 ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2Flh7-rt.googleusercontent.com%2Fdocsz%2FAD_4nXcfRoNOwoVujyky-uXV_wJQD5FgElARc-CZeuO1OzlvpMlD_LhzJaqT7GBXJs_1Exn8uxqAJzjAG6l5uCmveKdJtJcKFrm79kJ5aiHAjzG-LNLrb32mT2DuUmXfJkuRUpmImWpxWw%3Fkey%3DluLiz2GY4XjFT_nYY-mTIQJp&width=768&dpr=4&quality=100&sign=28b575e0&sv=2) 資金費率（Funding rates）是加密貨幣交易所為了保持永續合約價格與標的資產價格之間的平衡而設定的費率。資金費率一般都會是常數(0.01%)，而當溢價高到一定水平，資金費率就會開始調升，由於做多成本提高，這會促使多頭平倉，把永續合約價格壓下來；相反地，如果永續合約低於現貨價格太多，資金費率也會開始由正轉負，這會促使空頭平空，把永續合約價格拉回正常水位。 資金費率由利率以及溢價控制，因此針對溢價去理解資金費率的變化條件： 溢價指數( P) = \[Max(0,衝擊買方出價-價格指數) – Max(0,價格指數-衝擊賣方出價)\] / 價格指數 而持倉加權資金費率（OI-Weighted Funding Rate）是依各大交易所的BTC永續合約持倉進行加權計算。 [](https://docs.coinkarma.co/indicators-guide/oi-weighted-funding-rate#ru-he-yun-yong-oiweighted-funding-rate) 如何運用 OI-Weighted Funding Rate ------------------------------------------------------------------------------------------------------------------------------------------------- 當合約市場趨於樂觀的時候， 市場槓桿做多的情緒旺盛，這會造成永續合約相對現貨的溢價擴大，資金費率(Funding Rate)也會隨之上升 所以 OI-Weighted Funding Rate 跟 Future Basis Rolling APY 一樣，可以用來衡量市場情緒。 ### [](https://docs.coinkarma.co/indicators-guide/oi-weighted-funding-rate#zi-jin-feilbiao-sheng-de-zhuang-kuang-yi-wei-zhu-yong-xu-he-yue-jia-ge-gao-wu-xian-huo-jia-ge-hen-du) ● 資金費率飆升的狀況（意味著永續合約價格高於現貨價格很多），有可能的情況會是： 1\. 價格處於上漲趨勢，多頭激情開倉，且槓桿較大，拉高了永續合約價格 2\. 價格處於下降趨勢，多頭激進抄底，逆勢扛單，導致永續合約價格相對偏高 無論是哪一個狀況，其實都對多頭較為不利： 1\. 代表市場情緒樂觀，且相較空頭，多頭槓桿倍數較高，更有可能是散戶陣營在開多，更容易翻車 2\. 代表可能有相當規模的多頭倉位即將面臨爆倉或止損的命運，空方佔優 ### [](https://docs.coinkarma.co/indicators-guide/oi-weighted-funding-rate#zi-jin-feilxia-jiang-de-zhuang-kuang-yi-wei-zhu-yong-xu-he-yue-jia-ge-di-wu-xian-huo-jia-ge-hen-duo) ● 資金費率下降的狀況（意味著永續合約價格低於現貨價格很多），有可能的情況會是： 1\. 價格處於下跌趨勢，空頭激情開倉，且槓桿較大，拉低了永續合約價格 2\. 價格處於上漲趨勢，空頭激進開空，逆勢扛單，導致永續合約價格相對偏低 無論是哪一個狀況，其實都對空頭較為不利： 1\. 代表市場情緒悲觀，且相較多頭，空頭槓桿倍數較高，更有可能是散戶陣營在開空，更容易翻車 2\. 代表可能有相當規模的空頭倉位即將面臨爆倉或止損的命運，多方佔優 [](https://docs.coinkarma.co/indicators-guide/oi-weighted-funding-rate#jie-yu-oiweighted-funding-rate-de-ju-xian-xing) 結語-OI-Weighted Funding Rate 的侷限性 ------------------------------------------------------------------------------------------------------------------------------------------------------------ 如同 Future Basis Rolling APY 一樣，以往 BTC 現貨 ETF 還沒通過的時候，正規基金要取得 BTC 的曝險相對困難，現在買 ETF 做空合約非常方便，大量傳統機構入場套利會使資金費率數據有所鈍化。因此現在使用 OI-Weighted Funding Rate 判斷市場情緒時，相較前幾輪週期，基準需要往下移動。 **使用須知** 感謝您使用 CoinKarma，本平台提供的數據指標主要基於過去的歷史表現，無法完全預測未來的市場走勢。加密貨幣市場具有高度的波動性，使用者應謹慎評估風險，並為自己的決策負責。 [PreviousFuture Basis Rolling APY](https://docs.coinkarma.co/indicators-guide/future-basis-rolling-apy) [NextBitfinex Indicators](https://docs.coinkarma.co/indicators-guide/bitfinex-indicators) Last updated 11 months ago * [什麼是 OI-Weighted Funding Rate (持倉加權資金費率)](https://docs.coinkarma.co/indicators-guide/oi-weighted-funding-rate#shen-mo-shi-oiweighted-funding-rate-chi-cang-jia-quan-zi-jin-feil) * [如何運用 OI-Weighted Funding Rate](https://docs.coinkarma.co/indicators-guide/oi-weighted-funding-rate#ru-he-yun-yong-oiweighted-funding-rate) * [● 資金費率飆升的狀況（意味著永續合約價格高於現貨價格很多），有可能的情況會是：](https://docs.coinkarma.co/indicators-guide/oi-weighted-funding-rate#zi-jin-feilbiao-sheng-de-zhuang-kuang-yi-wei-zhu-yong-xu-he-yue-jia-ge-gao-wu-xian-huo-jia-ge-hen-du) * [● 資金費率下降的狀況（意味著永續合約價格低於現貨價格很多），有可能的情況會是：](https://docs.coinkarma.co/indicators-guide/oi-weighted-funding-rate#zi-jin-feilxia-jiang-de-zhuang-kuang-yi-wei-zhu-yong-xu-he-yue-jia-ge-di-wu-xian-huo-jia-ge-hen-duo) * [結語-OI-Weighted Funding Rate 的侷限性](https://docs.coinkarma.co/indicators-guide/oi-weighted-funding-rate#jie-yu-oiweighted-funding-rate-de-ju-xian-xing) --- # Exchange App iOS Ranking | CoinKarma [](https://docs.coinkarma.co/indicators-guide/exchange-app-ios-ranking#shen-mo-shi-exchange-app-ios-ranking) 什麼是Exchange App iOS Ranking --------------------------------------------------------------------------------------------------------------------------------------------- iOS App Ranking 是在美國地區中心化交易所的下載量排名。 通常在市場冷清的時候，許多人都漸漸淡出市場，導致關注市場的注意力降低。 但當市場進入情緒瘋狂的時候，看到許多人賺錢的消息，會使人們趨之若鶩的進入市場，就連擦鞋的小孩都會想找門路進入市場，這就是俗稱的「擦鞋童效應」。 因此透過觀察 Coinbase App 的下載量排名，可以判斷是否有擦鞋童效應的產生，當下載排名進入前幾名時，象徵市場已經非常瘋狂，大家都想找方法進入市場，反之亦然。 [](https://docs.coinkarma.co/indicators-guide/exchange-app-ios-ranking#ru-he-yun-yong-exchange-app-ios-ranking) 如何運用Exchange App iOS Ranking ------------------------------------------------------------------------------------------------------------------------------------------------- 指標的藍線數值為 Coinbase 在美國地區的財經類 APP 熱度排名，因此數值越低代表排名越靠前。當 Coinbase App 排名越高，代表目前美國市場散戶對 Crypto 的 mind share 越高。當排名衝進 Top 10，超越了一些傳統財經類 APP（如盈透證券、Yahoo Finance 等）時，代表行情短線可能過熱，該進場的散戶都進場了。 復盤過往牛市，當 Coinbase 排名長時間都在 Top 10 時，有較高機率為階段性行情的頂部，當排名在高位持續越久，越有機會成為 Global top。下圖以前 10 名作為一個基準，復盤 2021 與 2024 牛市供讀者參考。 ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2Flh7-rt.googleusercontent.com%2Fdocsz%2FAD_4nXeNaY__G6Tp_2IKkxrijn-vOyVJd9uL_nV9H2aZvjtyjDYXNyaE3Xn5sCFOPkoM54Rtn9QxYoDlvUm31J0Ny7mxEXvFqKUllafXDDp27ewTKwqskFetlaq4eq9KnMHvqEJMuYpx9w%3Fkey%3DluLiz2GY4XjFT_nYY-mTIQJp&width=768&dpr=4&quality=100&sign=834d2fd1&sv=2) **使用須知** 感謝您使用 CoinKarma，本平台提供的數據指標主要基於過去的歷史表現，無法完全預測未來的市場走勢。加密貨幣市場具有高度的波動性，使用者應謹慎評估風險，並為自己的決策負責。 [PreviousKarma Index](https://docs.coinkarma.co/indicators-guide/karma-index) [NextUSD/USDT Interest Rate](https://docs.coinkarma.co/indicators-guide/usd-usdt-interest-rate) Last updated 1 year ago * [什麼是Exchange App iOS Ranking](https://docs.coinkarma.co/indicators-guide/exchange-app-ios-ranking#shen-mo-shi-exchange-app-ios-ranking) * [如何運用Exchange App iOS Ranking](https://docs.coinkarma.co/indicators-guide/exchange-app-ios-ranking#ru-he-yun-yong-exchange-app-ios-ranking) --- # Ultron Signal | English | CoinKarma ### [](https://docs.coinkarma.co/english/features-guide/ultron-signal#shen-mo-shi-ultron-signal) What is Ultron Signal? Ultron Signal is an exclusive copy trading strategy available to Gold members. ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F3881674611-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FLNdPzU6psKxnGpgv182e%252Fuploads%252FYyQroRHRIEnTdkiTdCKR%252Funknown.png%3Falt%3Dmedia%26token%3Dc19d4c0d-4612-4304-9612-97d81c1a43b6&width=768&dpr=4&quality=100&sign=b9508c8&sv=2) [](https://docs.coinkarma.co/english/features-guide/ultron-signal#how-to-subscribe-to-ultron-signal) How to Subscribe to Ultron Signal ------------------------------------------------------------------------------------------------------------------------------------------- Ultron Signal currently offers two copy trading solutions: 1. OKX Signal Trading Edition 2. Hyperliquid Vault Edition ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F3881674611-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FLNdPzU6psKxnGpgv182e%252Fuploads%252F4TxBdnTdLAixVtoDAqZt%252Funknown.png%3Falt%3Dmedia%26token%3Dd1cfc54b-8439-4349-a518-283fbbba70b4&width=768&dpr=4&quality=100&sign=3b1bbdf6&sv=2) OKX Signal Trading Edition Hyperliquid Vault Edition Steps * Go to the [Ultron Signal link](https://www.coinkarma.co/zh-tw/ultron-signal) → Subscribe Now → Select OKX. * OKX - \[Coinkarma\] Ultron signal → Click Use. * Enter your investment margin → Click Create Strategy. * Go to the [Ultron Signal link](https://www.coinkarma.co/zh-tw/ultron-signal) → Subscribe Now → Select Hyperliquid. * Click "Deposit / Follow" and enter the amount of USDC to invest. Prerequisites: * If you don’t have a Hyperliquid account, use the referral link to register and get a 4% fee discount: [Hyperliquid Registration Link](https://app.hyperliquid.xyz/join/COINKARMA) * Prepare USDC and a small amount of ETH (for gas) in your Arbitrum wallet. * After logging in, go to the Portfolio page, select Deposit, and transfer USDC to Hyperliquid L2. ### [](https://docs.coinkarma.co/english/features-guide/ultron-signal#gen-dan-zi-xun) Signal Details OKX Signal Trading Edition Hyperliquid Vault Edition Trading Pair $BTC $BTC Direction Long & Short Long & Short Leverage Default 3x. Adjustable based on risk preference. If adjusting above 3x, it is recommended to manually configure "Take Profit / Stop Loss" in "Advanced Settings" before copying. Fixed leverage; TP/SL conditions cannot be manually adjusted. Min. Investment $1,000 USDT (Post-leverage) $100 USDC (Post-leverage) Profit Share 10% 10% ### [](https://docs.coinkarma.co/english/features-guide/ultron-signal#strategy-overview) Strategy Overview **Core Framework** Ultron Signal is powered by the proprietary **Market Pulse Index (MPI)**, which serves as the core indicator for assessing market strength, determining entry and exit points, and dynamically adjusting position size. **Multi-Layer Dynamic Adjustment** The strategy integrates multiple market factors, including: * Long-term moving averages (trend direction) * RSI (market momentum) * Recent realized volatility (market activity) These elements collectively influence the system’s threshold levels, allowing Ultron Signal to automatically adapt to changing market structures. **No-Short Filter** When buy-side strength significantly outweighs sell pressure, the system activates a **“No-Short” protection mode**, temporarily disabling short positions to reduce counter-trend risks and enhance decision flexibility. [](https://docs.coinkarma.co/english/features-guide/ultron-signal#stop-loss-mechanism) Stop-Loss Mechanism --------------------------------------------------------------------------------------------------------------- Ultron Signal does not employ a fixed stop-loss level. The main reason is that each user applies different leverage, and a uniform stop-loss threshold could lead to delayed liquidation for high-leverage users or premature exits for low-leverage users. Instead, the strategy incorporates a **dynamic risk control framework**. For example, when the strategy holds a long position and the market experiences an **overextended decline** while the **MPI starts to flatten out**, Ultron will automatically scale down or close positions _as the market rebounds_, creating a natural stop-loss effect. Using **3× leverage** as an example: even during sharp drawdowns such as in **April 2025**, the **maximum drawdown (MDD)** was limited to around **20%**, keeping the risk within a controllable range. Therefore, we recommend operating the strategy with **leverage up to 3×**. For users employing higher leverage, additional **take-profit and stop-loss conditions** can be customized within the **Advanced Settings** panel when subscribing to the OKX signal. [PreviousMarket Pulse](https://docs.coinkarma.co/english/features-guide/market-pulse) [NextOKX Referral Reassignment](https://docs.coinkarma.co/english/features-guide/okx-referral-reassignment) Last updated 8 days ago * [What is Ultron Signal?](https://docs.coinkarma.co/english/features-guide/ultron-signal#shen-mo-shi-ultron-signal) * [How to Subscribe to Ultron Signal](https://docs.coinkarma.co/english/features-guide/ultron-signal#how-to-subscribe-to-ultron-signal) * [Signal Details](https://docs.coinkarma.co/english/features-guide/ultron-signal#gen-dan-zi-xun) * [Strategy Overview](https://docs.coinkarma.co/english/features-guide/ultron-signal#strategy-overview) * [Stop-Loss Mechanism](https://docs.coinkarma.co/english/features-guide/ultron-signal#stop-loss-mechanism) --- # OKX Referral Reassignment | English | CoinKarma Want to enjoy subscription discounts and trading rewards? Just follow a few simple steps to check whether your account is eligible for referral reassignment and complete the link! [](https://docs.coinkarma.co/english/features-guide/okx-referral-reassignment#f3aab62b-c6c2-4600-840c-e5787c2ca6bb) How to Reassign Your Referral Link ----------------------------------------------------------------------------------------------------------------------------------------------------------- 1. Click the official referral reassignment link: [https://www.okx.com/ul/J6l2R5](https://www.okx.com/ul/J6l2R5) 2. Enter the referral code manually**：** `coinkarma` * If an error page appears, it means your account is currently not eligible for referral reassignment (see details below). ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F3881674611-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FLNdPzU6psKxnGpgv182e%252Fuploads%252FSLmyZAmx02YGGY1l3sDj%252Fimage.png%3Falt%3Dmedia%26token%3Dbce97ce6-9ee9-4cf1-a258-14e87de19547&width=768&dpr=4&quality=100&sign=e6c19704&sv=2) 3. Wait for Approval**：** After you submit successfully, the review typically takes about 1 business day. Once you receive an official notification from OKX, your account has been successfully linked. ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F3881674611-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FLNdPzU6psKxnGpgv182e%252Fuploads%252F4C691H8tr8CFey8Jhc3F%252Ftelegram-cloud-photo-size-5-6221871989756988835-y.jpg%3Falt%3Dmedia%26token%3Da0aa19e5-e71d-463f-9508-12f0994eb6d6&width=768&dpr=4&quality=100&sign=4ba27e9&sv=2) * * * ### [](https://docs.coinkarma.co/english/features-guide/okx-referral-reassignment#eligibility-restrictions) Eligibility Restrictions f you’re unable to link your account, it’s usually due to one of the following reasons: * Active trading account: The account has a history of frequent/high-volume trading activity. * Existing referral history: The account has previously invited others using a referral code. * * * ### [](https://docs.coinkarma.co/english/features-guide/okx-referral-reassignment#exclusive-benefits-of-linking-with-coinkarma) Exclusive Benefits of Linking with CoinKarma After linking successfully, you’ll receive two key benefits: * **Subscription discount:** 10% off all CoinKarma subscription plans. ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F3881674611-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FLNdPzU6psKxnGpgv182e%252Fuploads%252FAcB6R1G8Z1k5heYHlVwW%252Fimage.png%3Falt%3Dmedia%26token%3D21d4a329-1351-4f9b-bf53-4614bf848a7d&width=768&dpr=4&quality=100&sign=3a6e2873&sv=2) * **Trade volume to points**: Your trade volume is automatically converted into points, which can be used to extend your subscription period. * * * If you have any questions about the reassignment process, feel free to message support: 👉 [https://t.me/CoinKarma\_Roman](https://t.me/CoinKarma_Roman) [PreviousUltron Signal](https://docs.coinkarma.co/english/features-guide/ultron-signal) Last updated 11 days ago * [How to Reassign Your Referral Link](https://docs.coinkarma.co/english/features-guide/okx-referral-reassignment#f3aab62b-c6c2-4600-840c-e5787c2ca6bb) * [Eligibility Restrictions](https://docs.coinkarma.co/english/features-guide/okx-referral-reassignment#eligibility-restrictions) * [Exclusive Benefits of Linking with CoinKarma](https://docs.coinkarma.co/english/features-guide/okx-referral-reassignment#exclusive-benefits-of-linking-with-coinkarma) --- # ALT Resilient Index | CoinKarma [](https://docs.coinkarma.co/indicators-guide/alt-resilient-index#shen-mo-shi-ari-zhi-biao-alt-resilient-index) 什麼是 ARI 指標(ALT Resilient Index) ---------------------------------------------------------------------------------------------------------------------------------------------------- ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2Flh7-rt.googleusercontent.com%2Fdocsz%2FAD_4nXerpg0QZQSg9Jn-Zv3k3hg4QnpYdC2imQH9VZ1oIQyCRACN-gnfhDZbdf8IdUw_7rEAoiny_KtdHcrosbmp5FaJjH4lfMpZ7XWNW7MDfQszgdC_ht8gxGGmSxwA4uqjym3vy5J7Kg%3Fkey%3DluLiz2GY4XjFT_nYY-mTIQJp&width=768&dpr=4&quality=100&sign=6dc6530a&sv=2) 在幣圈我們知道一個現象，當 BTC 大跌而山寨幣不跟跌時，通常是短線上一個相對安全的進場邊際，其基礎邏輯是， 當 BTC 下跌時，山寨幣往往會遭到更嚴重的拋售，當行情觸底，山寨幣的造市商會開始回收砸出去的籌碼，此時就會出現 ALT/BTC 匯率反彈的狀況，表現在價格上就是山寨下跌得比 BTC 更少，甚至逆勢反彈。 因此透過 ARI 指標可以在 BTC 大跌時，觀察山寨幣造市商對當前極端行情的判斷； 當 ARI 指標數值越高時，代表山寨幣的造市商願意承接市場拋壓的力量越大，換言之，就是造市商願意花真金白銀去護盤，這通常會是行情的止跌點。 [](https://docs.coinkarma.co/indicators-guide/alt-resilient-index#ru-he-yun-yong-ari-zhi-biao) 如何運用 ARI 指標 --------------------------------------------------------------------------------------------------------------- 牛市通常不會是單邊一路漲到尾，而是中間伴隨著 BTC 單邊 10%-20% 以上的跌幅修正； 當行情修正發生時，透過 ARI 指標可以找出安全邊際高的進場位置。 ● 單以 ARI 指標作為行情介入點 以下舉例這輪牛市中，BTC 比較大的單邊跌幅去對比 ARI 指標 ◦ A 點：BTC ETF sell the news 事件 ◦ B 點：以色列—哈瑪斯戰爭加劇 ◦ C 點：日本央行提高基準利率，引發金融市場崩盤，加劇全球市場動盪 這些點位都是受外部因素影響且場內情緒較恐慌的位置，事後單看 ARI 指標都給出了相對低位的進場點。 ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2Flh7-rt.googleusercontent.com%2Fdocsz%2FAD_4nXeI_XXa4usjytO8bSE2_XJMFxaP0WH3EMNwJFFlA9sxph-2sx8-5XwYRKtvDJqEI4F9-xzLxI0eFmwvvsyx1H0MKEucaSicDwkZuxtyQFBmaIE1Bmy0l2Fdhrz9JT1jS8z11t_frQ%3Fkey%3DluLiz2GY4XjFT_nYY-mTIQJp&width=768&dpr=4&quality=100&sign=a5cf4a13&sv=2) ● 將 ARI 作為 LIQ 相關指標進場策略的濾網 以下舉例日本央行升息事件： 在日本央行 7 月 31 日貨幣無預警升息後，BTC 快速從 67K 跌至 58K 時 LIQ 給出了進場訊號(黃框)，但隨後再次下跌至最低 49K ，若此次我們加上 ARI 指標作為 LIQ 進場的過濾(橘框)，進場的安全邊際會提升非常多。 ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2Flh7-rt.googleusercontent.com%2Fdocsz%2FAD_4nXeDLQLgY54Qb7tg1K9Ap_8YtSfkoG4qC1ybuHDwHKMZB0CG3RJ8FxVAfSd8K13Z0A59uY5dGdpALZSEaFwNvHe-FirOoR2hHqb_01C5qgOntnTl3T5YfCwQHSv9_6NLrrGbch7nNg%3Fkey%3DluLiz2GY4XjFT_nYY-mTIQJp&width=768&dpr=4&quality=100&sign=6d271edd&sv=2) [](https://docs.coinkarma.co/indicators-guide/alt-resilient-index#jie-yu-arialt-resilient-index-zhi-biao-de-shi-yong-chang-jing-ji-qi-ju-xian-xing) 結語-ARI(ALT Resilient Index)指標的適用場景及其侷限性 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ● ARI 指標的適用場景 當行情發生大幅度修正時，即可透過 ARI 指標找出安全邊際高的進場位置。 ● ARI 指標的侷限性 ◦ 介入行情的交易機會少：ARI benchmark 設定為3，若單以 ARI 指標作為進場策略，觸發交易的交易機會會相對較少，用戶可以搭配其他指標達到其最大效用。 ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2Flh7-rt.googleusercontent.com%2Fdocsz%2FAD_4nXePnmVCINOw16K2fUD_8M1hAFYx4p7tiuZ1ee29T9MyFhihq2F22rkXZyvjN5UxmI3_tmhArbMcn6XDoN4I5_6UToprhP0Oe5jAroV_qCeLxv-YBDJD6oCcyhr4-upnBhKYKLR99Q%3Fkey%3DluLiz2GY4XjFT_nYY-mTIQJp&width=768&dpr=4&quality=100&sign=b9d6896c&sv=2) ◦ 無法 100% 標示絕對的低點：當觸發 ARI 指標時，代表造市商願意在此位階承接市場拋壓，但驅動行情的因素很多，當市場某些因素產生的拋壓大於造市商承接的力量時，價格還是有可能繼續探底。 以下舉例：2024/1 BTC sell the news 事件，當觸發 ARI 指標時，BTC 還是向下跌超10%，但事後看仍是一個不錯的進場位置。 ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2Flh7-rt.googleusercontent.com%2Fdocsz%2FAD_4nXeBH15Pd0IgR3R1-FNe8ciYtNvS30XEunhFhxviIvCgs5GOmmwLYEJMzkwoX1Ntp2GG0eY4CWJOMiiIG_ZOnIC5YP_KGRne1fMCnUtJtr1YLTeF0PIorC8jTVYQ0cELzYwCrPoFQw%3Fkey%3DluLiz2GY4XjFT_nYY-mTIQJp&width=768&dpr=4&quality=100&sign=983dc8cb&sv=2) **使用須知** 感謝您使用 CoinKarma，本平台提供的數據指標主要基於過去的歷史表現，無法完全預測未來的市場走勢。加密貨幣市場具有高度的波動性，使用者應謹慎評估風險，並為自己的決策負責。 [PreviousLIQ](https://docs.coinkarma.co/indicators-guide/liq) [NextFuture Basis Rolling APY](https://docs.coinkarma.co/indicators-guide/future-basis-rolling-apy) Last updated 11 months ago * [什麼是 ARI 指標(ALT Resilient Index)](https://docs.coinkarma.co/indicators-guide/alt-resilient-index#shen-mo-shi-ari-zhi-biao-alt-resilient-index) * [如何運用 ARI 指標](https://docs.coinkarma.co/indicators-guide/alt-resilient-index#ru-he-yun-yong-ari-zhi-biao) * [結語-ARI(ALT Resilient Index)指標的適用場景及其侷限性](https://docs.coinkarma.co/indicators-guide/alt-resilient-index#jie-yu-arialt-resilient-index-zhi-biao-de-shi-yong-chang-jing-ji-qi-ju-xian-xing) --- # Stablecoin Supply | CoinKarma [](https://docs.coinkarma.co/indicators-guide/stablecoin-supply#shen-mo-shi-stablecoin-supply) 什麼是Stablecoin Supply ------------------------------------------------------------------------------------------------------------------------ Stablecoin Supply 是穩定幣 USDT、USDC 的流通市值指標。 [](https://docs.coinkarma.co/indicators-guide/stablecoin-supply#ru-he-yun-yong-stablecoin-supply) 如何運用 Stablecoin Supply ----------------------------------------------------------------------------------------------------------------------------- #### [](https://docs.coinkarma.co/indicators-guide/stablecoin-supply#yi-shi-zhi-zui-da-de-wen-ding-bi-usdt-dui-bi-btc-jia-ge) 以市值最大的穩定幣-USDT對比BTC價格： * 可以發現在2022年隨著市場下跌，USDT市值也隨之下降 → 資金流出市場，可以預期市場流動性不斷減少 * 而隨著2023-2024年市場開始復甦，USDT市值也隨之上升 → 資金流入市場，可以預期市場流動性不斷增加。 ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2Flh7-rt.googleusercontent.com%2Fdocsz%2FAD_4nXepJcCldLtoXiLwYqWpgsHegk4GW8g8aOKrtbLG33-nECvw7hOmtAr7rvxaWte5eQgfGvj6F24u2QGWIsTRexG5rSoiPHudrcm0L7tEIZ3EB7n-6dLzQB7ccXa644mIuaiP9waysQ%3Fkey%3DluLiz2GY4XjFT_nYY-mTIQJp&width=768&dpr=4&quality=100&sign=58c566fb&sv=2) #### [](https://docs.coinkarma.co/indicators-guide/stablecoin-supply#zhong-dian-guan-cha-usdc-ni-shi-zeng-fa) 重點觀察：USDC逆勢增發 透過復盤發現，USDC 在短線上若出現與價格背離、逆勢增發現象，可能會形成底部。以下舉例：Overall LIQ出現綠柱+USDC增發超10億美金的情況，往往會形成短線上的區間底部。 ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2Flh7-rt.googleusercontent.com%2Fdocsz%2FAD_4nXcsbvGJaYjL1JXDvyGe3A_GlDis_J6rI5p3FzDDx8DnHHRaSG0kEQT6sodHXPb6P0gniZtYqSDWkadxBMw9F37H1OBggdhaB3m5qnTu6awt2LicaszU67YKN-AYci-f6njXwvj9hA%3Fkey%3DluLiz2GY4XjFT_nYY-mTIQJp&width=768&dpr=4&quality=100&sign=8baf7e54&sv=2) **使用須知** 感謝您使用 CoinKarma，本平台提供的數據指標主要基於過去的歷史表現，無法完全預測未來的市場走勢。加密貨幣市場具有高度的波動性，使用者應謹慎評估風險，並為自己的決策負責。 [PreviousBTC ETF Net Flow](https://docs.coinkarma.co/indicators-guide/btc-etf-net-flow) [NextLSUR Z Index](https://docs.coinkarma.co/indicators-guide/lsur-z-index) Last updated 11 months ago * [什麼是Stablecoin Supply](https://docs.coinkarma.co/indicators-guide/stablecoin-supply#shen-mo-shi-stablecoin-supply) * [如何運用 Stablecoin Supply](https://docs.coinkarma.co/indicators-guide/stablecoin-supply#ru-he-yun-yong-stablecoin-supply) --- # BTC ETF Net Flow | CoinKarma [](https://docs.coinkarma.co/indicators-guide/btc-etf-net-flow#shen-mo-shi-btc-etf-net-flow) 什麼是BTC ETF Net Flow --------------------------------------------------------------------------------------------------------------------- BTC ETF Net Flow 是美股 BTC ETF 的淨流入(出)，CoinKarma 收錄了10支美股 BTC ETF 每日淨流入(出)的數據。 而 CoinKarma 之所以收錄 BTC ETF Net Flow，是因為透過復盤發現， 從 BTC ETF 流入的資金有一部分是套利倉位，對行情影響並不大，與我們直覺上認為 BTC ETF 的淨流入是看漲後市、淨流出是看跌後市的想法，有所不同，我們可以根據 BTC ETF 流入資金的狀況，來判斷期貨市場的情緒。 [](https://docs.coinkarma.co/indicators-guide/btc-etf-net-flow#ru-he-yun-yong-btc-etf-net-flow) 如何運用 BTC ETF Net Flow -------------------------------------------------------------------------------------------------------------------------- 以下分析，美股投資人如何透過美股BTC ETF來進行套利： * 當市場情緒好(過熱)，期貨溢價變高 --> 套利資金買進 BTC ETF，做空 CME 的期貨 * 當市場情緒差(恐慌)，期貨溢價變低 --> 套利資金賣出 BTC ETF，平倉 CME 的空單 所以當每次 BTC 行情到頂的時候， CME 的持倉量都會急遽拉升（對應的是 hedge fund 的 net short position 上升），行情下殺完之後，CME 持倉量也跟著下滑。 這批套利資金無需等到期貨交割才平倉，只要在幣圈市場情緒不斷發散跟收斂的過程中，一直在市場 fomo 時做空，市場恐慌時平空就可以賺錢。 透過觀察，IBIT 因為投資人屬性及手續費優勢，套利資金比較青睞 IBIT，其他 ETF 也有類似的套利行為，但規模遠不及 IBIT。因此我們夠過 IBIT 資金的流入流出狀況對比 BTC 價格，可以發現當 IBIT 資金淨流出或停止流入時（套利空單平倉、賣出 ETF 持倉），幾乎都是短期底部。 ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2Flh7-rt.googleusercontent.com%2Fdocsz%2FAD_4nXewZR2WlR7nv3xj-K8BYGorHjvGApk0WlUdA_mQcBxrg-jyvIvgZc34Jcqd7ptrtrEUyqxQXOiT87vn2XmSUviUIlL9ZhykWJCsxGDAujKCASIBwqk-XZNqSVhRXUW9AvlOHPqvUg%3Fkey%3DluLiz2GY4XjFT_nYY-mTIQJp&width=768&dpr=4&quality=100&sign=125cccab&sv=2) **使用須知** 感謝您使用 CoinKarma，本平台提供的數據指標主要基於過去的歷史表現，無法完全預測未來的市場走勢。加密貨幣市場具有高度的波動性，使用者應謹慎評估風險，並為自己的決策負責。 [PreviousCME Smart Money](https://docs.coinkarma.co/indicators-guide/cme-smart-money) [NextStablecoin Supply](https://docs.coinkarma.co/indicators-guide/stablecoin-supply) Last updated 1 year ago * [什麼是BTC ETF Net Flow](https://docs.coinkarma.co/indicators-guide/btc-etf-net-flow#shen-mo-shi-btc-etf-net-flow) * [如何運用 BTC ETF Net Flow](https://docs.coinkarma.co/indicators-guide/btc-etf-net-flow#ru-he-yun-yong-btc-etf-net-flow) --- # Binance Insurance Fund | CoinKarma [](https://docs.coinkarma.co/indicators-guide/binance-insurance-fund#shen-mo-shi-binance-insurance-fund-he-yue-feng-xian-bao-zhang-ji-jin) 什麼是Binance Insurance Fund(合約風險保障基金) ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 根據 Binance 的介紹文檔所述： * 數據解釋：合約風險保障基金是用於限制交易對手強平影響的安全機制，這能保護交易者免受破產倉位所生的不利損失，並有助於確保獲利倉位的收益全額支付予獲利的交易者。 * 基金來源：當倉位遭到強平時，除非該倉位在強平後屬於破產倉位，否則會在扣除用於維持倉位所需的部分資產後，作為強平清算手續費支付給幣安，而此手續費部分分配予合約風險保障基金。 綜上，我們知道永續合約是一個零和市場，有人賺錢就會有人賠錢，而在極端行情下，賠錢的一方的保證金無法足額支付給獲利的一方時，就會由合約風險保障基金來支付，因此在極端清算槓桿的行情之後，合約風險保障基金才會下降。 [](https://docs.coinkarma.co/indicators-guide/binance-insurance-fund#ru-he-yun-yong-binance-insurance-fund) 如何運用Binance Insurance Fund ------------------------------------------------------------------------------------------------------------------------------------------- Binance Insurance Fund 長期向上增長，當遇到巨量清算、導致用戶穿倉的行情，才可能使 Insurance Fund 減少，因此當 Binance Insurance Fund 減少時，我們可以判斷短線上已經過度清算，尤其當清算槓桿多頭時，對比此數據特別有奇效，通常會是階段底部。 ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2Flh7-rt.googleusercontent.com%2Fdocsz%2FAD_4nXdMe81zmZrN2bueuxc3CCBTA-cZSI229r9i2CfC7OEUSIHhR3yZmbPleMAUT9V9UmVB04I9SnE9rRYhrQJWPwnfgJmPR3QKk-gDdtkofRmcWnwu9zfPi2dO32gJ5cUz7ELEMhSCrQ%3Fkey%3DluLiz2GY4XjFT_nYY-mTIQJp&width=768&dpr=4&quality=100&sign=311c8c84&sv=2) **使用須知** 感謝您使用 CoinKarma，本平台提供的數據指標主要基於過去的歷史表現，無法完全預測未來的市場走勢。加密貨幣市場具有高度的波動性，使用者應謹慎評估風險，並為自己的決策負責。 [PreviousUSD/USDT Interest Rate](https://docs.coinkarma.co/indicators-guide/usd-usdt-interest-rate) [NextCVD(Cumulative Volume Delta)](https://docs.coinkarma.co/indicators-guide/cvd-cumulative-volume-delta) Last updated 1 year ago * [什麼是Binance Insurance Fund(合約風險保障基金)](https://docs.coinkarma.co/indicators-guide/binance-insurance-fund#shen-mo-shi-binance-insurance-fund-he-yue-feng-xian-bao-zhang-ji-jin) * [如何運用Binance Insurance Fund](https://docs.coinkarma.co/indicators-guide/binance-insurance-fund#ru-he-yun-yong-binance-insurance-fund) --- # LSUR Z Index | CoinKarma [](https://docs.coinkarma.co/indicators-guide/lsur-z-index#shen-mo-shi-lsurzindex) 什麼是 LSUR Z Index -------------------------------------------------------------------------------------------------------- LSUR Z index 是頭部幣種 OI 加權的 LSUR，跟過去 14 天平均值差距幾個標準差，舉例：-2 就是小於 2 個標準差。( 註：LSUR 是永續合約數據中，持倉人數多空比 ) 　 過去，在加密貨幣市場中，當 LSUR 小於 1，代表市場上做空的人多於做多的人，通常反映市場情緒過度悲觀，是價格可能觸底反彈的訊號，因此常被視為短期低點的參考指標。然而，這樣的邏輯在近年已逐漸失效，甚至出現反向變化 —— LSUR 小於 1 時，反而成為短期高點的前兆；至於真正的原因為何不得而知，CoinKarma 猜測，背後的關鍵原因之一，是機構資金的大量進場與對沖策略改變了市場結構。機構投資者與散戶不同，他們在現貨市場持有大量資產時，往往會在期貨市場建立空單進行風險對沖，並非單純看空市場。這使得市場在 LSUR 小於 1 的情況下，並不一定是情緒極度悲觀，而可能只是資金管理與策略性布局的結果。 即使市場結構發生改變，LSUR 仍然具有參考價值，透過 CoinKarma 的獨家算法，依然可以用於判斷市場短期多空可能的方向。 [](https://docs.coinkarma.co/indicators-guide/lsur-z-index#ru-he-yun-yong-lsurzindex) 如何運用 LSUR Z Index ------------------------------------------------------------------------------------------------------------ LSUR Z index 需搭配 CoinKarma 其他指標一起閱讀，以下舉例： ● 搭配 Overall LIQ 加以判斷市場可能的反轉點 在震盪行情中，當 LSUR Z index 與 Overall LIQ 共振時，找出潛在的行情反轉點。 ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2Flh7-rt.googleusercontent.com%2Fdocsz%2FAD_4nXeiUAmf97NCa1gCl_ACrqQpjjK7oAA1erinkCVILwnsmJEdZAQNSsoXdXaU6pAz_CkNZghr-_TZuS66-QM7c-L3KvJBYQa86A9lxLMh49GrXLz8SEoCwf9xIGzrm1wamx8fxx0kPw%3Fkey%3DluLiz2GY4XjFT_nYY-mTIQJp&width=768&dpr=4&quality=100&sign=dd27ac76&sv=2) ● 判斷 LIQ 相關指標與 LSUR Z index 可能過度延伸的警訊 黃框：當 LIQ 相關指標與 LSUR Z index 都出現行情可能回調的情況下，但價格仍然保持強勢，說明此處震盪趨勢中的有效因子正在鈍化，應避免做空。 ( 行情可能正由震盪趨勢轉為單邊趨勢 ) 紫框：當 LSUR Z index 出現小於 -2 值時，搭配 LIQ 相關指標可以過濾其訊息，避免單就 LSUR Z index 做空。 ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2Flh7-rt.googleusercontent.com%2Fdocsz%2FAD_4nXeXR3hDJmv7QVoxYa_QSB-qZotxhDFoC9k7WMFXVgMu-dHelxpun4lUFYbGQKlKE5PSZj-WofTz3tkOl-2I8SrnrpHx8ktIAdu6u2DevrfX4OKZhyrR_JWMST6_nnjfd2e2awBq%3Fkey%3DluLiz2GY4XjFT_nYY-mTIQJp&width=768&dpr=4&quality=100&sign=1e51eca4&sv=2) **使用須知** 感謝您使用 CoinKarma，本平台提供的數據指標主要基於過去的歷史表現，無法完全預測未來的市場走勢。加密貨幣市場具有高度的波動性，使用者應謹慎評估風險，並為自己的決策負責。 [PreviousStablecoin Supply](https://docs.coinkarma.co/indicators-guide/stablecoin-supply) [NextCumberland USDT Distribution](https://docs.coinkarma.co/indicators-guide/cumberland-usdt-distribution) Last updated 8 months ago * [什麼是 LSUR Z Index](https://docs.coinkarma.co/indicators-guide/lsur-z-index#shen-mo-shi-lsurzindex) * [如何運用 LSUR Z Index](https://docs.coinkarma.co/indicators-guide/lsur-z-index#ru-he-yun-yong-lsurzindex) --- # Short Filter | CoinKarma [](https://docs.coinkarma.co/indicators-guide/short-filter#shen-mo-shi-short-filter) 什麼是 Short filter ---------------------------------------------------------------------------------------------------------- 當 Market Pulse Index 達做空值時，但 Cumberland USDT Distribution 近 7 天 USDT 累積轉帳量超過 10% overall liquidity( in USD )，會觸發「No-Short Filter」。 [](https://docs.coinkarma.co/indicators-guide/short-filter#ru-he-yun-yong-short-filter) 如何運用 Short filter -------------------------------------------------------------------------------------------------------------- Short Filter 是為了避免在單邊上漲行情中去做空的濾網指標( 如圖中 ❌ 處 )，可能會錯失一些做空的盈利機會，但能有效避免如圖中 A 點、B 點，過早做空而被嘎空的情況，而往往在觸發「No-Short Filter」後，後續仍有較佳的做空機會( 如圖中橘色箭頭處 )。 ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F1729336661-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FJw2jrjZQmACHsCUyfYLT%252Fuploads%252Ff2SVcpHC4K3zOWie5ML9%252Funknown.png%3Falt%3Dmedia%26token%3Dc3aa129a-7246-4225-9860-b8d20bb25198&width=768&dpr=4&quality=100&sign=e361ad5c&sv=2) **使用須知** 感謝您使用 CoinKarma，本平台提供的數據指標主要基於過去的歷史表現，無法完全預測未來的市場走勢。加密貨幣市場具有高度的波動性，使用者應謹慎評估風險，並為自己的決策負責。 [PreviousVolatility Term Structure](https://docs.coinkarma.co/indicators-guide/volatility-term-structure) [NextUSDC/USDT Premium](https://docs.coinkarma.co/indicators-guide/usdc-usdt-premium) Last updated 5 days ago * [什麼是 Short filter](https://docs.coinkarma.co/indicators-guide/short-filter#shen-mo-shi-short-filter) * [如何運用 Short filter](https://docs.coinkarma.co/indicators-guide/short-filter#ru-he-yun-yong-short-filter) --- # USDC/USDT Premium | CoinKarma [](https://docs.coinkarma.co/indicators-guide/usdc-usdt-premium#shen-mo-shi-usdcusdt-premium) 什麼是 USDC/USDT Premium ------------------------------------------------------------------------------------------------------------------------ USDC/USDT Premium 是衡量 USDC 相對於 USDT 價差的指標。雖然兩者都標榜與1美元掛鉤，但在實際交易中，價格會因市場需求差異與資金壓力出現折溢價，而兩者的價差關係，可用來判斷短線資金的流向與市場承壓方向，其與 BTC 的短期價格波動具有高度相關性。 在沒有外部增量資金進入的情況下，市場主要由場內既有資金循環，而 USDT 是加密貨幣整體市場的主要結算單位，其交易量與深度長期佔比都是遠超過 USDC 的，因此 BTC/USDT 相較 BTC/USDC ，前者才是短線真正決定價格方向的基準價格。 所以，當主力在短線上有誘因要賣出 BTC 時，會從流動性較高的 BTC/USDT 開始，這會造成 BTC/USDT< BTC/USDC 的現象 ，因前者主動承壓(買入則相反)，此時套利空間也隨之出現，套利資金會在 BTC/USDT 買入價格較低的 BTC，在 BTC/USDC 賣出價格較高的 BTC，再將獲取的 USDC 拋售換回 USDT，完成套利，所以當 USDC/USDT Premium 低於 0 時，通常代表驅動市場的主要資金正在賣出 BTC。 綜合以上的邏輯整理，以 USDC/USDT Premium < 0 為例： 1. 大資金在 BTC/USDT 拋售 → BTC/USDT 價格領跌 2. 造成 BTC/USDT < BTC/USDC 的現象 → 出現套利機會 3. 套利資金介入－在價格較低的 BTC/USDT 購買 BTC，並於價格較貴的 BTC/USDC 出售 BTC 4. 套利者最後將獲取的 USDC 拋售回 USDT → 導致 USDC/USDT < 0 因此 USDC/USDT Premium < 0 通常代表市場大資金在賣 BTC。 [](https://docs.coinkarma.co/indicators-guide/usdc-usdt-premium#ru-he-yun-yong-usdcusdt-premium) 如何運用 USDC/USDT Premium ---------------------------------------------------------------------------------------------------------------------------- 以 USDC/USDT Premium < 0 舉例，在沒有外部增量資金進入的情況下，每當 USDC/USDT Premium 轉負時，通常短線上會出現觸頂現象。 ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F1729336661-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FJw2jrjZQmACHsCUyfYLT%252Fuploads%252FP0kdOC4XTT5vgUO4RF9O%252Funknown.png%3Falt%3Dmedia%26token%3Df6199912-9e7c-4c5c-829e-44f9b05e6ae8&width=768&dpr=4&quality=100&sign=2186e167&sv=2) **使用須知** 感謝您使用 CoinKarma，本平台提供的數據指標主要基於過去的歷史表現，無法完全預測未來的市場走勢。加密貨幣市場具有高度的波動性，使用者應謹慎評估風險，並為自己的決策負責。 [PreviousShort Filter](https://docs.coinkarma.co/indicators-guide/short-filter) [NextCustom Signal](https://docs.coinkarma.co/features-guide/custom-signal) Last updated 5 days ago * [什麼是 USDC/USDT Premium](https://docs.coinkarma.co/indicators-guide/usdc-usdt-premium#shen-mo-shi-usdcusdt-premium) * [如何運用 USDC/USDT Premium](https://docs.coinkarma.co/indicators-guide/usdc-usdt-premium#ru-he-yun-yong-usdcusdt-premium) --- # BTC 25Δ skew | CoinKarma [](https://docs.coinkarma.co/indicators-guide/btc-25d-skew#shen-mo-shi-btc-25-skew) 什麼是 BTC 25Δ skew --------------------------------------------------------------------------------------------------------- 25Δ Skew 反映市場對於看跌期權（Put）與看漲期權（Call）在相同 Delta 條件下的隱含波動率差異： ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F1729336661-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FJw2jrjZQmACHsCUyfYLT%252Fuploads%252FnPKa5VNxwanqtAKLkcJZ%252Fimage.png%3Falt%3Dmedia%26token%3Da6383ae2-a531-45d7-ad43-e7856368cc42&width=768&dpr=4&quality=100&sign=333373db&sv=2) 其中： * IV（Implied Volatility）：期權價格反映的市場預期波動。 * ATM（At-The-Money）：平值期權的隱含波動率，用於標準化比較。 ### [](https://docs.coinkarma.co/indicators-guide/btc-25d-skew#wei-shen-mo-yong-25) 📘 為什麼用 25Δ 「25Δ」代表期權的 Delta 約為 ±0.25， 即距離現價一段距離的「虛值期權」(Out-of-the-money)。 * 25Δ Put：距現價略低，反映市場對「下跌避險需求」。 * 25Δ Call：距現價略高，反映市場對「上漲押注意願」。 透過比較這兩者的 IV，可以觀察市場對未來漲跌方向的偏好。 ### [](https://docs.coinkarma.co/indicators-guide/btc-25d-skew#ru-he-jie-du-btc-25-skew) 📊 如何解讀 BTC 25Δ Skew Skew 值 意涵 市場情緒 \> 0 Put IV > Call IV 市場恐懼、避險需求強（偏空） < 0 Call IV > Put IV 市場樂觀、追漲意願強（偏多） #### [](https://docs.coinkarma.co/indicators-guide/btc-25d-skew#ji-duan-qing-xu-qu-jian-yi-1m-qi-quan-wei-li) 極端情緒區間（以 1M 期權為例） ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F1729336661-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FJw2jrjZQmACHsCUyfYLT%252Fuploads%252FxVoE3G10GFRBpARwntqj%252Funknown.png%3Falt%3Dmedia%26token%3D4438002e-00f1-40bb-b49e-02bba517ed8f&width=768&dpr=4&quality=100&sign=be3780fc&sv=2) ### [](https://docs.coinkarma.co/indicators-guide/btc-25d-skew#btc-25-skew-shi-zhan-jie-du) 📈 BTC 25Δ Skew 實戰解讀 **Skew < -8 → 市場極度樂觀（Call 看漲情緒過熱）** * 當 Call 隱含波動率顯著高於 Put，代表市場普遍押注上漲。 在上圖中可見 2024 年 12 月，BTC 在短期內大幅拉升，Skew 多次低於 -8，顯示市場情緒亢奮。 * 通常此階段為短線風險偏高區，情緒過熱後容易出現回調。 **Skew > +8 → 市場極度恐懼（Put 避險需求強烈）** * 當 Put 隱含波動率遠高於 Call，代表市場集中避險、恐懼升溫。 在上圖中可見 2025 年 4 月初（川普撤稅消息階段），Skew 多次高於 +8，市場避險需求急升。 * 這類時期常是短線情緒底部區，但需結合價格結構確認反轉。 備註：Crypto 市場的情緒極端可長時間延續： 樂觀階段 Skew 維持低於 -8 並不一定立即反轉，反之亦然。因此，Skew 不應單獨作為交易訊號，而應用來輔助判斷整體市場情緒溫度。 [](https://docs.coinkarma.co/indicators-guide/btc-25d-skew#ru-he-yun-yong-btc-25-skew) 如何運用 BTC 25Δ skew ------------------------------------------------------------------------------------------------------------- BTC 25Δ Skew 能夠反映市場對未來的樂觀預期或避險需求，是判斷市場情緒的重要輔助指標。 當市場恐懼或貪婪至一定程度時，Skew 的變化往往先於價格出現轉折。 #### [](https://docs.coinkarma.co/indicators-guide/btc-25d-skew#skew-iv-put-iv-call) **Skew = IV(Put) − IV(Call)** • Skew 為正：多數人買入 Put 避險，Put 價格較貴 → 市場情緒較恐懼 Skew 為正時，代表多數人正在買入 Put 避險，看跌情緒高漲，然而，市場常因為恐慌情緒過度集中，價格反而容易出現反彈或築底。 • Skew 為負：多數人買入 Call 押漲，Call 價格較貴 → 市場情緒較樂觀 Skew 為負時，代表多數人正在買入 Call 押漲，看漲情緒高漲，然而，市場常因為市場過於樂觀，價格往往形成區間頂部或出現回調。 [](https://docs.coinkarma.co/indicators-guide/btc-25d-skew#zong-jie-btc-25-skew-de-yun-yong-shuo-ming) 總結 BTC 25Δ Skew 的運用說明 --------------------------------------------------------------------------------------------------------------------------------- Skew 值 意涵 極端閾值 意涵 Skew > 0 Put 較高，整體市場恐懼看跌 Skew > 8 市場極度恐懼 Skew < 0 Call 較高，整體市場樂觀看漲 Skew < -8 市場極度樂觀 Time Period 基準設定為 = 1M → Time Period 是「觀察期權期限結構的跨度」—— 也就是拿多短期的期權或多長期的期權來比較。 舉例： * 1 天期的期權（超短） → 對突發事件極度敏感，反映「立即恐懼或貪婪」。 * 1 年期的期權（長期） → 反映市場對長期趨勢的穩定預期。 [](https://docs.coinkarma.co/indicators-guide/btc-25d-skew#jie-yu-btc-25-skew-de-ju-xian-xing) 結語 - BTC 25Δ skew 的侷限性 -------------------------------------------------------------------------------------------------------------------------- BTC 25Δ skew 反映的是「市場情緒」，而非絕對的買賣信號，當 Skew 出現極端值時，結合其他指標相互搭配，能更準確抓住市場的行情拐點。 **使用須知** 感謝您使用 CoinKarma，本平台提供的數據指標主要基於過去的歷史表現，無法完全預測未來的市場走勢。加密貨幣市場具有高度的波動性，使用者應謹慎評估風險，並為自己的決策負責。 [PreviousCumberland USDT Distribution](https://docs.coinkarma.co/indicators-guide/cumberland-usdt-distribution) [NextVolatility Term Structure](https://docs.coinkarma.co/indicators-guide/volatility-term-structure) Last updated 3 months ago * [什麼是 BTC 25Δ skew](https://docs.coinkarma.co/indicators-guide/btc-25d-skew#shen-mo-shi-btc-25-skew) * [📘 為什麼用 25Δ](https://docs.coinkarma.co/indicators-guide/btc-25d-skew#wei-shen-mo-yong-25) * [📊 如何解讀 BTC 25Δ Skew](https://docs.coinkarma.co/indicators-guide/btc-25d-skew#ru-he-jie-du-btc-25-skew) * [📈 BTC 25Δ Skew 實戰解讀](https://docs.coinkarma.co/indicators-guide/btc-25d-skew#btc-25-skew-shi-zhan-jie-du) * [如何運用 BTC 25Δ skew](https://docs.coinkarma.co/indicators-guide/btc-25d-skew#ru-he-yun-yong-btc-25-skew) * [總結 BTC 25Δ Skew 的運用說明](https://docs.coinkarma.co/indicators-guide/btc-25d-skew#zong-jie-btc-25-skew-de-yun-yong-shuo-ming) * [結語 - BTC 25Δ skew 的侷限性](https://docs.coinkarma.co/indicators-guide/btc-25d-skew#jie-yu-btc-25-skew-de-ju-xian-xing) --- # CME Smart Money | CoinKarma [](https://docs.coinkarma.co/indicators-guide/cme-smart-money#shen-mo-shi-cme-smart-money) 什麼是CME Smart Money ------------------------------------------------------------------------------------------------------------------ 在市場上有一些巨鯨，他們的持倉能有一定的程度影響市場，因為當他們願意買進時，就會為市場帶來買方的支撐力道。除此之外，信息落差一直都是在市場上賺錢的根本之一，觀察有機會具備信息落差的鯨魚，就有機會為我們分辨出市場後續可能的趨勢。 在2024年BTC ETF通過的前後，市場都圍繞在此敘事，而當時最方便美國傳統金融交易的交易者交易BTC的地方便是芝加哥期貨交易所 (CME)。 CME Smart Money 是透過篩選在 CME 不同種類的交易員，去選出持倉變化在走勢上有 alpha 的那組人，歸集成的指標。 [](https://docs.coinkarma.co/indicators-guide/cme-smart-money#ru-he-yun-yong-cme-smart-money) 如何運用 CME Smart Money ----------------------------------------------------------------------------------------------------------------------- * 單位：張；一張5顆BTC。 * 讀取：０軸以上為淨多頭；0軸以下為淨空頭 * 更新時間：數據更新週期為台北（UTC+8)星期六更新當周星期二的倉位狀況。 2022-2023年每當 CME Smart money 轉 net short 時，通常都是階段高點。 ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2Flh7-rt.googleusercontent.com%2Fdocsz%2FAD_4nXcS-6exHBSwlAA1QW7h4zGUSmZbWFgC47FLiSHztRKRwP9_vucCYblpY2XPEMotJzzkVmOfJYo5ts1hs5uGYAcbd9w_5VkgeZa6RYN9VzZmwZb_-VzPJwobbZJih9VnAfnzwZXF%3Fkey%3DluLiz2GY4XjFT_nYY-mTIQJp&width=768&dpr=4&quality=100&sign=4dd08398&sv=2) 2024 / 10 CME smart money 由1,800張加倉至12,000張，這是有數據以來最大的持倉及加倉幅度，隨後BTC迎來單邊行情突破100K大關。 ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2Flh7-rt.googleusercontent.com%2Fdocsz%2FAD_4nXf8nC-K0Fyg60DizkPxYnmFuOebnKbJvNvUDV_CnA9PKbXEXubjF-N0oEkA3sBJTzx8MY6IMLCMUtk00_xEP532s6evU_ao2JRCbiIGk1QPMW7em4emQKGEGf-hUXV1LtcgzVOV4A%3Fkey%3DluLiz2GY4XjFT_nYY-mTIQJp&width=768&dpr=4&quality=100&sign=8af5b9d3&sv=2) **使用須知** 感謝您使用 CoinKarma，本平台提供的數據指標主要基於過去的歷史表現，無法完全預測未來的市場走勢。加密貨幣市場具有高度的波動性，使用者應謹慎評估風險，並為自己的決策負責。 [PreviousCVD(Cumulative Volume Delta)](https://docs.coinkarma.co/indicators-guide/cvd-cumulative-volume-delta) [NextBTC ETF Net Flow](https://docs.coinkarma.co/indicators-guide/btc-etf-net-flow) Last updated 1 year ago * [什麼是CME Smart Money](https://docs.coinkarma.co/indicators-guide/cme-smart-money#shen-mo-shi-cme-smart-money) * [如何運用 CME Smart Money](https://docs.coinkarma.co/indicators-guide/cme-smart-money#ru-he-yun-yong-cme-smart-money) --- # Custom Alerts | CoinKarma [](https://docs.coinkarma.co/features-guide/custom-alerts#shen-mo-shi-custom-alerts) 什麼是 Custom Alerts ----------------------------------------------------------------------------------------------------------- Custom Alerts 可以設置快訊通知，當指標達到自定義的閥值，系統會觸發快訊到 Telegram Bot，方便用戶偵測指標動態。 ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2Flh7-rt.googleusercontent.com%2Fdocsz%2FAD_4nXc1CCiPocL7yxPK2oFPRFLwMoVz2sLjmt7p-XxmaAOR0T12pFK0t_AShNNe5jz-o5jMhKFKJybtYaWjSxJLzi2AYHLVAaREmFb7TnlXX3gXI7lX5i362BZrnIrJH7YeQvh5Cu64wA%3Fkey%3DluLiz2GY4XjFT_nYY-mTIQJp&width=768&dpr=4&quality=100&sign=930ecea6&sv=2) [](https://docs.coinkarma.co/features-guide/custom-alerts#ru-he-she-ding-custom-alerts) 如何設定 Custom Alerts --------------------------------------------------------------------------------------------------------------- 1\. 首先，完成 Telegram 帳戶的連結 ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2Flh7-rt.googleusercontent.com%2Fdocsz%2FAD_4nXctkvbvW1vLqzOgm7TlObIBJwvwTFKFldtB9TIOAR01MvKRTbxwsjyNTGexX7qHP9RcF6uIv_15lpgizNSYh64QWo70RGAYNv_erfZzDBcMpzWitosBEQY1jTf1UvN57HoOVNKG%3Fkey%3DluLiz2GY4XjFT_nYY-mTIQJp&width=768&dpr=4&quality=100&sign=8d8b459f&sv=2) 2\. 連結 Telegram 帳戶後，即可至設定中添加自定義出現快訊的條件。 ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2Flh7-rt.googleusercontent.com%2Fdocsz%2FAD_4nXfjD_aAiwcILcmtfgzruddRO0zlAHvrXS_BsK-ooB9MttubKQOarwPwUfgQ7taAYO_PyWUqDV9e8cGrBm9JTZDBcn2nEw1RXZL_qnMY6kIETfZP1ByVDJM0TaG5AwyZZDKMYwsI%3Fkey%3DluLiz2GY4XjFT_nYY-mTIQJp&width=768&dpr=4&quality=100&sign=c96a1729&sv=2) [PreviousCustom Signal](https://docs.coinkarma.co/features-guide/custom-signal) [NextToken Screener（山寨幣篩選器）](https://docs.coinkarma.co/features-guide/token-screener-shan-zhai-bi-shai-xuan-qi) Last updated 11 months ago * [什麼是 Custom Alerts](https://docs.coinkarma.co/features-guide/custom-alerts#shen-mo-shi-custom-alerts) * [如何設定 Custom Alerts](https://docs.coinkarma.co/features-guide/custom-alerts#ru-he-she-ding-custom-alerts) --- # Grid Trading Signal | CoinKarma [](https://docs.coinkarma.co/features-guide/grid-trading-signal#shen-mo-shi-grid-trading-signal) 什麼是 Grid Trading Signal ----------------------------------------------------------------------------------------------------------------------------- Grid Trading Signal 為 Gold 會員專屬的「網格跟單」頻道。 ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F1729336661-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FJw2jrjZQmACHsCUyfYLT%252Fuploads%252FqUmCq2evN7dtQxol4V0M%252Fimage.png%3Falt%3Dmedia%26token%3D0723d140-255e-4a55-a4fc-18de7fe33987&width=768&dpr=4&quality=100&sign=543c08f1&sv=2) #### [](https://docs.coinkarma.co/features-guide/grid-trading-signal#gen-dan-zi-xun) 跟單資訊 * 操作幣種：BTC * 操作方向：多空都做 * 建倉邏輯：每張網格，依開單條件「分批下單」 * 盈利分潤：10% **開單條件** * 做多 Overall LIQ > 2 且 notional\_btc ≥ 3000 * 做空 Overall LIQ < -2 且 notional\_btc ≤ -3000 **關單條件** * 網格多單，當 Overall LIQ < -1 時，自動關單 * 網格空單，當 Overall LIQ > 1 時，自動關單 **止盈止損條件** * 止盈 每張網格 PnL ≥ 30% * 止損 每張網格 PnL ≤ -30% ( 關單條件與止盈止損條件其一達成即關單 ) [Previous策略編輯器（回測&交易機器人）](https://docs.coinkarma.co/features-guide/ce-le-bian-ji-qi-hui-ce-jiao-yi-ji-qi-ren) [NextMarket Pulse](https://docs.coinkarma.co/features-guide/market-pulse) Last updated 10 months ago --- # Bitfinex Indicators | CoinKarma [](https://docs.coinkarma.co/indicators-guide/bitfinex-indicators#shen-mo-shi-bitfinex-indicators) 什麼是 Bitfinex Indicators ------------------------------------------------------------------------------------------------------------------------------- ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2Flh7-rt.googleusercontent.com%2Fdocsz%2FAD_4nXeJzlqBmPbpOxCdlxCP5SLc8Vruz85u6RCTrd6JdjMxooCo4zLGedzopjSpUggOXm79gZgQCih_Kg2mXCl7EtAV0wDwoggSmE4Qyho366RL01_mw0jGUGOOd7IRfZmeVq7si2mk%3Fkey%3DluLiz2GY4XjFT_nYY-mTIQJp&width=768&dpr=4&quality=100&sign=8a2627c4&sv=2) ### [](https://docs.coinkarma.co/indicators-guide/bitfinex-indicators#zai-jie-shao-bitfinex-xiang-guan-zhi-biao-zhi-qian-wo-men-xian-jian-dan-liao-jie-xia-bitfinex) 在介紹 Bitfinex 相關指標之前，我們先簡單了解下 Bitfinex Bitfinex 是一家歷史悠久的交易所，Bitfinex 隸屬於 iFinex 公司，而 iFinex 同時也是當前市值最大穩定幣 USDT 發行商 Tether 的母公司，經過 CoinKarma 團隊多年的觀察，發現 Bitfinex 上的巨鯨對市場影響力巨大，因此開發了多個追蹤巨鯨行為的指標，藉此來判斷市場的聰明錢如何看待當前市場行情。 [](https://docs.coinkarma.co/indicators-guide/bitfinex-indicators#ru-he-yun-yong-bitfinex-indicators) 如何運用 Bitfinex Indicators ----------------------------------------------------------------------------------------------------------------------------------- 以下就 Bitfinex Indicators 的種類分別介紹 ### [](https://docs.coinkarma.co/indicators-guide/bitfinex-indicators#bitfinex-btcusd-longs-bitfinex-ethusd-longs) ● Bitfinex BTCUSD LONGS、Bitfinex ETHUSD LONGS 以下以 BTCUSD 舉例 Bitfinex BTCUSD LONGS 是 Bitfinex 上 BTC 現貨槓桿的總頭寸(幣本位)，由於巨鯨資金量體龐大，貿然市價買入/賣出會劇烈造成價格波動，所以建倉通常都是在下跌期間（賣方流動性旺盛）時逆勢吸籌，出貨則是在上漲期間（買方流動性旺盛）時逆勢倒貨。 當市場劇烈下跌時，我們可以觀察 Bitfinex 巨鯨是否有抄底行為。譬如 2022 年熊市，在 BTC 因為 LUNA 崩盤事件跌破 35K 時，巨鯨就開始大規模抄底，一路買到了 16K。但我們要注意的是，當巨鯨剛開始出手時價格往往還不是底部，建倉時間往往會以月為單位，所以我們可以在巨鯨累積部位達到一定程度或倉位增幅斜率加速時再出手，進場價格會比較漂亮。 出貨也是相同邏輯，巨鯨剛開始出貨時都是買方流動性較好的時候，往往是牛市開端，但當部位下降到一定程度就比較危險，譬如在 2024 年 3 月中，我們可以看到巨鯨基本上已經把從 2022 年熊市建立的頭寸出清完畢，當 BTC 觸及最高價 7.3 萬後，迎來了長達半年的寬幅震盪， BTC在 8 月初一度跌破 5 萬，而我們觀察到在 6 萬以下巨鯨又開始積極累積籌碼，直到 2024 Q4 BTC 突破區間後，才開始緩慢下車。 ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2Flh7-rt.googleusercontent.com%2Fdocsz%2FAD_4nXf8YUC8AlS74rUErhvNiLg-ToO-IHHXqTgC3I8F8f-NsuOi7kpZt_xvcf1w5Y3iu1_zBns2QY7UqOFuuMb0wFRPuW2X_o4M8vxEefiQdRqd-Bv1iicocvvgR9-gt5I5X3Wyd8YrGw%3Fkey%3DluLiz2GY4XjFT_nYY-mTIQJp&width=768&dpr=4&quality=100&sign=60f4c14e&sv=2) ### [](https://docs.coinkarma.co/indicators-guide/bitfinex-indicators#bitfinex-margin-long-size) ● Bitfinex Margin Long Size Bitfinex Margin Long Size 是 Bitfinex 交易所槓桿借 USD+USDT 的總倉位規模，當指標越高，代表巨鯨槓桿借幣抄底的倉位規模越大，由於 Bitfinex 的現貨槓桿以 BTC 為大宗，因此這個指標走勢與 BTCUSD LONGS 高度雷同，不過敏感度會比 BTCUSD LONGS 更高。 ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2Flh7-rt.googleusercontent.com%2Fdocsz%2FAD_4nXfbC6w8LPlL3hOkE-VkXR6AK33-8k_u3Jpbe24nNHcm8EtE7JSbF_BVe3tbiGTfM5z9GtXR6nqjYS5b4_vpmbbw4K4YJRySFUiB-K7nZ0zwD6tyFCqB7rZHZ-kwwiibhLx4yu_OGQ%3Fkey%3DluLiz2GY4XjFT_nYY-mTIQJp&width=768&dpr=4&quality=100&sign=6f6f3ded&sv=2) ### [](https://docs.coinkarma.co/indicators-guide/bitfinex-indicators#bitfinex-premium) ● Bitfinex Premium Bitfinex Premium 是 Bitfinex-BTCUSD 相對 Coinbase-BTCUSD 的溢折價關係，當市場情緒低迷，巨鯨左側進場建倉時，此時會造成 Bitfinex 的 BTCUSD 相對 Coinbase 溢價；反之市場情緒高昂，巨鯨慢慢出貨時，此時會造成 Bitfinex BTCUSD 相對 Coinbase 折價，當指標超過閥值，往往就是區間底部或是頂部。以下將+-0.25%標注出來： ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2Flh7-rt.googleusercontent.com%2Fdocsz%2FAD_4nXcFWDL-3CYWhxeV0XSm2yi_HptvlcWD2h2qTvnk3dohHOfRW_8I-7seSc4CAP5kipPdLocxV_BECFPdv9dv3vaEPPHu7Q2wTlQQg1XTPKjMI7L2aNkrYbIZHdH0FPoXa22OunG4Ig%3Fkey%3DluLiz2GY4XjFT_nYY-mTIQJp&width=768&dpr=4&quality=100&sign=3ac65221&sv=2) ### [](https://docs.coinkarma.co/indicators-guide/bitfinex-indicators#bitfinex-eth-btc-whale-indicator) ● Bitfinex ETH/BTC Whale Indicator Bitfinex ETH/BTC Whale Indicator 是 Bitfinex ETHBTC Net Longs 槓桿的部位。 當這個指標越高，意味著巨鯨槓桿借 BTC 買入 ETH 的倉位越高。 以下標注處為 Bitfinex 大量建倉 ETHBTC Longs 並平完倉後，對比 ETHBTC 匯率的狀況，可以發現當 Bitfinex 平完倉後，ETHBTC 匯率觸頂機率較高，此時從 ETH 轉倉到 BTC 是較穩妥的選擇。 ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2Flh7-rt.googleusercontent.com%2Fdocsz%2FAD_4nXfxO68S7FxY-Ry4Gy8GBvlCileBXW2hZo6uOSI1nwUKP7dmqI5uay1BxXoSOyfUf34Cjzmy5V8DaosKwveKHP0bkENHR53TixIQFLwXgs2yp3Z5v9kcpb_vt8STmrHOxKjd6FmF%3Fkey%3DluLiz2GY4XjFT_nYY-mTIQJp&width=768&dpr=4&quality=100&sign=f44929e3&sv=2) [](https://docs.coinkarma.co/indicators-guide/bitfinex-indicators#jie-yu-bitfinex-zhi-biao-de-shi-yong-chang-jing-ji-qi-ju-xian-xing) 結語-Bitfinex 指標的適用場景及其侷限性 ------------------------------------------------------------------------------------------------------------------------------------------------------------------- ● Bitfinex 指標的適用場景 Bitfinex 相關指標是屬一款週期性較大的指標，用戶在閱讀指標上建議將週期拉大。 ● Bitfinex 指標的侷限性 由於 Bitfinex 巨鯨的持倉週期及建倉幅度都較大，對於散戶在短線上的幫助較小，但用戶依然可以判斷當前市場聰明錢是如何解讀當前市場的；用戶也可以搭配其他 CoinKarma 指標，建構自己的交易策略。 **使用須知** 感謝您使用 CoinKarma，本平台提供的數據指標主要基於過去的歷史表現，無法完全預測未來的市場走勢。加密貨幣市場具有高度的波動性，使用者應謹慎評估風險，並為自己的決策負責。 [PreviousOI-Weighted Funding Rate](https://docs.coinkarma.co/indicators-guide/oi-weighted-funding-rate) [NextKarma Index](https://docs.coinkarma.co/indicators-guide/karma-index) Last updated 11 months ago * [什麼是 Bitfinex Indicators](https://docs.coinkarma.co/indicators-guide/bitfinex-indicators#shen-mo-shi-bitfinex-indicators) * [在介紹 Bitfinex 相關指標之前，我們先簡單了解下 Bitfinex](https://docs.coinkarma.co/indicators-guide/bitfinex-indicators#zai-jie-shao-bitfinex-xiang-guan-zhi-biao-zhi-qian-wo-men-xian-jian-dan-liao-jie-xia-bitfinex) * [如何運用 Bitfinex Indicators](https://docs.coinkarma.co/indicators-guide/bitfinex-indicators#ru-he-yun-yong-bitfinex-indicators) * [● Bitfinex BTCUSD LONGS、Bitfinex ETHUSD LONGS](https://docs.coinkarma.co/indicators-guide/bitfinex-indicators#bitfinex-btcusd-longs-bitfinex-ethusd-longs) * [● Bitfinex Margin Long Size](https://docs.coinkarma.co/indicators-guide/bitfinex-indicators#bitfinex-margin-long-size) * [● Bitfinex Premium](https://docs.coinkarma.co/indicators-guide/bitfinex-indicators#bitfinex-premium) * [● Bitfinex ETH/BTC Whale Indicator](https://docs.coinkarma.co/indicators-guide/bitfinex-indicators#bitfinex-eth-btc-whale-indicator) * [結語-Bitfinex 指標的適用場景及其侷限性](https://docs.coinkarma.co/indicators-guide/bitfinex-indicators#jie-yu-bitfinex-zhi-biao-de-shi-yong-chang-jing-ji-qi-ju-xian-xing) --- # Custom Signal | CoinKarma [](https://docs.coinkarma.co/features-guide/custom-signal#shen-mo-shi-custom-signal) 什麼是Custom Signal ---------------------------------------------------------------------------------------------------------- 如圖所示，Custom Signal 可以自定義出現箭頭的條件在圖表上。 ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2Flh7-rt.googleusercontent.com%2Fdocsz%2FAD_4nXebtF2ddyNsXMsrUIL-5dbS-5EdOhlKAT67kPypKYEiMhvaN_Hccwg2lLMyBep7z03ffhx30Iz0EoyjKCX1bqWCUJW4kYyTg-3sX_hgZ6iDs0r3UJEXpmXks1PJmZRU2XGVBCNTfw%3Fkey%3DluLiz2GY4XjFT_nYY-mTIQJp&width=768&dpr=4&quality=100&sign=eedc192&sv=2) [](https://docs.coinkarma.co/features-guide/custom-signal#ru-he-she-ding-custom-signal) 如何設定Custom Signal -------------------------------------------------------------------------------------------------------------- 1.於 CoinKarma - 指標選取 Custom Signal。 2.點選齒輪可自定義出現箭頭的條件。 ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2Flh7-rt.googleusercontent.com%2Fdocsz%2FAD_4nXe-Ef_j76-DS8D_3wM4X5SKoyAkZKIhq-XM7IqiNTeYZ0hdVe1AQXzgXfExI6u3fXjT5BD-fOWcAzj5V_riV9diJL6Inmf94g0R5EbjaoBZLvUJSx8ekaNgMUZTv3V59in_xh1LHQ%3Fkey%3DluLiz2GY4XjFT_nYY-mTIQJp&width=768&dpr=4&quality=100&sign=e4451da7&sv=2) 預設值為 Overall LIQ(2,-2) + LIQ(3,-3) [PreviousUSDC/USDT Premium](https://docs.coinkarma.co/indicators-guide/usdc-usdt-premium) [NextCustom Alerts](https://docs.coinkarma.co/features-guide/custom-alerts) Last updated 1 year ago * [什麼是Custom Signal](https://docs.coinkarma.co/features-guide/custom-signal#shen-mo-shi-custom-signal) * [如何設定Custom Signal](https://docs.coinkarma.co/features-guide/custom-signal#ru-he-she-ding-custom-signal) --- # Karma Index | CoinKarma [](https://docs.coinkarma.co/indicators-guide/karma-index#shen-mo-shi-karma-index) 什麼是Karma Index ------------------------------------------------------------------------------------------------------ ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2Flh7-rt.googleusercontent.com%2Fdocsz%2FAD_4nXdfW1k3F-xWcjG8N70M8EC8qT6G__UWrlSPyAiUzmGMMhrVMKTBqcvvyZoTQ3XCK4SsKOri6_7VT6BO82XChDOxXVmyfT2kstMilU7VFXnUHmCDO1V5jDzRAjE4yBix1CswLBdRzw%3Fkey%3DluLiz2GY4XjFT_nYY-mTIQJp&width=768&dpr=4&quality=100&sign=ee26e40d&sv=2) 在介紹Karma Index之前，我們先聊聊如何在加密貨幣中賺到週期性的錢，想在交易中賺錢，不外乎就是「低買高賣」四個字而已。但是如何定義出「低點」以及「高點」，就是所有交易者不斷在追求的聖杯。 在整體大趨勢不斷向上的市場，每一輪週期，底部都在漸漸築高。因此，我們這邊界定的低點是「週期底部」，而高點是「週期頂部」。然而，如同「買在無人問津，賣在人聲鼎沸」這句名言，週期底部之所以會成為底部，通常是因為那裡是人性難以克服的拐點，頂部亦然。 所以一個好的指標，除了要能夠具備辨識週期底頂的「週期性」，還需具備明確的買進賣出訊號的「精準性」，CoinKarma 將現貨市場流動性、鏈上數據、場外熱度、交易所流量、合約市場數據量化成綜合性的 Karma Index，用來判斷大週期週期的相對高低點。 [](https://docs.coinkarma.co/indicators-guide/karma-index#ru-he-yun-yong-karma-index) 如何運用 Karma Index ----------------------------------------------------------------------------------------------------------- 由於Karma Index是一款「週期性」指標，在解讀方面以大週期為主。下文將會針對「週期性」以及「精準性」去梳理 Karma index 的優勢之處 ### [](https://docs.coinkarma.co/indicators-guide/karma-index#da-zhou-qi-20192021-nian-de-niu-xiong-zhou-qi) 大週期：2019-2021年的牛熊週期 中間遇到2020 / 3 / 12事件，也沒有將籌碼恐慌拋出，而是穩穩拿到2021年的階段高點。 ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2Flh7-rt.googleusercontent.com%2Fdocsz%2FAD_4nXdvqcHCBoD4YXMUluiQFq0PfeXZnGvSov_w2EWAtxJihdMj27KoiUC8ytXKZF54TRkmbkUFHfEpMB-zqOMpo3qIPhK9mkd6o1Y9_qweXBZW7PuvI8QyTUf2mJVwM6riTlOTnXkCeQ%3Fkey%3DluLiz2GY4XjFT_nYY-mTIQJp&width=768&dpr=4&quality=100&sign=71c6a254&sv=2) ### [](https://docs.coinkarma.co/indicators-guide/karma-index#zhou-qi-jian-20192021-nian-niu-xiong-zhou-qi-jian-de-jia-ma-ji-hui) 週期間：2019-2021年牛熊週期間的加碼機會 B點為Karma index此輪週期間的一個的低點，剛好對應此輪相同Karma index值A點，隨後BTC再次創下新高。復盤看，B點是「519事件」下殺後的盤整尾端，是一個非常好的入場機會。 ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2Flh7-rt.googleusercontent.com%2Fdocsz%2FAD_4nXcq_oItOQU8y_K-caPWcfWvw-jAe3DehkjIt7PtiLVui8rOqifOps2iCmLDAFwXQM_R3oM7-EWbaRYRa0o8CtWhcyOtvViItJCGmqxLC1i-c7wjf7z3ENOiJPk2Q_B9j5V3mxAcLw%3Fkey%3DluLiz2GY4XjFT_nYY-mTIQJp&width=768&dpr=4&quality=100&sign=98c01f05&sv=2) ### [](https://docs.coinkarma.co/indicators-guide/karma-index#da-zhou-qi-20222024-nian-de-niu-xiong-zhou-qi) 大週期：2022-2024年的牛熊週期 2022 / 11 的FTX破產事件，使BTC跌至本輪週期最低16K，而Karma Index也給出了明確的進場訊號，並穩穩的拿至本輪階段高點73K。 ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2Flh7-rt.googleusercontent.com%2Fdocsz%2FAD_4nXcVwhkxh0D6Vm1N2Uh20WPWPMCIN3vSlRqmglPSqYTUfiVIQuN2ISX9lAB4bKM5Xi-lkuS7CUGEn0VNamZp-VTeVN8OINUr905bQWNCyF5W2IheIdjEevaYmV23QLmc8ciwR1Bg6A%3Fkey%3DluLiz2GY4XjFT_nYY-mTIQJp&width=768&dpr=4&quality=100&sign=9b1c4c81&sv=2) ### [](https://docs.coinkarma.co/indicators-guide/karma-index#zhou-qi-jian-20222024-nian-niu-xiong-zhou-qi-jian-de-jia-ma-ji-hui) 週期間：2022-2024年牛熊週期間的加碼機會 B點為Karma index此輪週期間的一個低點，剛好對應此輪相同Karma index值A點，隨後BTC再次創下新高。復盤看，B點剛好是Q4牛市的起漲點，是一個非常好的入場機會。 ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2Flh7-rt.googleusercontent.com%2Fdocsz%2FAD_4nXfBZGMQJVUKmNTT6PJuW31B19G8U-iOBAnJtg2qdb6e451bmHXdT2ZlsgIkSBCxa1hgeKmmj5oYQ-f0ZH79Tk6RTtpuS0yWVFsZVmJ8pB-Ftf82zsDXE1Ko3j-7cuAGFeIAsQeU%3Fkey%3DluLiz2GY4XjFT_nYY-mTIQJp&width=768&dpr=4&quality=100&sign=3d20e1d4&sv=2) #### [](https://docs.coinkarma.co/indicators-guide/karma-index#zhou-qi-xing) ●週期性 可以看到圖中的綠色及紅色箭頭，綠色為買進訊號，紅色為賣出訊號。圖中明顯的表現出當買進訊號頻繁出現，歷史上大概率為 global bottom，而賣出訊號頻繁出現，歷史上為 globo top。這數據為 Karma index 帶來有力的「週期性」依據。 #### [](https://docs.coinkarma.co/indicators-guide/karma-index#jing-zhun-xing) ●精準性 我們透過與市面上主流的兩款「週期性指標」進行回測比較可以發現Karma Index相較於AHR999、Crypto Greed & Fear提供的買賣訊號，在「精準性」方面展現了顯著的競爭優勢。 ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2Flh7-rt.googleusercontent.com%2Fdocsz%2FAD_4nXcfWLETPF3iWErf74cfz1jS_ioEp1ifs6QKPNzLXYW4RT7OqFz6FW_yMQsPpNSREqzyUAU7yJpzYOKQaBlZu-bseRIu6IBQE_lHZE5-h1IAfLJfQZWoLbO8A71IDaraBsSI4Dlsgg%3Fkey%3DluLiz2GY4XjFT_nYY-mTIQJp&width=768&dpr=4&quality=100&sign=92bee940&sv=2) (交易策略:每一次買進訊號 → 買入本金 10%;每一次賣出訊號 → 平倉倉位 50%) Karma index AHR999 Crypto Greed & Fear ROI 1917.4% 478.7% 54.2% MDD 62.5% 35.4% 71.5% **使用須知** 感謝您使用 CoinKarma，本平台提供的數據指標主要基於過去的歷史表現，無法完全預測未來的市場走勢。加密貨幣市場具有高度的波動性，使用者應謹慎評估風險，並為自己的決策負責。 [PreviousBitfinex Indicators](https://docs.coinkarma.co/indicators-guide/bitfinex-indicators) [NextExchange App iOS Ranking](https://docs.coinkarma.co/indicators-guide/exchange-app-ios-ranking) Last updated 1 year ago * [什麼是Karma Index](https://docs.coinkarma.co/indicators-guide/karma-index#shen-mo-shi-karma-index) * [如何運用 Karma Index](https://docs.coinkarma.co/indicators-guide/karma-index#ru-he-yun-yong-karma-index) * [大週期：2019-2021年的牛熊週期](https://docs.coinkarma.co/indicators-guide/karma-index#da-zhou-qi-20192021-nian-de-niu-xiong-zhou-qi) * [週期間：2019-2021年牛熊週期間的加碼機會](https://docs.coinkarma.co/indicators-guide/karma-index#zhou-qi-jian-20192021-nian-niu-xiong-zhou-qi-jian-de-jia-ma-ji-hui) * [大週期：2022-2024年的牛熊週期](https://docs.coinkarma.co/indicators-guide/karma-index#da-zhou-qi-20222024-nian-de-niu-xiong-zhou-qi) * [週期間：2022-2024年牛熊週期間的加碼機會](https://docs.coinkarma.co/indicators-guide/karma-index#zhou-qi-jian-20222024-nian-niu-xiong-zhou-qi-jian-de-jia-ma-ji-hui) --- # Cumberland USDT Distribution | CoinKarma [](https://docs.coinkarma.co/indicators-guide/cumberland-usdt-distribution#shen-mo-shi-cumberland-usdt-distribution) 什麼是 Cumberland USDT Distribution ---------------------------------------------------------------------------------------------------------------------------------------------------------- ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F1729336661-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FJw2jrjZQmACHsCUyfYLT%252Fuploads%252FAik1p63vrC6C7hxOdPEE%252Funknown.png%3Falt%3Dmedia%26token%3D239e18c0-fac6-44d1-a87a-e0f28cfe8b0e&width=768&dpr=4&quality=100&sign=f4d5537&sv=2) [](https://docs.coinkarma.co/indicators-guide/cumberland-usdt-distribution#guan-wu-cumberland-de-bei-jing) 關於 Cumberland 的背景 --------------------------------------------------------------------------------------------------------------------------------- ### [](https://docs.coinkarma.co/indicators-guide/cumberland-usdt-distribution#gong-si-bei-jing) 公司背景 * 名稱：Cumberland DRW（簡稱 Cumberland） * 母公司：隸屬於 DRW Holdings，一家成立於 1992 年、總部位於芝加哥的知名自營交易公司（prop trading firm）。 * 定位：Cumberland 是 DRW 在 加密貨幣領域的交易部門，成立於 2014 年，是最早進入加密市場的機構之一。 ### [](https://docs.coinkarma.co/indicators-guide/cumberland-usdt-distribution#he-xin-ye-wu) 核心業務 * 場外交易（OTC Trading） 為機構、礦工、基金會、家族辦公室等提供大宗加密資產的買賣服務，避免在公開交易所造成滑價與劇烈波動。 * 流動性供應（Liquidity Provision） Cumberland 是加密市場最大的流動性供應商之一，在 Binance、OKX、Coinbase 等交易所均能見到它的身影，扮演「造市商」角色，穩定市場深度。 ### [](https://docs.coinkarma.co/indicators-guide/cumberland-usdt-distribution#wei-shen-mo-yao-jian-ce-cumberland) 為什麼要監測 Cumberland？ 1. Cumberland 是 USDT 最大的中轉站 2. Cumberland 是 Tether 金庫（Treasury）的主要合作方，經常承接 USDT 的增發，並將其分流至交易所或機構客戶。 3. 單純的 USDT 增發，並不必然代表資金已流入幣圈，因為部分新增資金可能被用於跨境結算、灰色產業或其他場外交易。CoinKarma 透過追蹤 Cumberland 與 Tether 金庫的交互地址，每小時監測增發資金的實際流向，以判斷這些資金是否真正進入交易所，並對市場形成實際買盤。 4. 與市場行情高度相關 5. 在最近一輪週期中，2024 年初、2024 年末，以及 2025 年中的快速上漲，都可以觀察到 Cumberland 大量將 USDT 注入交易所，為市場帶來顯著的流動性補充。 [](https://docs.coinkarma.co/indicators-guide/cumberland-usdt-distribution#ru-he-yun-yong-cumberland-usdt-distribution) 如何運用 Cumberland USDT Distribution -------------------------------------------------------------------------------------------------------------------------------------------------------------- 紅框：Cumberland USDT Distribution 7 天累積轉帳超過 5 億美金。 假設將 USDT 大額鑄幣後轉入交易所，視為未來 1-2 週 taker buy 的力量，那麼紅框（7 天累積轉帳超過 5 億美金）之後的 LIQ 相關指標的紅柱效力將有可能減弱，依此邏輯，可以避開在遇到紅柱過早開空的情況。 以下將搭配 Overall LIQ 進行復盤： 1\. 如圖，切換日線並將 Cumberland USDT Distribution 7 天累積轉帳超過 5 億美金的紅框處 K 線標示出來。 ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F1729336661-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FJw2jrjZQmACHsCUyfYLT%252Fuploads%252F2i4Pl3kfN37360lSafdv%252Funknown.png%3Falt%3Dmedia%26token%3Db900f517-4291-4b17-a99e-4242b032499a&width=768&dpr=4&quality=100&sign=59474235&sv=2) 2\. 再切換小時框，對比紅框（7 天累積轉帳超過 5 億美金）之後的 Overall LIQ 紅柱，可以發現 ➀ ➁ 處出現大額 USDT 轉入交易所，隨後行情無視 Overall LIQ 紅柱(紅箭頭處)的壓制，依然強行上漲。 ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F1729336661-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FJw2jrjZQmACHsCUyfYLT%252Fuploads%252Fi9ntkn0VNT1t9FjX103D%252Funknown.png%3Falt%3Dmedia%26token%3D82fa0231-199a-47dd-8503-9456655b4019&width=768&dpr=4&quality=100&sign=6a791418&sv=2) [](https://docs.coinkarma.co/indicators-guide/cumberland-usdt-distribution#zhi-biao-jia-zhi) 指標價值 ------------------------------------------------------------------------------------------------------ * LIQ 紅柱：在震盪行情中，是相對高準確度的空頭信號。 * 問題：在單邊強勢上漲時，紅柱容易造成「過早開空 → 被嘎」。 * 解法：結合 Cumberland USDT Distribution，能提前辨識「有大額 USDT 流入支撐」的行情，避免誤判。 **使用須知** 感謝您使用 CoinKarma，本平台提供的數據指標主要基於過去的歷史表現，無法完全預測未來的市場走勢。加密貨幣市場具有高度的波動性，使用者應謹慎評估風險，並為自己的決策負責。 [PreviousLSUR Z Index](https://docs.coinkarma.co/indicators-guide/lsur-z-index) [NextBTC 25Δ skew](https://docs.coinkarma.co/indicators-guide/btc-25d-skew) Last updated 3 months ago * [什麼是 Cumberland USDT Distribution](https://docs.coinkarma.co/indicators-guide/cumberland-usdt-distribution#shen-mo-shi-cumberland-usdt-distribution) * [關於 Cumberland 的背景](https://docs.coinkarma.co/indicators-guide/cumberland-usdt-distribution#guan-wu-cumberland-de-bei-jing) * [公司背景](https://docs.coinkarma.co/indicators-guide/cumberland-usdt-distribution#gong-si-bei-jing) * [核心業務](https://docs.coinkarma.co/indicators-guide/cumberland-usdt-distribution#he-xin-ye-wu) * [為什麼要監測 Cumberland？](https://docs.coinkarma.co/indicators-guide/cumberland-usdt-distribution#wei-shen-mo-yao-jian-ce-cumberland) * [如何運用 Cumberland USDT Distribution](https://docs.coinkarma.co/indicators-guide/cumberland-usdt-distribution#ru-he-yun-yong-cumberland-usdt-distribution) * [指標價值](https://docs.coinkarma.co/indicators-guide/cumberland-usdt-distribution#zhi-biao-jia-zhi) --- # Market Pulse | CoinKarma [](https://docs.coinkarma.co/features-guide/market-pulse#shen-mo-shi-market-pulse) 什麼是 Market Pulse -------------------------------------------------------------------------------------------------------- Market Pulse 是將 CoinKarma 的 11 種指標綜合計算出 0-100 的指數。 ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F1729336661-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FJw2jrjZQmACHsCUyfYLT%252Fuploads%252FXdQGVq1IcHNJycgoMAFu%252Fimage.png%3Falt%3Dmedia%26token%3D27f192d6-45ce-4851-9b7e-5c498b7ccb14&width=768&dpr=4&quality=100&sign=2ca7e457&sv=2) [](https://docs.coinkarma.co/features-guide/market-pulse#ru-he-yun-yong-market-pulse) 如何運用 Market Pulse ------------------------------------------------------------------------------------------------------------ #### [](https://docs.coinkarma.co/features-guide/market-pulse#market-pulse-zheng-ti) Market Pulse 整體 * Market Pulse ≤ 20：潛在反轉買入機會 * Market Pulse ≥ 80：潛在反轉賣出機會 ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2Flh7-rt.googleusercontent.com%2Fdocsz%2FAD_4nXdWyayIkm3_S7ne0pj_S6AWNiIzdtJA43zZHWJU8LvHkIZEO-RKtYuRHnRmIyop2dP6vCtFtiUbJxvCqbVhipCmwVzDRSDB-QE3No-hDxpXM246KtQpxo-TwbfWECWWNmaeL0fOIA%3Fkey%3DluLiz2GY4XjFT_nYY-mTIQJp&width=768&dpr=4&quality=100&sign=156276ee&sv=2) 用戶可以透過 CoinKarma 的圖表復盤 Market Pulse #### [](https://docs.coinkarma.co/features-guide/market-pulse#market-pulse-ge-bie-zhi-biao) Market Pulse 個別指標 🟢 潛在反轉買入機會 ⚪ 維持觀望 🟠 需警慎，注意下行風險 🔴 潛在賣出轉買入機會 ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2Flh7-rt.googleusercontent.com%2Fdocsz%2FAD_4nXdPmp4VsDPgkB_fOPdz6AkbPijV3thO588pE6dUWpVf0dfH92n2uUoYw5pqh_FAVHFjWwa1VV8Hqsqiv7Aa2m56ixeI7_Safkz3Q8P4ISE_4Kq9HsXTDNAPSi53_sVLG2G5A3uQ%3Fkey%3DluLiz2GY4XjFT_nYY-mTIQJp&width=768&dpr=4&quality=100&sign=1185099d&sv=2) 註:圖中 Current Value 的箭頭增減是與上一小時 Value 比較的結果 #### [](https://docs.coinkarma.co/features-guide/market-pulse#market-pulse-bin-dao-yu-overall-liquidity-bin-dao-bi-jiao) Market Pulse 頻道 與 Overall Liquidity 頻道 比較 ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F1729336661-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FJw2jrjZQmACHsCUyfYLT%252Fuploads%252FYRJDZceVhwL7xXLtGHv1%252Fimage.png%3Falt%3Dmedia%26token%3D4a0b47a2-4ae6-475e-b573-55864f0137a4&width=768&dpr=4&quality=100&sign=46bcf2c6&sv=2) **使用須知** 感謝您使用 CoinKarma，本平台提供的數據指標主要基於過去的歷史表現，無法完全預測未來的市場走勢。加密貨幣市場具有高度的波動性，使用者應謹慎評估風險，並為自己的決策負責。 [PreviousGrid Trading Signal](https://docs.coinkarma.co/features-guide/grid-trading-signal) [NextUltron Signal](https://docs.coinkarma.co/features-guide/ultron-signal) Last updated 10 months ago * [什麼是 Market Pulse](https://docs.coinkarma.co/features-guide/market-pulse#shen-mo-shi-market-pulse) * [如何運用 Market Pulse](https://docs.coinkarma.co/features-guide/market-pulse#ru-he-yun-yong-market-pulse) --- # Volatility Term Structure | CoinKarma [](https://docs.coinkarma.co/indicators-guide/volatility-term-structure#shen-mo-shi-volatility-term-structure) 什麼是 Volatility Term Structure ------------------------------------------------------------------------------------------------------------------------------------------------- Volatility Term Structure 是指不同到期時間（Tenor）的期權，其平值隱含波動率（ATM IV） 之間的關係。簡單來說，就是比較短期、中期、長期平值期權的波動率高低，用來觀察市場對未來波動的預期變化。 ### [](https://docs.coinkarma.co/indicators-guide/volatility-term-structure#zheng-chang-yu-dao-gua-jie-gou) 正常與倒掛結構 在正常情況下： * 長期 ATM IV > 短期 ATM IV * 因為時間越長，潛在不確定性越大，市場對遠期波動的預期也越高。 但有時會出現「倒掛」： * 短期 ATM IV > 長期 ATM IV * 這代表市場在短期內預期會有劇烈波動，通常出現在市場極端情緒（如崩跌前或底部反轉前）。 ### [](https://docs.coinkarma.co/indicators-guide/volatility-term-structure#yin-han-bo-donglimplied-volatility-iv-bu-chong-shuo-ming) 隱含波動率（Implied Volatility, IV）補充說明 在期權市場中，IV 代表市場對「未來價格波動幅度」的預期。 它反映了市場參與者對標的資產未來不確定性的看法： * IV 高 → 市場預期劇烈波動、不確定性高 * IV 低 → 市場預期平靜、波動有限 其中最常被觀察的，就是 ATM IV，即「平值期權的隱含波動率」，因為它最能代表市場對未來波動的整體預期。 ### [](https://docs.coinkarma.co/indicators-guide/volatility-term-structure#ru-he-yun-yong-volatility-term-structure) 如何運用 Volatility Term Structure Volatility Term Structure 通常比較以下三個 ATM Volatility 時框： * 短期：1 month Volatility * 中期：3 months Volatility * 長期：6 months Volatility #### [](https://docs.coinkarma.co/indicators-guide/volatility-term-structure#zhu-yao-zu-he) 主要組合 組合 情況 市場狀態解讀 波動預期 組合 ① 1M < 3M < 6M 正常情況 市場穩定，長期不確定性高於短期 預期波動平穩 組合 ② 1M > 3M > 6M 完全倒掛 市場短期內，預期會有劇烈波動 預期短期波動劇烈； 常見於崩跌前或底部反轉前 組合 ③ 1M ≈ 3M ≈ 6M 完全平坦 市場缺乏明確方向，等待事件驅動 通常為波動爆發前的靜止期 #### [](https://docs.coinkarma.co/indicators-guide/volatility-term-structure#fu-pan-jie-xi) 復盤解析 ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F1729336661-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FJw2jrjZQmACHsCUyfYLT%252Fuploads%252F5JqDRg7dcBev00L6DOk6%252Funknown.png%3Falt%3Dmedia%26token%3D1bb2e6ac-098c-46e7-aa10-65500ca40719&width=768&dpr=4&quality=100&sign=7f47d013&sv=2) 從圖中可見，當橘線（1M ATM IV）向上穿越 藍線、紫線（3M、6M ATM IV）形成倒掛時， Volatility Term Structure 區域會顯示紅色標註，這些時期往往對應 BTC 市場即將進入劇烈波動階段。 * 當 BTC 上漲趨勢中出現倒掛 → 容易反轉下跌或進入震盪 * 當 BTC 下跌趨勢中出現倒掛 → 容易反轉上漲或進入震盪整理 黃框處代表倒掛區域，顯示短期 ATM IV 飆升反映避險需求上升，隨後行情往往出現明顯方向變化。 而當倒掛結束、結構恢復正常（1M ATM IV 再度低於 3M、6M）時，波動率下降，價格趨於盤整。 ### [](https://docs.coinkarma.co/indicators-guide/volatility-term-structure#jie-yu-volatility-term-structure-de-ju-xian-xing) 結語：Volatility Term Structure 的侷限性 Volatility Term Structure 能有效捕捉市場「波動預期」的變化，但需注意它 不具方向性。倒掛的出現僅顯示市場短期內預期波動加劇，並不能直接判斷價格將上漲或下跌。因此，實務上常需搭配其他指標（如情緒指標、流動性指標或期權 Skew）進行交叉驗證。 **使用須知** 感謝您使用 CoinKarma，本平台提供的數據指標主要基於過去的歷史表現，無法完全預測未來的市場走勢。加密貨幣市場具有高度的波動性，使用者應謹慎評估風險，並為自己的決策負責。 [PreviousBTC 25Δ skew](https://docs.coinkarma.co/indicators-guide/btc-25d-skew) [NextShort Filter](https://docs.coinkarma.co/indicators-guide/short-filter) Last updated 2 months ago * [什麼是 Volatility Term Structure](https://docs.coinkarma.co/indicators-guide/volatility-term-structure#shen-mo-shi-volatility-term-structure) * [正常與倒掛結構](https://docs.coinkarma.co/indicators-guide/volatility-term-structure#zheng-chang-yu-dao-gua-jie-gou) * [隱含波動率（Implied Volatility, IV）補充說明](https://docs.coinkarma.co/indicators-guide/volatility-term-structure#yin-han-bo-donglimplied-volatility-iv-bu-chong-shuo-ming) * [如何運用 Volatility Term Structure](https://docs.coinkarma.co/indicators-guide/volatility-term-structure#ru-he-yun-yong-volatility-term-structure) * [結語：Volatility Term Structure 的侷限性](https://docs.coinkarma.co/indicators-guide/volatility-term-structure#jie-yu-volatility-term-structure-de-ju-xian-xing) --- # OKX Coinkarma 交易量換點數 | CoinKarma 使用 CoinKarma 推薦碼註冊 OKX 帳號，該 OKX 帳號的永續合約與現貨交易量將可轉換成 CoinKarma 點數，點數可用來兌換與延長 CoinKarma 的訂閱方案 (每 25,000 USD 交易量可換 1 點，1 點相當於 0.5 USD)。 ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F1729336661-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FJw2jrjZQmACHsCUyfYLT%252Fuploads%252FeKeqbaFJUS6bqhYIFRib%252Fimage.png%3Falt%3Dmedia%26token%3De1c64e81-e97c-424f-90d4-857b31eaa202&width=768&dpr=4&quality=100&sign=71e16090&sv=2) [](https://docs.coinkarma.co/features-guide/okx-coinkarma-jiao-yi-liang-huan-dian-shu#bang-ding-yu-dui-huan) 綁定與兌換 ----------------------------------------------------------------------------------------------------------------------- 1. 用 CoinKarma 專屬推薦連結[註冊 OKX](https://www.okx.com/join/coinkarma) 2. 在[帳戶頁](https://www.coinkarma.co/zh-tw/account) 綁定 OKX 帳號 3. 綁定後於[此頁](https://www.coinkarma.co/zh-tw/account/referral/rules) 查看累積交易量（交易量將於每月初自動兌換成點數） 4. 點數可於[此頁](https://www.coinkarma.co/zh-tw/account/referral/redeem) 兌換延長 CoinKarma 訂閱 [](https://docs.coinkarma.co/features-guide/okx-coinkarma-jiao-yi-liang-huan-dian-shu#zhu-yi-shi-xiang) 注意事項 ----------------------------------------------------------------------------------------------------------------- * 若為免費用戶可透過點數進行方案兌換；若為付費會員，點數延長將以您現行的訂閱方案為主，如：您現在為 Gold 年費訂閱，只能兌換 Gold (1 year）方案。 * 若之前已使用過 Benson 個人邀請碼註冊 OKX 交易，可直接跳過步驟 1，直接到步驟 2 綁定 OKX 帳戶，一樣享有 OKX 合作方案。 * 如果已經有綁定帳號，且想要嘗試換綁，詳細資訊與步驟請參考[換綁說明頁面](https://docs.coinkarma.co/features-guide/okx-tui-jian-ma-huan-bang-zhi-nan) 。 [PreviousOKX 推薦碼換綁指南](https://docs.coinkarma.co/features-guide/okx-tui-jian-ma-huan-bang-zhi-nan) Last updated 14 days ago * [綁定與兌換](https://docs.coinkarma.co/features-guide/okx-coinkarma-jiao-yi-liang-huan-dian-shu#bang-ding-yu-dui-huan) * [注意事項](https://docs.coinkarma.co/features-guide/okx-coinkarma-jiao-yi-liang-huan-dian-shu#zhu-yi-shi-xiang) --- # Token Screener（山寨幣篩選器） | CoinKarma [](https://docs.coinkarma.co/features-guide/token-screener-shan-zhai-bi-shai-xuan-qi#shen-mo-shi-token-screener-shan-zhai-bi-shai-xuan-qi) 什麼是 Token Screener（山寨幣篩選器） -------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Token Screener 為會員專屬頻道，每小時播報 ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F1729336661-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FJw2jrjZQmACHsCUyfYLT%252Fuploads%252FTLloqVaufvoRASftdOXG%252Fimage.png%3Falt%3Dmedia%26token%3D2b6f6963-d6ec-44ce-a26b-501ff5382549&width=768&dpr=4&quality=100&sign=515a1882&sv=2) 這個頻道將所有幣種依象限分為四類，並根據條件達成與否以顏色區分；未達條件的幣種顯示為白色，而 BTC 則固定以橘色標示在象限圖上。 ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F1729336661-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FJw2jrjZQmACHsCUyfYLT%252Fuploads%252F0CXEOr2cgyJ3GeZQuNRf%252Fimage.png%3Falt%3Dmedia%26token%3D77d82db5-6cfb-43f0-b33c-b10ddbb63d0c&width=768&dpr=4&quality=100&sign=34fd85b2&sv=2) 註１：RSI\_Dif = 跟 BTC RSI 相減的值：正值 = 較強；負值 = 較弱 註２：LIQ百分位 = 該幣種的 LIQ 在過去一個月的百分位數 [](https://docs.coinkarma.co/features-guide/token-screener-shan-zhai-bi-shai-xuan-qi#ru-he-yun-yong-token-screener) 如何運用 Token Screener -------------------------------------------------------------------------------------------------------------------------------------------- 可以透過 Token Screener 頻道快速篩選出強勢幣種( 第一象限 )及弱勢幣種( 第三象限 )。 但即使篩選出強(弱)勢幣種，也須加以判斷整體大盤( 即 BTC，以下稱 BTC )的數據表現是否支持；在幣圈，目前各個山寨幣與 BTC 的價格連動性依舊非常強；即便某一個山寨幣本身的數據表現優異，但此時 BTC 價格走弱或整體市場數據偏空，該山寨幣的表現通常仍會受到壓制，難以獨自上漲，其主要原因為：許多山寨幣的交易對以 BTC 為基準(ALTs/BTC)，因此即便 ALTs 對美元穩定，但 BTC 下跌時，ALTs/BTC 的表現仍可能不佳。 因此，在判斷山寨幣時，單看其各別數據是不夠的，還必須綜合考量 BTC 的整體數據。 [](https://docs.coinkarma.co/features-guide/token-screener-shan-zhai-bi-shai-xuan-qi#ju-ti-cao-zuo) 具體操作 ------------------------------------------------------------------------------------------------------------- 1. 透過 Token Screener 快速篩選強勢幣種、弱勢幣種 。 2. 觀察 Token Screener 的圖表中，BTC 處於 Y 軸 的何處； * BTC 處於 Y 軸 越上方：圖表上的強勢幣種效力越強。 * BTC 處於 Y 軸 越下方：圖表上的弱勢幣種效力越強。 ● 以下舉例：強勢幣種 及 弱勢幣種 的判別運用 * 強勢幣種( 2025/04/07 15:00 ) - $SUI 於 Token Screener 強勢幣種名單出現，並透過 Custom Signal 發現整體市場流動性數據支持 ( 綠色箭頭 )，後續 $SUI 走出驚人漲幅，大幅跑贏 $BTC。 ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F1729336661-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FJw2jrjZQmACHsCUyfYLT%252Fuploads%252FFcfnEkesNJrSVVd4jM7j%252Fimage.png%3Falt%3Dmedia%26token%3D1a7dfa5e-0f87-42f3-b65e-a9bbb8e86668&width=768&dpr=4&quality=100&sign=e3e21295&sv=2) * 強勢幣種( 2025/04/07 15:00 ) - $DOGE 於 Token Screener 強勢幣種名單出現，並透過 Custom Signal 發現整體市場流動性數據支持 ( 綠色箭頭 )，後續 $DOGE 走出驚人漲幅，大幅跑贏 $BTC。 ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F1729336661-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FJw2jrjZQmACHsCUyfYLT%252Fuploads%252FIhpjCnMQl5JR1MsOPrnv%252Fimage.png%3Falt%3Dmedia%26token%3D13529700-7f0c-48fe-92f3-08f1d318b10d&width=768&dpr=4&quality=100&sign=f98a53b&sv=2) * 弱勢幣種( 2025/03/03 02:00 ) - $SOL 於 Token Screener 弱勢幣種名單出現，並透過 Custom Signal 發現整體市場流動性數據支持 ( 紅色箭頭 )，後續 $SOL 出現大幅回調，跌幅超過 $BTC。 ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F1729336661-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FJw2jrjZQmACHsCUyfYLT%252Fuploads%252FGtlj1AaJdldSVkPH2dHZ%252Fimage.png%3Falt%3Dmedia%26token%3D6039f24e-7dec-4e5a-9492-377bde07d5a8&width=768&dpr=4&quality=100&sign=859c7c2&sv=2) * 弱勢幣種( 2025/03/03 02:00 ) - $LTC 於 Token Screener 弱勢幣種名單出現，並透過 Custom Signal 發現整體市場流動性數據支持 ( 紅色箭頭 )，後續 $LTC 出現大幅回調，跌幅超過 $BTC。 ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F1729336661-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FJw2jrjZQmACHsCUyfYLT%252Fuploads%252F0vtewOIQw2QUGzfG9z6c%252Fimage.png%3Falt%3Dmedia%26token%3D1d752fd9-09fe-454a-9615-9928e1b9f63f&width=768&dpr=4&quality=100&sign=afa87557&sv=2) **使用須知** 感謝您使用 CoinKarma，本平台提供的數據指標主要基於過去的歷史表現，無法完全預測未來的市場走勢。加密貨幣市場具有高度的波動性，使用者應盡慎評估風險，並為自己的決策負責。 [PreviousCustom Alerts](https://docs.coinkarma.co/features-guide/custom-alerts) [Next策略編輯器（回測&交易機器人）](https://docs.coinkarma.co/features-guide/ce-le-bian-ji-qi-hui-ce-jiao-yi-ji-qi-ren) Last updated 4 months ago * [什麼是 Token Screener（山寨幣篩選器）](https://docs.coinkarma.co/features-guide/token-screener-shan-zhai-bi-shai-xuan-qi#shen-mo-shi-token-screener-shan-zhai-bi-shai-xuan-qi) * [如何運用 Token Screener](https://docs.coinkarma.co/features-guide/token-screener-shan-zhai-bi-shai-xuan-qi#ru-he-yun-yong-token-screener) * [具體操作](https://docs.coinkarma.co/features-guide/token-screener-shan-zhai-bi-shai-xuan-qi#ju-ti-cao-zuo) --- # Ultron Signal | CoinKarma [](https://docs.coinkarma.co/features-guide/ultron-signal#shen-mo-shi-ultron-signal) 什麼是 Ultron Signal ----------------------------------------------------------------------------------------------------------- Ultron Signal 為 Gold 會員專屬的「信號跟單」策略。 ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F1729336661-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FJw2jrjZQmACHsCUyfYLT%252Fuploads%252Fz96TJfqhPRFtY71pKg2W%252Funknown.png%3Falt%3Dmedia%26token%3D1c93490b-c15c-43a7-b743-d20281bcd9a1&width=768&dpr=4&quality=100&sign=82f628fc&sv=2) [](https://docs.coinkarma.co/features-guide/ultron-signal#ru-he-gen-dan) 如何跟單 ---------------------------------------------------------------------------------- Ultron signal 目前提供兩種跟單平台： １. OKX 跟單信號版本 ２. Hyperliquid Vault 版本 ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F1729336661-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FJw2jrjZQmACHsCUyfYLT%252Fuploads%252FPiem8KbskwSEuPShhtga%252Funknown.png%3Falt%3Dmedia%26token%3Dc2b93932-0b2c-49c3-b1f9-270ef1055c1f&width=768&dpr=4&quality=100&sign=42209d0e&sv=2) OKX 跟單信號版本 Hyperliquid Vault 版本 步驟 1\. 透過 [Ultron signal 連結](https://www.coinkarma.co/zh-tw/ultron-signal) → 立即訂閱 → OKX 2\. OKX - \[Coinkarma\] Ultron signal → 使用 3\. 輸入投入保證金 → 創建策略 1\. 透過 [Ultron signal 連結](https://www.coinkarma.co/zh-tw/ultron-signal) → 立即訂閱 → Hyperliquid 2\. 點擊「Deposit / Follow」並輸入要投入的 USDC \* 提前準備： 1. 若還沒有 Hyperliquid 帳號，可先透過推薦連結註冊享手續費4%折扣：[Hyperliquid註冊連結](https://app.hyperliquid.xyz/join/COINKARMA) 2\. 在 Arbitrum 錢包準備 USDC 與少量 ETH 作為 Gas 3\. 登入後在 Portfolio 頁面選擇 Deposit，將 USDC 存入 Hyperliquid L2 [](https://docs.coinkarma.co/features-guide/ultron-signal#gen-dan-zi-xun) 跟單資訊 ----------------------------------------------------------------------------------- OKX 跟單信號版本 Hyperliquid Vault 版本 操作幣種 $BTC $BTC 操作方向 多空都做 多空都做 槓桿倍數 預設 3 倍槓桿。 ( 可評估自身風險偏好，自行調整槓桿倍數； 若有自行調整槓桿倍數且高於 3 倍，建議跟單前 ➜ 手動加入「高級設置-離場設定-止盈止損」的條件 ) 預設 3 倍槓桿。 ( 無法自行調整槓桿倍數及止盈止損條件 ) 最低跟單金額 槓後 $1,000 U 槓後 $100 U 盈利分潤 10% 10% ### [](https://docs.coinkarma.co/features-guide/ultron-signal#ce-le-yuan-li-jie-shao) 策略原理介紹 Ultron Signal 以自研指標 **Market Pulse Index（MPI）** 為核心，用於判斷市場強弱、決定進出場時機與動態調倉比例。 **多層動態調整（Multi-Layer Dynamic）：** 策略同時考量多層市場特徵，包括： * 長天期均線（趨勢方向） * RSI（市場動能） * 近期已實現波動度（市場活躍度） 這些因子會共同影響閾值設定，讓策略能隨市場結構變化自動調整。 **No-Short Filter（勿空保護）：** 當買盤力量顯著強於賣盤時，系統會自動啟動「勿空」機制，暫停建立空單， 以降低逆勢風險、提升多空判斷靈活性。 [](https://docs.coinkarma.co/features-guide/ultron-signal#zhi-sun-ji-zhi-shuo-ming) 止損機制說明 ----------------------------------------------------------------------------------------------- Ultron Signal 並未設定固定的止損線，主要原因是每位用戶使用的槓桿倍數不同，若採用統一止損線，容易導致高槓桿過晚止損、低槓桿又過早離場，而策略本身已具備動態風控邏輯。 舉例：若策略目前持有多頭倉位，當市場出現價格過度下跌（Overextend）、MPI 鈍化時，Ultron 會在反彈階段自動減倉或出場，形成 「自然止損」 效果。 以 3 倍槓桿為例：即便遇到如 2025 年 4 月的劇烈回撤，最大回撤（MDD）約僅 20% 左右，風險仍在可控範圍內。因此建議以 3 倍槓桿以內運行策略，若使用更高槓桿，可在 OKX 訂閱信號時，在 「高級設置」 中自行添加止盈止損條件。 [PreviousMarket Pulse](https://docs.coinkarma.co/features-guide/market-pulse) [NextOKX 推薦碼換綁指南](https://docs.coinkarma.co/features-guide/okx-tui-jian-ma-huan-bang-zhi-nan) Last updated 8 days ago * [什麼是 Ultron Signal](https://docs.coinkarma.co/features-guide/ultron-signal#shen-mo-shi-ultron-signal) * [如何跟單](https://docs.coinkarma.co/features-guide/ultron-signal#ru-he-gen-dan) * [跟單資訊](https://docs.coinkarma.co/features-guide/ultron-signal#gen-dan-zi-xun) * [策略原理介紹](https://docs.coinkarma.co/features-guide/ultron-signal#ce-le-yuan-li-jie-shao) * [止損機制說明](https://docs.coinkarma.co/features-guide/ultron-signal#zhi-sun-ji-zhi-shuo-ming) --- # FAQs | CoinKarma 歡迎加入 CoinKarma，邀請您透過以下資訊，快速瞭解相關指標與工具，若有其他問題，可先查閱下方「常見問題 FAQs」，若仍無法解決您的問題，可至 Telegram「新手提問區 Newbie」進行發問。 若有帳戶相關問題，可以直接聯繫官方客服： 👉 [https://t.me/CoinKarma\_Roman](https://t.me/CoinKarma_Roman) ### [](https://docs.coinkarma.co/getting-started/faqs#chan-pin-gong-neng) 產品功能 * **我剛從免費升級成付費，為何我的指標圖標近一個月的數據仍未顯示？** * 可能因快取問題尚未更新，請嘗試重整畫面或重新登入後便可正常使用 * **CoinKarma 網頁出現了「Failed to load」的 Error 該如何排解？** * 在流量超載時可能會發生此類型錯誤，嘗試重新整理頁面，或重新清除自己的快取和 Cookie 即可（按住 Ctrl+Shift+R），若仍沒有顯示，可以與客服進行聯繫。 * **如何加入 Telegram 群組？** * 請先於官網[帳戶頁](https://www.coinkarma.co/zh-tw/account) 完成 Telegram 帳號綁定（特別注意：若未先於官網完成綁定就點擊加入群組，系統將自動鎖定帳號。若發生此狀況，請聯繫[客服](https://t.me/CoinKarma_Roman) 協助處理） * 完成綁定後，返回首頁點擊 「Telegram 」 即可加入。 ### [](https://docs.coinkarma.co/getting-started/faqs#zhi-biao-shi-yong) 指標使用 * **LIQ 是透過哪些交易所取得的資料？** * USDT 交易對主要為幣安，其中 Overall LIQ 裡的 USD 交易對，如 BTCUSD、ETHUSD 則是來自 Coinbase。 * **LIQ 跟 Overall LIQ 的差別是什麼？** * LIQ 是單幣的流動性指標，如果你 chart 開 BTCUSDT，那就是呈現 BTC 的 LIQ。 * Overall LIQ 是以市值加權的整體流動性指標，不管開哪個交易對，都會呈現同樣的數據。 * 簡單來說，一個看單一幣種，一個看整體市場。 * **LIQ 指標要怎麼搭配倉位控管去做進出場？** * LIQ 指標偏向左側交易，較適用於震盪區間，在逆勢單邊可能會遇到連續止損，可以看個人的風險承受度去做，如分批進場：1 根綠柱進場 10%，第 4 根之後再 10%，或是等 Accumulate LIQ （過去24根K棒加總的LIQ）達到一定峰值再進場。 * **LIQ 屬于震盪指標，如果遇到單邊行情該怎麼辦？** * 需要有自己的濾網，端看自己的交易習慣，簡單的方式如以 200日MA 做為分界，200 MA 以上，可以用 LIQ 過濾最佳買點，若在 200MA 以下，做多就要較為保守。 * 另外也可以看 CVD (cumulative volume delta) 去判斷單邊行情的強度，CVD 不斷往上才有可能突破 LIQ 紅柱的賣壓，反之亦然。 * **針對不同的幣種該怎麼應用 LIQ 指標？** * 幣圈的連動性很高，建議單幣 LIQ 和 Overall LIQ 一起看比較能過濾出有意義的買賣點。 * **我的 CoinKarma 指標有幾根沒有顯示出來，該怎麼處理？** * 重新清除自己的快取和 Cookie 即可（按住 Ctrl+Shift+R），若仍沒有顯示，可以與客服進行聯繫。 ### [](https://docs.coinkarma.co/getting-started/faqs#chan-pin-gong-neng-1) **產品功能** * **請問要如何讓我的圖表出現紅色與綠色的買進賣出箭頭？** * 在指標中選取「custom-signal」可自定義出現箭頭的條件，請參考：[Custom Signal 詳細說明頁](https://docs.coinkarma.co/features-guide/custom-signal) ### [](https://docs.coinkarma.co/getting-started/faqs#ultron-signal) Ultron Signal * **如何訂閱 Ultron Sigal？** * 請先確認您為正式 Gold 方案會員（非trial會員身份），確認後前往 [Ultron Signal](https://www.coinkarma.co/zh-tw/ultron-signal) 頁面，點擊右上角「訂閱」 即可。 * **Ultron 跟單金額門檻是多少？** * 槓桿後資金超過 $1000 美元即可。 * **Ultron Signal 只能在 OKX 上訂閱嗎？** * 目前僅開放 OKX 訂閱，同時 HyperLiquid 版本正在開發中，可先透過[官方推薦](https://app.hyperliquid.xyz/join/COINKARMA) 連結完成註冊，開放後即可立即使用。 * **Ultron Signal 目前有支援其他幣種嗎？** * 目前官方信號 Ultron Signal 只做 BTC，如有其他幣種的量化需求，可自行透過[自動化交易機器人](https://www.coinkarma.co/zh-tw/strategy-builder/my-strategy) 建置。 * **Ultron Signl 目前的開關倉判斷邏輯是什麼？** * Ultron Signal 的「開單條件」與「關單條件」並非固定閾值，而是透過 Multi-Layer Dynamic 動態調整。 * **Ultron Siganl 會有價格止損嗎？如何止損？** * Ultron Signal 並未設定固定的止損線，主要原因是每位用戶使用的槓桿倍數不同，若採用統一止損線，容易導致高槓桿過晚止損、低槓桿又過早離場，而策略本身已具備動態風控邏輯，當市場出現過度延伸（Overextend）時，Ultron 會在反彈階段自動減倉或出場，形成「自然止損」效果。 ### [](https://docs.coinkarma.co/getting-started/faqs#hui-ce-ce-le-ji-qi-ren) 回測＆策略機器人 * **請問建立送出策略機器人後，通常多久會審核通過？** * 信號需等待 OKX 審核通過，原則上每個工作日於中午 12 點（亞洲時間）會過審，最晚 T+1 會過審 * **策略回測工具中的「進場比例」是怎麼計算？如 5%，是全部保證金的 5%，還是剩餘可用的保證金 5% 呢？** * 分批進場比例為當前淨值的 5% * **策略回測工具中的止盈止損 % 是指什麼？** * 每一倉位進場價格的止盈止損，譬如設定倉位 10% 止盈止損，倉位進場平均成本 $100，會在價格落於 $90 以下或是突破 $110 以上時出場。 * **策略回測工具中，為何我止損設置 20%，但最大回撤（MDD）有超過 20% 呢？** * 最大回撤（MDD）的定義是淨值曲線從高點（包含浮盈）到低點的差距，與而非倉位成本與出場價格的差距。 ### [](https://docs.coinkarma.co/getting-started/faqs#grid-trading-signal) Grid Trading Signal * **Ultron** **跟 Grid Trading Signal 的主要差別是什麼？** * Ultron 是全自動跟單，投入本金後會自動跟隨信號交易。 * Grid Trading Signal 在會員群組不定時發送網格交易的機會，會員需自行點擊連結複製網格參數進行交易。 * **Ultron** **跟** **Grid Trading Signal 在哪裡交易？** * 目前僅支援 OKX * **Grid Trading Signal 網格訊號的發送邏輯是什麼？** * Grid Trading Signal 會在整體市場流動性觸發閥值時給出 BTC 的多空信號。 * **Grid Trading Signal 的離場條件為何？** * 持有多單時，當 Overall LIQ 指標 <=-1 或價格超出網格上限時關單。 * 持有空單時，當 Overall LIQ 指標 >=1 或價格低於網格下限時關單。 * 或是該筆交易虧損達本金的 30% 時自動關單止損。 ### [](https://docs.coinkarma.co/getting-started/faqs#qi-ta) 其他 * **邀請好友使用 CoinKarma 會有獎勵嗎？** * 透過個人邀請連結邀請好友加入，你與好友都將獲得 15% 的訂閱延長點數，可於「點數商店」兌換訂閱。若為 KOL，可透過此[連結](https://forms.gle/DXkodkvXrYhU6yiP8) 進行申請 Affiliate Program，會有 USDT 回饋。 [Previous5 Minute QuickStart](https://docs.coinkarma.co/) [NextLIQ](https://docs.coinkarma.co/indicators-guide/liq) Last updated 12 days ago * [產品功能](https://docs.coinkarma.co/getting-started/faqs#chan-pin-gong-neng) * [指標使用](https://docs.coinkarma.co/getting-started/faqs#zhi-biao-shi-yong) * [產品功能](https://docs.coinkarma.co/getting-started/faqs#chan-pin-gong-neng-1) * [Ultron Signal](https://docs.coinkarma.co/getting-started/faqs#ultron-signal) * [回測＆策略機器人](https://docs.coinkarma.co/getting-started/faqs#hui-ce-ce-le-ji-qi-ren) * [Grid Trading Signal](https://docs.coinkarma.co/getting-started/faqs#grid-trading-signal) * [其他](https://docs.coinkarma.co/getting-started/faqs#qi-ta) --- # OKX 推薦碼換綁指南 | CoinKarma 想要享受訂閱折扣與交易獎勵嗎？只需簡單幾個步驟，即可確認是否符合換綁資格並完成綁定！ [](https://docs.coinkarma.co/features-guide/okx-tui-jian-ma-huan-bang-zhi-nan#f3aab62b-c6c2-4600-840c-e5787c2ca6bb) 換綁步驟說明 ------------------------------------------------------------------------------------------------------------------------------- 1. **點擊官方換綁連結：** [https://www.okx.com/ul/J6l2R5](https://www.okx.com/ul/J6l2R5) 2. **手動輸入推薦碼：** `coinkarma` * 若系統顯示錯誤畫面，代表該帳號目前不符合換綁條件（詳見下方說明）。 ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F1729336661-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FJw2jrjZQmACHsCUyfYLT%252Fuploads%252FruuMlwzZAqHsfpOHqABt%252Fimage.png%3Falt%3Dmedia%26token%3D7ac60720-b287-41e9-9e88-8ac4d020cf16&width=768&dpr=4&quality=100&sign=f2e06532&sv=2) 3. **等待審核通知：** 提交成功後，約需 **1 個工作天**。收到 OKX 官方通知後，即代表正式完成綁定。 ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F1729336661-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FJw2jrjZQmACHsCUyfYLT%252Fuploads%252FXavpbqF7xAIh4jN57KpX%252Ftelegram-cloud-photo-size-5-6221871989756988835-y.jpg%3Falt%3Dmedia%26token%3D75021f0f-a544-4778-9542-4fe62cb3eb95&width=768&dpr=4&quality=100&sign=71c43ccd&sv=2) * * * [](https://docs.coinkarma.co/features-guide/okx-tui-jian-ma-huan-bang-zhi-nan#id-477f4242-4097-475a-8af3-f8fe1af1dfb7) 換綁資格限制 ---------------------------------------------------------------------------------------------------------------------------------- 若您的帳號出現無法綁定的情況，通常是因為以下原因： * **活躍交易帳戶：** 該帳戶平時已有高頻率的交易紀錄。 * **已有推薦紀錄：** 帳戶先前曾邀請過他人使用推薦碼。 * * * [](https://docs.coinkarma.co/features-guide/okx-tui-jian-ma-huan-bang-zhi-nan#id-45591bff-a41d-4586-a80d-3a6f61faaf1c) 綁定 CoinKarma 的專屬好處 ---------------------------------------------------------------------------------------------------------------------------------------------- 成功綁定後，您將獲得以下兩大核心優勢： * **【訂閱優惠】**：CoinKarma 訂閱費全面 **9 折**。 ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F1729336661-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FJw2jrjZQmACHsCUyfYLT%252Fuploads%252F3hHQ5PaP6lA1S5JS5iiq%252Fimage.png%3Falt%3Dmedia%26token%3D6414a4ab-3511-499f-8f4c-ab9bbce4b31c&width=768&dpr=4&quality=100&sign=b11b3aba&sv=2) * **【交易量換點數】**：交易量可自動兌換為點數，並用於訂閱期延長（[參考：交易量換點數詳細說明](https://docs.coinkarma.co/features-guide/okx-coinkarma-jiao-yi-liang-huan-dian-shu) ） * * * 若換綁流程有任何疑問，歡迎私訊客服 👉 [https://t.me/CoinKarma\_Roman](https://t.me/CoinKarma_Roman) [PreviousUltron Signal](https://docs.coinkarma.co/features-guide/ultron-signal) [NextOKX Coinkarma 交易量換點數](https://docs.coinkarma.co/features-guide/okx-coinkarma-jiao-yi-liang-huan-dian-shu) Last updated 14 days ago * [換綁步驟說明](https://docs.coinkarma.co/features-guide/okx-tui-jian-ma-huan-bang-zhi-nan#f3aab62b-c6c2-4600-840c-e5787c2ca6bb) * [換綁資格限制](https://docs.coinkarma.co/features-guide/okx-tui-jian-ma-huan-bang-zhi-nan#id-477f4242-4097-475a-8af3-f8fe1af1dfb7) * [綁定 CoinKarma 的專屬好處](https://docs.coinkarma.co/features-guide/okx-tui-jian-ma-huan-bang-zhi-nan#id-45591bff-a41d-4586-a80d-3a6f61faaf1c) --- # LIQ | CoinKarma [](https://docs.coinkarma.co/indicators-guide/liq#shen-mo-shi-liq-zhi-biao) 什麼是 LIQ 指標 ------------------------------------------------------------------------------------------- ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2Flh7-rt.googleusercontent.com%2Fdocsz%2FAD_4nXfhtwjMEYAlp9-ojFuTDjZA36ygyyDa8fFtJdAvOihnMHFUy23CN7sKdnvpb5Bp3Bn-YnzHxVs26p5CD6lSk0Gy0_5cLucmuV-erzh5gQe71uaGMp5fQ8qCiNTDI0gZ1BEljHxKPA%3Fkey%3DluLiz2GY4XjFT_nYY-mTIQJp&width=768&dpr=4&quality=100&sign=fd211e9f&sv=2) (註:圖表紅綠箭頭是對應 LIQ 指標) 在深入介紹 LIQ 指標的原理之前，我們先了解加密貨幣市場會被哪些因素影響： ● 長線因素：影響外部資金流入流出幣圈，這些因素決定了是否會形成單向的「趨勢行情」 * BTC 採用率：圈外有多少人認同 BTC 的價值資產，2024 年比特幣通過 ETF 即是一例 * 整體貨幣市場的流動性：美元升降息、世界三大央行擴/縮表 * 幣圈是否有可以吸引外部資金的題材：eg. DeFi、NFT、ICO ● 短線因素：影響短線走勢的主要驅動因素 「清除高槓桿」，上沖下洗形成「震盪行情」 * 合約市場的高槓桿：幣圈交易者普遍喜歡開高倍槓桿玩合約，使合約成了主力收割散戶籌碼的主要手段，因此短線上的走勢往往受到合約數據的影響。 * 站在主力的角度思考：主力要控制價格收割高槓桿玩家籌碼時，會去評估操控價格的所需的資金成本以及潛在獲利，只有潛在獲利遠高於成本主力才有誘因去行動。 * * * 而 LIQ 就是用來判斷「震盪行情」走勢的指標，以下深入解析 LIQ 背後的邏輯： ● 基本邏輯：LIQ 是透過現貨訂單簿數量的比值去標準化建置的指標。 * 訂單簿是由買單 (bid) 以及賣單 (ask) 所組成。 * 透過 CoinKarma 獨家算法，**標準化計算出主力拉盤和砸盤的成本較大的區間，如果主力控制價格的成本大於操盤的獲利，就有可能形成價格反轉點**。 ●判斷邏輯：透過 LIQ 指標判斷主力拉盤或砸盤的操作成本。 * 當 LIQ 偏高（>3）時，代表下方訂單簿買盤較深，主力砸盤的資金成本較高，較可能形成震盪行情中的底部。 * 當 LIQ 偏低（<-3）時，代表上方訂單簿賣盤較深，主力拉盤資金成本較高，較可能形成震盪行情中的頂部。 > 簡言之，LIQ 就是窺看主力拉盤和砸盤的成本，當控制價格的成本過高，行情較可能出現轉折如何運用 LIQ 指標幣圈 90% 的行情都是震盪行情，單邊上漲或下跌的佔比較低，當行情處於寬幅震盪時期，就是 LIQ 指標發揮最大效用的時候。 * * * ● 單以 LIQ 指標作為行情介入點 若我們將白框內的走勢定義為大型震盪區間，可以發現 LIQ 基本上把區間底、區間頂都標示出來了。( benchmark 為 3,-3 ) ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2Flh7-rt.googleusercontent.com%2Fdocsz%2FAD_4nXdATwXaOd-geOyh-LquhQ6lfXwva3872jQgvjaziwTuHkTjRw3w6vx0CTUFjmSnUGS5qiTC4zACibY4XSihUmmSLpHs72n-FqCaHqzW3JV9Tpve2xQI9cw140CkHTeGl4-aCvXZhA%3Fkey%3DluLiz2GY4XjFT_nYY-mTIQJp&width=768&dpr=4&quality=100&sign=c678cd6a&sv=2) (註:圖表紅綠箭頭是對應LIQ指標) 在下圖中， Overall LIQ>2 且 BTC LIQ >3 會顯示綠色箭頭；Overall LIQ<-2 且 BTC LIQ <-3 會顯示紅色箭頭。從以下圖中可以發現，震盪行情中第一次出現綠色箭頭到真的觸底，往往還會有一大段距離，這是因為幣圈合約市場天然偏多頭的特質，清算多頭往往比清算空頭更有利可圖，因此就算主力往下砸盤成本較高，也可能出現繼續往下砸的狀況。 反之，第一次出現紅色箭頭到真的觸頂，距離就比第一次綠色箭頭到真的觸底還近很多，因此在實際操作上，會建議 LIQ 出現綠柱子後可以慢慢建立多頭倉位；LIQ 出現紅柱後可以較快平倉。 ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2Flh7-rt.googleusercontent.com%2Fdocsz%2FAD_4nXdJ-ltwsZ6SvhRNRFR-CxQlc5sMKXJRqhiaAPulL__1eTeuhuNY25wzm3mMaGmyunomNcCIVwhezX77NNGCRygVQ1uLzeNQpPZPkTwlCCiGXQG0OEg8sRfSfo9_lefsodAqsZtR%3Fkey%3DluLiz2GY4XjFT_nYY-mTIQJp&width=768&dpr=4&quality=100&sign=f2e424f3&sv=2) (註:圖表紅綠箭頭是對應LIQ指標) ● 以 CVD 作為當 LIQ 指標過度延伸時的警訊 LIQ 是基於現貨訂單簿-限價單資料 (bid & ask) 運算出的指標，而當市場上市價買盤的力道足夠大時(CVD 會上升)，就會使指標數據過度延伸，因此我們可以透過 CVD (市價買賣盤的力道) 去過濾掉單邊行情，避免在單邊上漲行情做空。 ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2Flh7-rt.googleusercontent.com%2Fdocsz%2FAD_4nXcJqhPhGyGl1K9f5TDkcIhgz3T_QUTFqznlPsONjMFii7AB8OulAkDv9uVz-be92_nQZz1Y-KRzh2AHzObvo-WGULndNbtNn-LsqZtvBApasiWiynN_fcx17yncnAv3DCJ5b2gf9g%3Fkey%3DluLiz2GY4XjFT_nYY-mTIQJp&width=768&dpr=4&quality=100&sign=2eae4853&sv=2) ● 以其他 CoinKarma 數據指標輔佐 LIQ 作為行情介入點 CoinKarma 基於 LIQ 指標所成立，同時也開發許多指標去輔佐 LIQ 以應付不同行情，以下舉例： ◦ LIQ + Accumulated LIQ : 用更嚴格的濾網作為進出場的條件，但相對交易機會較少。 ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2Flh7-rt.googleusercontent.com%2Fdocsz%2FAD_4nXfGMIyX76v0ReMa3RYIWVie3wcIqFaxYmWE_nhFyz2hNe077DYiLUq-RqaHgZk7s4XoNpr2ckkUW-NcJ1PrD_IaHzyd_RtivSUKbFYVBIgMIDt4BXIu825GeOzc02Nr5F1h_ZRZCQ%3Fkey%3DluLiz2GY4XjFT_nYY-mTIQJp&width=768&dpr=4&quality=100&sign=468ab858&sv=2) 紫框為 LIQ ；黃框為 LIQ + LIQ Accumulated ◦ LIQ + ALT Resilient Index : 用更嚴格的濾網作為進出場的條件，但相對交易機會較少。 ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2Flh7-rt.googleusercontent.com%2Fdocsz%2FAD_4nXcp_j1C7RttqCMZVq78S7jFq7apVfC1DNoPyIR7GOlKDS2w1WiOmyBVnCXkx_mHA74-Cq-t0VUJj9Z-MKOyXNK7QF6a-izJSyvUTu8YV8Dfdwj9Byur2yu2as6_vJepg0mylhU9%3Fkey%3DluLiz2GY4XjFT_nYY-mTIQJp&width=768&dpr=4&quality=100&sign=6d3dcf4&sv=2) 紫框為 LIQ ；黃框為 LIQ + ALT resilient Index 以上舉例兩種配置，用戶可以透過 CoinKarma 指標的各種搭配加以復盤，去建置以 LIQ 為主體的交易策略。 下段主題將介紹以 LIQ 邏輯衍生出的數據指標及其應用。 * * * 以 LIQ 邏輯建置的指標：Overall LIQ、Accumulated LIQ、10% Orderbook DIF。 ### [](https://docs.coinkarma.co/indicators-guide/liq#overall-liq) Overall LIQ 原理：Overall LIQ 指標原理基本上與 LIQ 相同，基於現貨訂單簿-限價單資料(bid & ask)運算出的指標。 差異：LIQ 是單幣的流動性指標，如果你 chart 開 BTCUSDT，即呈現 BTC 的 LIQ。 Overall LIQ 是以「市值加權的整體流動性指標」，無論開哪個交易對，都會呈現同樣的數據；簡單來說，LIQ 看單一市場， Overall LIQ 看大盤。 (目前CoinKarma 收錄進 Overall LIQ 的幣種：: BTCUSDT、BTCUSD、ETHUSDT、ETHUSD、XRPUSDT、SOLUSDT、DOGEUSDT、ADAUSDT、AVAXUSDT、DOTUSDT、 LINKUSDT、BCHUSDT、NEARUSDT、PEPEUSDT) 應用： ◦ LIQ + Overall LIQ ：Overall LIQ 相較於 LIQ 更為敏感，能提供更多短線上的交易機會 ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2Flh7-rt.googleusercontent.com%2Fdocsz%2FAD_4nXdSHLcrHUDr9XaEUBGvCigF_jj3cI8CZ0tkiZf_KZH-aOxWyOUCjqpQ8s7wcsQ4qPHb-uxjUBngwcknf4DWoxFX-gu6BqcNnXOdp5rZ-V5G2t1C1eIwvrYjT8GrmwamoIyXPeBMOA%3Fkey%3DluLiz2GY4XjFT_nYY-mTIQJp&width=768&dpr=4&quality=100&sign=ec810bf8&sv=2) * * * ### [](https://docs.coinkarma.co/indicators-guide/liq#accumulated-liq) Accumulated LIQ 原理：為 LIQ 加上「時間」的概念。其原理為 LIQ 的累積加總。 應用：預設值為（24, 60, -60），用於觀測過去 24 根 LIQ 的數值加總，在不同時框下也有不同的效果，用戶可自行透過覆盤調整參數。 以下提供兩種參數： ◦ 1小時時框 ：設定（24, 60, -60） ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2Flh7-rt.googleusercontent.com%2Fdocsz%2FAD_4nXe1EscammqhejZOFzLB_tovgVHp8byROQjBHr133nvonHfPH873onN2PhJoDS5cCwhdQ_DnFVvIPQ3sWuXaGpSu6AfLtURwOuu08gl5tE5sZ-hEmzyU-MDOUdUPf_BOnrkzjBHb6A%3Fkey%3DluLiz2GY4XjFT_nYY-mTIQJp&width=768&dpr=4&quality=100&sign=687ff3ae&sv=2) (註:圖表紅綠箭頭是對應 Accumulated LIQ 指標) ◦ 4小時時框 ：設定（50, 100, -100） ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2Flh7-rt.googleusercontent.com%2Fdocsz%2FAD_4nXfcGywL2tkOuT_JzZ-pwPef6LwwxpS_uGYu7j4PBLwXdjhyRRUFun-bXyFWJapg9VT9eSEqxh7oC5inTjxB34wulTEULoKzr_MGdEw93XnRZbpB2o0FLSXaTtJkEiD6OeH18ZBgcg%3Fkey%3DluLiz2GY4XjFT_nYY-mTIQJp&width=768&dpr=4&quality=100&sign=8536196f&sv=2) (註:圖表紅綠箭頭是對應 Accumulated LIQ 指標) * * * ### [](https://docs.coinkarma.co/indicators-guide/liq#id-10-orderbook-dif) 10% Orderbook DIF 原理：該幣種 Orderbook 10% bid-ask 的差值，透過指標設定可進階選擇顯示該幣的 Notional USD，為該幣的美金名目價值，用以判斷該值的絕對價值。 應用：透過 10% Orderbook LIQ-Notional USD，可以發現在相同 LIQ 數據下，黃框的買方流動性 > 紫框的買方流動性。 ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2Flh7-rt.googleusercontent.com%2Fdocsz%2FAD_4nXeDJiBGfjrPmcHgh1Q1-c7uXpB3FVDsfEXFh3SEsYWGAoHxJZO7RBV17vc68oQf2Wt4azuXH_08PDDT0ZCM63M7GIhOGa_U7zLG4_6twQDCxPBudswewjxeyggWlf_OnR4S2QYK%3Fkey%3DluLiz2GY4XjFT_nYY-mTIQJp&width=768&dpr=4&quality=100&sign=b96488ab&sv=2) * * * ### [](https://docs.coinkarma.co/indicators-guide/liq#id-10-overall-liquidity) 10% Overall Liquidity 原理：整體市場 orderbook 10% bid-ask 的差值。( [參考目前 CoinKarma 收錄進 Overall LIQ 的幣種](https://docs.coinkarma.co/indicators-guide/liq#overall-liq) ) 應用：透過 10% Overall Liquidity，可以發現在相同 Overall LIQ 數據下，黃框的買方流動性 > 紫框的買方流動性。( 預設值為 300m , -300m ) ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2Flh7-rt.googleusercontent.com%2Fdocsz%2FAD_4nXfQLt4V_amZH3fVesRGuK2kIaZrjeqYo1NmjtYC-wSsfVFD5rFFrmEtHMEvwaBbxu0k1F9cNaXffcNATDWHyLW5d2K2f7j08xjJYDSPfjrY6x1kP2HK1pbTxElP-1BjO36IR21zoQ%3Fkey%3DluLiz2GY4XjFT_nYY-mTIQJp&width=768&dpr=4&quality=100&sign=84746323&sv=2) 10% Overall Liquidity - Show in BTC，透過指標設定可以選擇 Show in BTC。( 預設值為 3000顆 , -3000顆 )，原理為整體市場 orderbook 10% bid-ask 的差值除以當前BTC的價格；以多頭為例，透過復盤可以發現，其對價格具有高度的指導性。 ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2Flh7-rt.googleusercontent.com%2Fdocsz%2FAD_4nXe8sQ_6tGGhyHGmHbfPMtaOBX88q4_VsDJdG5cVCMyyVWaZmkTsVW9-lg84OjPrJeJP-0qG-_yEbtGGXfd0urc9QpWhB8f73ztP1eal8mM4NEn1zXonYRpxlb4BPdjorzYNnE4HHA%3Fkey%3DluLiz2GY4XjFT_nYY-mTIQJp&width=768&dpr=4&quality=100&sign=993f58e3&sv=2) * * * * * * [](https://docs.coinkarma.co/indicators-guide/liq#jie-yu-liq-zhi-biao-ji-yan-sheng-chu-de-xiang-guan-zhi-biao-de-shi-yong-chang-jing-ji-qi-ju-xian-xin) 結語-LIQ 指標(及衍生出的相關指標)的適用場景及其侷限性 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 因以 LIQ 邏輯建置的數據指標，其適用場景及侷限性相似，以下以 LIQ說 明 ● LIQ 指標的適用場景 LIQ 是基於短線因素的震盪行情指標，在場內資金沒有因為某些因素而大量流入或流出時，就是 LIQ 指標發揮最大效用的時候。 ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2Flh7-rt.googleusercontent.com%2Fdocsz%2FAD_4nXfjzx250AuBczt0tn9nS1eJ6kVaycD-IVT2UJoQg9CGtjHy2lf8LM0fr6iGkj1TVV1and7GTV7HqtndeNw3WKd52O4rh-uaeQ0AWG4Micfc6WDWEAWuBk6m2wOj-BdfR1-_fa0J%3Fkey%3DluLiz2GY4XjFT_nYY-mTIQJp&width=768&dpr=4&quality=100&sign=470ac1aa&sv=2) ● LIQ 指標的侷限性 ◦ 當震盪行情轉為趨勢行情：如同指標的適用場景所述，LIQ 是震盪行情的指標，當行情由震盪轉為趨勢時，必然會有所止損。 以下舉例： 2024 / 11 川普當選總統後，短時間湧入大量資金購買 BTC，短時間內將 BTC 從 67K 推至新高 99K，形成單邊趨勢，此時會出現紅柱鈍化的情形。 ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2Flh7-rt.googleusercontent.com%2Fdocsz%2FAD_4nXfv9Z2XsaDAKoE5YaZH46FHFpZOGW0UAjaUZC4Ce4JXeedl0rNAoU3TLLuEQqwsX_tO4CqKt3RR7H0MuD-LI1USg8gdVnzu8OubLZLNmF1r3yVC97eK39a8vcXtbdbYxAg6z6SrYQ%3Fkey%3DluLiz2GY4XjFT_nYY-mTIQJp&width=768&dpr=4&quality=100&sign=10fbdb8b&sv=2) ◦ 長線因素的影響：當某些因素的影響造成場內資金的大量流出或流入時，也會使 LIQ 的效果銳減。 以下舉例：2022 年加密貨幣第一次遭遇到美聯儲 30 年來最快速度的加息，資金不斷從幣圈流出，也會造成指標鈍化。 ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2Flh7-rt.googleusercontent.com%2Fdocsz%2FAD_4nXd8AWZrvVEfVt_3Xfwpyl9fI2xkGxU3ZweC3ivXlGwrjMvLPA1xNB-oijsWX8mzaYSsoatmkgET1xhS82DtNAtCmBplj0qIuKNz4SsbJS8-i42U01UMC4RYCv97B8uL6nysWi3viA%3Fkey%3DluLiz2GY4XjFT_nYY-mTIQJp&width=768&dpr=4&quality=100&sign=ecf385df&sv=2) ◦ 個別幣種的的 LIQ 門檻可能不同：因為不同幣種的造市風格可能有所差異，單純以 LIQ 預設的值（ +3, -3）去做 filter，可能未必準確，此時可點及小齒輪調整 benchmark 可解決準確率的問題。 以下舉例：SUI/USDT；LIQ benchmark 設定為-3,3(紫框)，若我們將條件設定為-3,5(黃框)，可以篩選出更好的進場位置。 ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2Flh7-rt.googleusercontent.com%2Fdocsz%2FAD_4nXcT94kKvt6ti10H8KCFnfMpoc2Aod47917eoj_x4zPNOrsfEP-tsgm-QautQFwyWzm__3trUuSzSg01vpkpVhUBY9512qUVYgZ9L_Cl-vt-vGHE6JGtMCETcRKAht01IzFMtqSJbg%3Fkey%3DluLiz2GY4XjFT_nYY-mTIQJp&width=768&dpr=4&quality=100&sign=40dc1470&sv=2) **使用須知** 感謝您使用 CoinKarma，本平台提供的數據指標主要基於過去的歷史表現，無法完全預測未來的市場走勢。加密貨幣市場具有高度的波動性，使用者應謹慎評估風險，並為自己的決策負責。 [PreviousFAQs](https://docs.coinkarma.co/getting-started/faqs) [NextALT Resilient Index](https://docs.coinkarma.co/indicators-guide/alt-resilient-index) Last updated 26 days ago * [什麼是 LIQ 指標](https://docs.coinkarma.co/indicators-guide/liq#shen-mo-shi-liq-zhi-biao) * [Overall LIQ](https://docs.coinkarma.co/indicators-guide/liq#overall-liq) * [Accumulated LIQ](https://docs.coinkarma.co/indicators-guide/liq#accumulated-liq) * [10% Orderbook DIF](https://docs.coinkarma.co/indicators-guide/liq#id-10-orderbook-dif) * [10% Overall Liquidity](https://docs.coinkarma.co/indicators-guide/liq#id-10-overall-liquidity) * [結語-LIQ 指標(及衍生出的相關指標)的適用場景及其侷限性](https://docs.coinkarma.co/indicators-guide/liq#jie-yu-liq-zhi-biao-ji-yan-sheng-chu-de-xiang-guan-zhi-biao-de-shi-yong-chang-jing-ji-qi-ju-xian-xin) --- # Strategy Builder(Backtest & Trading Bot) | English | CoinKarma **Table of Contents** * Feature Overview * How to Create a Strategy * How to Run a Backtest * How to Create a Trading Bot * FAQ ### [](https://docs.coinkarma.co/english/features-guide/strategy-builder-backtest-and-trading-bot#i.-feature-overview-what-is-the-strategy-builder) I. Feature Overview: What is the Strategy Builder? The **Strategy Builder** is a core feature of CoinKarma. It assists users in utilizing CoinKarma indicators to construct trading strategies, verify historical performance through backtesting, and deploy them as automated **trading bots** with a single click. It consists of three core concepts: * **Strategy:** The core of your trading logic. It defines the rules for when to enter (open a position) and exit (close a position) the market. * **Backtest:** The verification mechanism for your strategy. It uses historical data to simulate strategy performance, providing key analytical data such as Return on Investment (ROI) and Maximum Drawdown (MDD). * **Trading Bot:** The practical application of your strategy. Connects your validated strategy to the OKX exchange to achieve fully automated trading. ### [](https://docs.coinkarma.co/english/features-guide/strategy-builder-backtest-and-trading-bot#ii.-how-to-create-a-strategy) II. How to Create a Strategy There are two ways to create a strategy: #### [](https://docs.coinkarma.co/english/features-guide/strategy-builder-backtest-and-trading-bot#method-1-custom-strategy) Method 1: Custom Strategy Suitable for users with clear trading ideas. 1. Click the **"+ Create strategy"** button on the page. 2. Enter your entry/exit logic and indicator parameters in the editor. 3. Once confirmed, click **"Submit"**. You can then view the strategy in **"My strategy"**. ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F3881674611-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FLNdPzU6psKxnGpgv182e%252Fuploads%252FLAvBZmbdELfa2zanNWP3%252Fstrategy_manual_1.png%3Falt%3Dmedia%26token%3D24ad7ae3-35b6-4212-b6d9-2df066ac8de5&width=768&dpr=4&quality=100&sign=de05f9dd&sv=2) ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F3881674611-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FLNdPzU6psKxnGpgv182e%252Fuploads%252FLt7FJUXhtvzFMrHbHjjx%252Fstrategy_manual_2.png%3Falt%3Dmedia%26token%3Dd63a79ab-1dda-4973-b79b-6bc2b9be30c0&width=768&dpr=4&quality=100&sign=3f8242d4&sv=2) ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F3881674611-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FLNdPzU6psKxnGpgv182e%252Fuploads%252FYWbhikqGy6WtZDnDo9EM%252Fstrategy_manual_3.png%3Falt%3Dmedia%26token%3D56910c44-9a4b-47d6-9b5c-7e6d2b156779&width=768&dpr=4&quality=100&sign=cf8e5c32&sv=2) #### [](https://docs.coinkarma.co/english/features-guide/strategy-builder-backtest-and-trading-bot#method-2-recommended-strategy) Method 2: Recommended Strategy Suitable for beginners or users who want to reference official logic. 1. Switch to the **"Recommended"** tab. 2. Browse the list of officially selected strategies. 3. Select a strategy you are interested in and click **"Add to my strategy"**. 4. The system will automatically copy the strategy to your personal library, where you can use it directly or modify it. ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F3881674611-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FLNdPzU6psKxnGpgv182e%252Fuploads%252Fjv0mcAD5WcBNPmqFgwJy%252Fstrategy_copy_1.png%3Falt%3Dmedia%26token%3Dcdfccbdd-8dc0-45b2-be16-72769492d136&width=768&dpr=4&quality=100&sign=26097d7e&sv=2) ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F3881674611-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FLNdPzU6psKxnGpgv182e%252Fuploads%252Fw0N3c9FiUtQqe1aMg4ke%252Fstrategy_copy_2.png%3Falt%3Dmedia%26token%3D7633b10d-a0be-451c-b8e8-97c5b2344ff0&width=768&dpr=4&quality=100&sign=7e930285&sv=2) ### [](https://docs.coinkarma.co/english/features-guide/strategy-builder-backtest-and-trading-bot#iii.-how-to-run-a-backtest) III. How to Run a Backtest Before investing real funds, it is strongly recommended to perform a historical **backtest**. 1. Click **"Run backtest"** on the strategy page. 2. Set the backtest parameters in the pop-up window: * **Time Start/End:** Select the historical range you want to verify. * **Leverage:** Set the leverage multiplier for the simulated trading. 3. Click Submit. The system will begin calculations. Depending on the amount of data, this usually takes 1-5 minutes. 4. Once the calculation is complete, you will see a detailed performance analysis report. ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F3881674611-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FLNdPzU6psKxnGpgv182e%252Fuploads%252FSvUOFpU49YvWAuAFXe52%252Fbacktes_1.png%3Falt%3Dmedia%26token%3Dc935cf00-1cac-4cfe-a5be-f59eac1086e7&width=768&dpr=4&quality=100&sign=4a793048&sv=2) ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F3881674611-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FLNdPzU6psKxnGpgv182e%252Fuploads%252FdKmaWKLYPSnok4ijHX6W%252Fbacktes_2.png%3Falt%3Dmedia%26token%3D8ce0b3f9-84b1-4500-9d95-96a71ede5627&width=768&dpr=4&quality=100&sign=1a6fc5f7&sv=2) ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F3881674611-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FLNdPzU6psKxnGpgv182e%252Fuploads%252FoF7WQgfen2vJJjBnLoiH%252Fbacktes_3.png%3Falt%3Dmedia%26token%3Df528bd9e-7e6e-421e-9b17-e06ae65225dc&width=768&dpr=4&quality=100&sign=d8e74d41&sv=2) ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F3881674611-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FLNdPzU6psKxnGpgv182e%252Fuploads%252FYDwZYdBOtH53RTtbb3I7%252Fbacktes_4.png%3Falt%3Dmedia%26token%3D8d98b69a-448d-4fde-a30f-877d35d73bf9&width=768&dpr=4&quality=100&sign=e5d419d9&sv=2) ### [](https://docs.coinkarma.co/english/features-guide/strategy-builder-backtest-and-trading-bot#iv.-how-to-create-a-trading-bot) IV. How to Create a Trading Bot Once you are satisfied with a strategy's **backtest** performance, you can deploy it to OKX for automated trading. #### [](https://docs.coinkarma.co/english/features-guide/strategy-builder-backtest-and-trading-bot#step-1-bind-okx-account) **Step 1: Bind OKX Account** 1. Click the **"Create bot"** button. 2. The system will guide you to bind your OKX API (if not yet bound). * _Security Statement:_ This OKX API permission is **"Read-Only"** and cannot perform any fund transfers. * _Note:_ If you have previously failed to bind, please ensure you go to the OKX API management page to delete the old API Key before restarting the binding process. ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F3881674611-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FLNdPzU6psKxnGpgv182e%252Fuploads%252FSvUOFpU49YvWAuAFXe52%252Fbacktes_1.png%3Falt%3Dmedia%26token%3Dc935cf00-1cac-4cfe-a5be-f59eac1086e7&width=768&dpr=4&quality=100&sign=4a793048&sv=2) ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F3881674611-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FLNdPzU6psKxnGpgv182e%252Fuploads%252FknZRVeVvpQmJYl6A1OMN%252Ftrading%2520bot_1.png%3Falt%3Dmedia%26token%3D7840afc9-c1f8-42bd-b2e1-8eb37b10fca4&width=768&dpr=4&quality=100&sign=499d7129&sv=2) ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F3881674611-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FLNdPzU6psKxnGpgv182e%252Fuploads%252FJBK37rq6GrrnIEV30gDq%252Ftrading%2520bot_2.png%3Falt%3Dmedia%26token%3Dcb8e74bb-378a-4e93-b62e-c75417396f59&width=768&dpr=4&quality=100&sign=d078b7da&sv=2) #### [](https://docs.coinkarma.co/english/features-guide/strategy-builder-backtest-and-trading-bot#step-2-submit-for-review-and-activate) **Step 2: Submit for Review and Activate** 1. After binding is complete, check the agreement box in the confirmation window and click **"Submit"**. 2. The bot status will show as **Pending** (Under Review). Please wait for the OKX system to review it (usually completed within 24 hours). 3. Once approved, the status will update to **Active**. ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F3881674611-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FLNdPzU6psKxnGpgv182e%252Fuploads%252F3o1MgldxtRmjpf4AQIRS%252Ftrading%2520bot_3.png%3Falt%3Dmedia%26token%3Dca488d53-3ef2-40aa-8693-1fe925482493&width=768&dpr=4&quality=100&sign=4d191f7e&sv=2) ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F3881674611-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FLNdPzU6psKxnGpgv182e%252Fuploads%252FZekKlilndk0JFx9PBtMj%252Ftrading%2520bot_4.png%3Falt%3Dmedia%26token%3D5b1392ea-2edd-47d6-92b2-23f65093bbf8&width=768&dpr=4&quality=100&sign=985d3599&sv=2) ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F3881674611-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FLNdPzU6psKxnGpgv182e%252Fuploads%252FY9FvsP60t6MuFm3oWcD7%252Ftrading%2520bot_5.png%3Falt%3Dmedia%26token%3D6ba8e068-f2aa-49f2-8666-c92c0f7aff1a&width=768&dpr=4&quality=100&sign=908f2b35&sv=2) #### [](https://docs.coinkarma.co/english/features-guide/strategy-builder-backtest-and-trading-bot#step-3-invest-funds-and-start-trading) **Step 3: Invest Funds and Start Trading** 1. Click the **"Invest funds into OKX"** button. The system will redirect you to the OKX signal subscription page. 2. Confirm the subscription on the OKX page and set the margin amount and leverage you wish to invest. 3. Once setup is complete, the **trading bot** will officially start. CoinKarma will automatically send trading signals based on your strategy logic, and OKX will execute the orders. ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F3881674611-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FLNdPzU6psKxnGpgv182e%252Fuploads%252FKDNVqncjxjgtTGqK5tyi%252Ftrading%2520bot_6.png%3Falt%3Dmedia%26token%3D8130f5d4-4ed6-4a40-9e38-df2afaff74e3&width=768&dpr=4&quality=100&sign=4488d3e&sv=2) ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F3881674611-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FLNdPzU6psKxnGpgv182e%252Fuploads%252FSzc8OJ0pHSJr4DS0IBPH%252Ftrading%2520bot_7.png%3Falt%3Dmedia%26token%3Dc6bde146-1c45-4015-b565-3232fd04294b&width=768&dpr=4&quality=100&sign=8f973403&sv=2) ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F3881674611-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FLNdPzU6psKxnGpgv182e%252Fuploads%252FqmcJrOARRwy1U595OuFO%252Ftrading%2520bot_8.png%3Falt%3Dmedia%26token%3D9ffc74cb-d215-4360-818e-8d922330091b&width=768&dpr=4&quality=100&sign=244cdff0&sv=2) ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F3881674611-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FLNdPzU6psKxnGpgv182e%252Fuploads%252FCyCQgCExY03EHvyFXhrh%252Ftrading%2520bot_9.png%3Falt%3Dmedia%26token%3D0fa29122-67c8-47ff-bc75-9e90b4db89b4&width=768&dpr=4&quality=100&sign=9d366c5e&sv=2) ### [](https://docs.coinkarma.co/english/features-guide/strategy-builder-backtest-and-trading-bot#v.-faq) V. FAQ #### [](https://docs.coinkarma.co/english/features-guide/strategy-builder-backtest-and-trading-bot#q1-how-do-i-set-take-profit-tp-and-stop-loss-sl-for-the-trading-bot) Q1: How do I set Take Profit (TP) and Stop Loss (SL) for the trading bot? TP and SL must be operated directly on the OKX exchange interface. Operation Path: Go to the OKX Positions/Trade page → Select Signal Bot → Click "Details" on the bot you want to configure → Find the "Take profit" or "Stop loss" options to set the values. Note: OKX signal bots use "Percentage of Price" for TP/SL calculations. This means the system triggers a close when the price reaches a set percentage increase or decrease relative to the entry price. ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F3881674611-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FLNdPzU6psKxnGpgv182e%252Fuploads%252F6gg01sMpZcsGPMDVxl8b%252FFAQ_lelverage_1.png%3Falt%3Dmedia%26token%3D7862672c-bd51-4a19-b3d8-66706c487ba7&width=768&dpr=4&quality=100&sign=5f5ce50c&sv=2) ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F3881674611-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FLNdPzU6psKxnGpgv182e%252Fuploads%252FzjNw1jbHWE0gsyU5FWSl%252FFAQ_lelverage_2.png%3Falt%3Dmedia%26token%3D51faf93e-4299-41b5-b1bd-ff285ff47036&width=768&dpr=4&quality=100&sign=ff94c331&sv=2) #### [](https://docs.coinkarma.co/english/features-guide/strategy-builder-backtest-and-trading-bot#q2-how-do-i-set-the-leverage-for-the-trading-bot) Q2: How do I set the Leverage for the trading bot? Leverage must be set during the Invest Funds (Margin) stage of the bot. Instructions: On the page where you invest Margin, there will be an option to adjust the leverage multiplier. Please ensure the leverage matches your risk tolerance before submitting the bot. ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F3881674611-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FLNdPzU6psKxnGpgv182e%252Fuploads%252FqmcJrOARRwy1U595OuFO%252Ftrading%2520bot_8.png%3Falt%3Dmedia%26token%3D9ffc74cb-d215-4360-818e-8d922330091b&width=768&dpr=4&quality=100&sign=244cdff0&sv=2) #### [](https://docs.coinkarma.co/english/features-guide/strategy-builder-backtest-and-trading-bot#q3-how-long-does-the-review-take-after-creating-and-submitting-a-bot) Q3: How long does the review take after creating and submitting a bot? After you submit a bot strategy, OKX officials usually complete the review process within 24 hours. Once approved, the bot can begin receiving signals and operating. Q4: Is the trading bot's entry position size calculated based on "Initial Capital" or "Current Balance"? The bot's entry signals use a Percentage of Balance (Dynamic) mode. * **Calculation:** The system calculates the order amount based on your current "Available Balance." * **Compounding Effect:** This means the entry amount is not locked to the "Initial Capital" but includes "Initial Capital + Realized PnL." If the strategy makes a profit, subsequent order amounts will increase correspondingly (compounding); conversely, they will decrease if there is a loss. #### [](https://docs.coinkarma.co/english/features-guide/strategy-builder-backtest-and-trading-bot#q5-will-the-trading-bot-use-my-api-key-to-trade) Q5: Will the trading bot use my API Key to trade? No, please rest assured. * **Trade Execution:** Our bots use **Webhook** technology to send trading signals to OKX. We do not control your account to place orders directly via API. * **Permissions:** If the platform requires you to provide an API Key, that Key only has **"Read-Only"** permissions. It is used solely for syncing data and displaying performance; it cannot misappropriate funds or execute trades. ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F3881674611-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FLNdPzU6psKxnGpgv182e%252Fuploads%252FknZRVeVvpQmJYl6A1OMN%252Ftrading%2520bot_1.png%3Falt%3Dmedia%26token%3D7840afc9-c1f8-42bd-b2e1-8eb37b10fca4&width=768&dpr=4&quality=100&sign=499d7129&sv=2) #### [](https://docs.coinkarma.co/english/features-guide/strategy-builder-backtest-and-trading-bot#q6-which-countries-or-regions-cannot-use-the-trading-bot-service) Q6: Which countries or regions cannot use the trading bot service? This service follows OKX exchange compliance policies. Due to local legal restrictions, some regions may not be able to use related services (especially derivatives trading). According to OKX's latest risk disclosure statement, restricted jurisdictions include but are not limited to: * **North America:** United States (including all territories), Canada. * **Asia-Pacific:** Hong Kong, Japan, Malaysia, Singapore (Spot only, derivatives not supported), South Korea (restricted derivative services), Bangladesh, India, Nepal, North Korea. * Other Regions: United Kingdom (restricted derivatives), Iran, Russia, Cuba, Syria, specific regions of Ukraine (Crimea, etc.), Algeria, Bolivia, etc. Note: The list of compliant regions may change with OKX policy updates. Please refer to the OKX Official Terms of Service for the most detailed and up-to-date information. #### [](https://docs.coinkarma.co/english/features-guide/strategy-builder-backtest-and-trading-bot#q7-what-is-the-profit-sharing-ratio-for-the-trading-bot) Q7: What is the profit-sharing ratio for the trading bot? The platform adopts a 10% Performance Fee mechanism. CoinKarma only charges 10% of the profit as a fee when the trading bot generates actual profit for you; if there is no profit, no fee is charged. #### [](https://docs.coinkarma.co/english/features-guide/strategy-builder-backtest-and-trading-bot#q8-why-is-the-maximum-drawdown-mdd-amount-different-from-the-actual-realized-loss) Q8: Why is the "Maximum Drawdown (MDD)" amount different from the "Actual Realized Loss"? This is because the calculation basis is different. "Realized Loss" only records the result after closing the position (exit point), whereas "Maximum Drawdown" calculates the maximum floating loss experienced during the holding period (the lowest point during the process). Example: Suppose you open a long position when BTC is at $100,000. 1. The price drops to $80,000 during the session (at this point, the floating loss is -20%, which is recorded as the Maximum Drawdown). 2. The price subsequently rebounds, and you finally stop loss and close at $95,000 (actual realized loss is -5%). In this case, your actual loss is only 5%, but the strategy's MDD will show 20%. This more truthfully reflects the risk the strategy might face under extreme market conditions. #### [](https://docs.coinkarma.co/english/features-guide/strategy-builder-backtest-and-trading-bot#q9-can-i-modify-parameters-and-re-run-a-backtest-for-a-strategy-that-has-already-been-tested) Q9: Can I modify parameters and re-run a backtest for a strategy that has already been tested? Yes. Click "Edit strategy" to edit the strategy parameters, and then click "Rerun backtest" to run the test again with the modified parameters. #### [](https://docs.coinkarma.co/english/features-guide/strategy-builder-backtest-and-trading-bot#q10-can-i-modify-strategy-parameters-for-a-trading-bot-currently-running-on-okx-and-will-it-take-eff) Q10: Can I modify strategy parameters for a trading bot currently running on OKX, and will it take effect immediately? Yes. The modification method is the same as for backtesting. Please click "Edit strategy", modify the parameters, and save. After a successful update, the new strategy will take effect immediately. CoinKarma will instantly use the new logic to send trading signals. You do not need to stop the bot or redeploy it. [PreviousToken Screener](https://docs.coinkarma.co/english/features-guide/token-screener) [NextGrid Trading Signal](https://docs.coinkarma.co/english/features-guide/grid-trading-signal) Last updated 12 days ago * [I. Feature Overview: What is the Strategy Builder?](https://docs.coinkarma.co/english/features-guide/strategy-builder-backtest-and-trading-bot#i.-feature-overview-what-is-the-strategy-builder) * [II. How to Create a Strategy](https://docs.coinkarma.co/english/features-guide/strategy-builder-backtest-and-trading-bot#ii.-how-to-create-a-strategy) * [III. How to Run a Backtest](https://docs.coinkarma.co/english/features-guide/strategy-builder-backtest-and-trading-bot#iii.-how-to-run-a-backtest) * [IV. How to Create a Trading Bot](https://docs.coinkarma.co/english/features-guide/strategy-builder-backtest-and-trading-bot#iv.-how-to-create-a-trading-bot) * [V. FAQ](https://docs.coinkarma.co/english/features-guide/strategy-builder-backtest-and-trading-bot#v.-faq) --- # 策略編輯器（回測&交易機器人） | CoinKarma **目錄** 1. 功能總覽 2. 如何建立策略 3. 如何執行回測 4. 如何建立交易機器人 5. 常見問題 ### [](https://docs.coinkarma.co/features-guide/ce-le-bian-ji-qi-hui-ce-jiao-yi-ji-qi-ren#yi-gong-neng-zong-lan-shen-mo-shi-ce-le-bian-ji-qi) 一、功能總覽：什麼是策略編輯器？ 策略編輯器是 CoinKarma 的核心功能，協助用戶利用 CoinKarma 的指標構建交易策略，並且進行回測驗證歷史績效，以及一鍵部署為自動化交易機器人。 主要包含三個核心概念： * **策略 (Strategy)**：您的交易邏輯核心。定義在什麼條件下進場（開倉）與離場（平倉）的規則。 * **回測 (Backtest)**：策略的驗證機制。利用歷史數據模擬策略表現，提供報酬率、最大回撤 (MDD) 等關鍵數據分析。 * **交易機器人 (Trading Bot)**：策略的實戰應用。將驗證後的策略串接至 OKX 交易所，實現全自動化交易。 ### [](https://docs.coinkarma.co/features-guide/ce-le-bian-ji-qi-hui-ce-jiao-yi-ji-qi-ren#er-ru-he-jian-li-ce-le) 二、如何建立策略 您有兩種方式可以建立策略： #### [](https://docs.coinkarma.co/features-guide/ce-le-bian-ji-qi-hui-ce-jiao-yi-ji-qi-ren#fang-shi-yi-zi-ding-yi-ce-le-custom-strategy) 方式一：自定義策略 (Custom Strategy) 適合有明確交易想法的用戶。 1. 點擊頁面上的 **「+ Create strategy」** 按鈕。 2. 在編輯器中輸入您的進出場邏輯與指標參數。 3. 確認無誤後點擊 **「Submit」**，即可在「My strategy」中查看該策略。 ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F1729336661-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FJw2jrjZQmACHsCUyfYLT%252Fuploads%252FOu0J53MIlpI4XZ5v54IH%252Fstrategy_manual_1.png%3Falt%3Dmedia%26token%3D791fd207-8c33-49c0-a687-2302dae0c234&width=768&dpr=4&quality=100&sign=f468cd6b&sv=2) ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F1729336661-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FJw2jrjZQmACHsCUyfYLT%252Fuploads%252F1rgSWG6EyIkeKfue69Mf%252Fstrategy_manual_2.png%3Falt%3Dmedia%26token%3Df5c1efaf-0913-46db-9703-3d82166fcba2&width=768&dpr=4&quality=100&sign=aa918c9c&sv=2) ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F1729336661-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FJw2jrjZQmACHsCUyfYLT%252Fuploads%252FwXqIaMSMWzCk1AbMA8PY%252Fstrategy_manual_3.png%3Falt%3Dmedia%26token%3D282eb502-18b7-476e-831b-5cc695dac29a&width=768&dpr=4&quality=100&sign=bb324607&sv=2) #### [](https://docs.coinkarma.co/features-guide/ce-le-bian-ji-qi-hui-ce-jiao-yi-ji-qi-ren#fang-shi-er-shi-yong-guan-fang-tui-jian-ce-le-recommended-strategy) 方式二：使用官方推薦策略 (Recommended Strategy) 適合新手或想參考官方邏輯的用戶。 1. 切換至 **「Recommended」** 分頁。 2. 瀏覽官方精選的策略列表。 3. 選擇感興趣的策略，點擊 **「添加到我的策略」** (Add to my strategy)。 4. 系統將自動複製該策略至您的個人庫中，您可以直接使用或進行修改。 ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F1729336661-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FJw2jrjZQmACHsCUyfYLT%252Fuploads%252FkPd8ccKJnkIu6Mkgtg7R%252Fstrategy_copy_1.png%3Falt%3Dmedia%26token%3Dbd497405-2f3d-47d4-bb2f-dc9a76fbd088&width=768&dpr=4&quality=100&sign=124a62d1&sv=2) ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F1729336661-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FJw2jrjZQmACHsCUyfYLT%252Fuploads%252FOEvKPw0JgVvn1AxDY3OP%252Fstrategy_copy_2.png%3Falt%3Dmedia%26token%3D05db556d-e820-44d2-a177-ef163c089494&width=768&dpr=4&quality=100&sign=363a43ab&sv=2) ### [](https://docs.coinkarma.co/features-guide/ce-le-bian-ji-qi-hui-ce-jiao-yi-ji-qi-ren#san-ru-he-zhi-xing-hui-ce) 三、如何執行回測 在投入真實資金前，強烈建議先進行歷史回測。 1. 在策略頁面點擊 **「Run backtest」**。 2. 在彈出的視窗中設定回測參數： * **時間起點/終點**：選擇您想驗證的歷史區間。 * **槓桿 (Leverage)**：設定模擬交易的槓桿倍數。 3. 點擊送出。系統將開始運算，依數據量大小，通常約需 **1-5 分鐘**。 4. 運算完成後，您將看到詳細的績效分析報告。 ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F1729336661-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FJw2jrjZQmACHsCUyfYLT%252Fuploads%252FGJYWxrEUgh81uHk6fwcA%252Fbacktes_1.png%3Falt%3Dmedia%26token%3D0d4f5f13-608b-4085-9dba-e7660d95d516&width=768&dpr=4&quality=100&sign=3a3a73ee&sv=2) ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F1729336661-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FJw2jrjZQmACHsCUyfYLT%252Fuploads%252FJ4e80NauxbEChuXjhJ1U%252Fbacktes_2.png%3Falt%3Dmedia%26token%3D3c544851-9a60-4ba0-aaf1-9ddca652ecaa&width=768&dpr=4&quality=100&sign=ca80c26e&sv=2) ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F1729336661-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FJw2jrjZQmACHsCUyfYLT%252Fuploads%252FlXV3PWPJV5v7gIHKAi3x%252Fbacktes_3.png%3Falt%3Dmedia%26token%3D669522b5-0cfa-4cc8-b865-fd0765834eb2&width=768&dpr=4&quality=100&sign=c517c270&sv=2) ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F1729336661-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FJw2jrjZQmACHsCUyfYLT%252Fuploads%252FLnyN0vuPmPQ0e2KYyENP%252Fbacktes_4.png%3Falt%3Dmedia%26token%3D08b30ae1-3ca3-4754-8c22-b5b9bfd2d652&width=768&dpr=4&quality=100&sign=1d9fe776&sv=2) ### [](https://docs.coinkarma.co/features-guide/ce-le-bian-ji-qi-hui-ce-jiao-yi-ji-qi-ren#si-ru-he-jian-li-jiao-yi-ji-qi-ren) 四、如何建立交易機器人 當您對策略的回測表現滿意後，可將其部署至 OKX 進行自動交易。 #### [](https://docs.coinkarma.co/features-guide/ce-le-bian-ji-qi-hui-ce-jiao-yi-ji-qi-ren#bu-zhou-1-bang-ding-okx-zhang-hu) 步驟 1：綁定 OKX 帳戶 1. 點擊 **「Create bot」** 按鈕。 2. 系統將引導您綁定 OKX API（若尚未綁定）。 * 安全聲明：此 OKX API 權限為「唯讀權限(Read-Only)」，無法進行任何資金操作 * 注意事項：若您之前曾綁定失敗，請務必前往 OKX API 管理頁面刪除舊的 API Key，再重新進行綁定流程。 ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F1729336661-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FJw2jrjZQmACHsCUyfYLT%252Fuploads%252FGJYWxrEUgh81uHk6fwcA%252Fbacktes_1.png%3Falt%3Dmedia%26token%3D0d4f5f13-608b-4085-9dba-e7660d95d516&width=768&dpr=4&quality=100&sign=3a3a73ee&sv=2) ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F1729336661-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FJw2jrjZQmACHsCUyfYLT%252Fuploads%252FmBXiMftMazt0p1H9U6mi%252Ftrading%2520bot_1.png%3Falt%3Dmedia%26token%3Dd17d392f-897d-403c-b8fa-04cb8021053f&width=768&dpr=4&quality=100&sign=733ca8bf&sv=2) ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F1729336661-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FJw2jrjZQmACHsCUyfYLT%252Fuploads%252FcVgpePrw24hD5qEOxTfl%252Ftrading%2520bot_2.png%3Falt%3Dmedia%26token%3D7ce3de5f-fb5d-490b-8d9c-ee7c75074122&width=768&dpr=4&quality=100&sign=2cd88c8b&sv=2) #### [](https://docs.coinkarma.co/features-guide/ce-le-bian-ji-qi-hui-ce-jiao-yi-ji-qi-ren#bu-zhou-2-ti-jiao-shen-he-yu-qi-yong) 步驟 2：提交審核與啟用 1. 綁定完成後，在確認視窗勾選同意條款並點擊 **「Submit」**。 2. 此時機器人狀態將顯示為 **Pending (審核中)**。請等待 OKX 系統審核（通常於 24 小時內完成）。 3. 審核通過後，狀態將更新為 **Active (啟用中)**。 ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F1729336661-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FJw2jrjZQmACHsCUyfYLT%252Fuploads%252FmsRiNZ7HxTBEZ09Y2ueJ%252Ftrading%2520bot_3.png%3Falt%3Dmedia%26token%3D8422982c-cdb0-4847-bcaf-ef6aa15114b0&width=768&dpr=4&quality=100&sign=9ba8d4ce&sv=2) ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F1729336661-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FJw2jrjZQmACHsCUyfYLT%252Fuploads%252F7UvcgQGdxEgCE0QPyfrl%252Ftrading%2520bot_4.png%3Falt%3Dmedia%26token%3D0aee3ebb-5026-49a0-a72b-afb65fe9cc42&width=768&dpr=4&quality=100&sign=854492bb&sv=2) ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F1729336661-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FJw2jrjZQmACHsCUyfYLT%252Fuploads%252FkDDbOu6nJGM4IS16Y3LQ%252Ftrading%2520bot_5.png%3Falt%3Dmedia%26token%3D55b759ec-a300-4f18-a7fd-714c2a007d46&width=768&dpr=4&quality=100&sign=7d8b1a4c&sv=2) #### [](https://docs.coinkarma.co/features-guide/ce-le-bian-ji-qi-hui-ce-jiao-yi-ji-qi-ren#bu-zhou-3-tou-ru-zi-jin-yu-kai-shi-jiao-yi) 步驟 3：投入資金與開始交易 1. 點擊 **「Invest funds into OKX」** 按鈕，系統將跳轉至 OKX 的信號訂閱頁面。 2. 在 OKX 頁面上確認訂閱，並設定您欲投入的**保證金金額**與**槓桿倍數**。 3. 完成設定後，交易機器人即正式啟動。CoinKarma 將根據您的策略邏輯自動發送交易信號，由 OKX 執行下單。 ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F1729336661-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FJw2jrjZQmACHsCUyfYLT%252Fuploads%252FvZKAc0ZZGxG7il8950Y9%252Ftrading%2520bot_6.png%3Falt%3Dmedia%26token%3D0612f8ef-549b-4566-abc8-1c58f859b585&width=768&dpr=4&quality=100&sign=243183ba&sv=2) ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F1729336661-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FJw2jrjZQmACHsCUyfYLT%252Fuploads%252FLOa6oWwYJAt2RHgQ0ueg%252Ftrading%2520bot_7.png%3Falt%3Dmedia%26token%3D25baf72e-fa62-49c6-8d74-472b7aaa72ce&width=768&dpr=4&quality=100&sign=f7a6901a&sv=2) ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F1729336661-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FJw2jrjZQmACHsCUyfYLT%252Fuploads%252F91LhnvTEfgMFOmDLOV78%252Ftrading%2520bot_8.png%3Falt%3Dmedia%26token%3Da8b5aa50-03e9-44cd-bc16-6081f49be812&width=768&dpr=4&quality=100&sign=3c16684b&sv=2) ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F1729336661-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FJw2jrjZQmACHsCUyfYLT%252Fuploads%252FXu2rnYwwspnOsEQnl2u7%252Ftrading%2520bot_9.png%3Falt%3Dmedia%26token%3D8608f28d-22a9-4a18-8267-c5848e0c77c6&width=768&dpr=4&quality=100&sign=9d3f542b&sv=2) ### [](https://docs.coinkarma.co/features-guide/ce-le-bian-ji-qi-hui-ce-jiao-yi-ji-qi-ren#wu-chang-jian-wen-ti) 五、常見問題 #### [](https://docs.coinkarma.co/features-guide/ce-le-bian-ji-qi-hui-ce-jiao-yi-ji-qi-ren#q1-jiao-yi-ji-qi-ren-de-zhi-ying-take-profit-yu-zhi-sun-stop-loss-gai-ru-he-she-zhi) Q1：交易機器人的止盈 (Take Profit) 與止損 (Stop Loss) 該如何設置？ 止盈與止損需直接於 OKX 交易所介面 進行操作。 **操作路徑：** 進入 OKX 倉位管理頁面 → 選擇信號機器人 → 點擊欲設置止盈止損的機器人點擊詳情 → 找到 **「止盈 (Take profit)」** 或 **「止損 (Stop loss)」** 選項進行數值設定即可。 **注意**：OKX 信號機器人的止盈止損採用「價格百分比」計算，即當價格相對於進場價達到設定的漲跌幅百分比時，系統將自動觸發平倉。 ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F1729336661-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FJw2jrjZQmACHsCUyfYLT%252Fuploads%252FM5HvPEAz8bqD7viuheFb%252FFAQ_lelverage_1.png%3Falt%3Dmedia%26token%3D9000ee68-d794-422b-8b7a-f10aea8feef2&width=768&dpr=4&quality=100&sign=81f6b84f&sv=2) ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F1729336661-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FJw2jrjZQmACHsCUyfYLT%252Fuploads%252FumEtdvhHNM3hJw06tYBC%252FFAQ_lelverage_2.png%3Falt%3Dmedia%26token%3D6e8e3589-dd54-493b-bae4-4ee540c0d7b0&width=768&dpr=4&quality=100&sign=7db5fa53&sv=2) #### [](https://docs.coinkarma.co/features-guide/ce-le-bian-ji-qi-hui-ce-jiao-yi-ji-qi-ren#q2-ru-he-she-zhi-jiao-yi-ji-qi-ren-de-jiao-yi-gang-gan-leverage) **Q2：如何設置交易機器人的交易槓桿 (Leverage)？** 槓桿倍數需在 **機器人的投入保證金階段** 設定。 * **操作說明：** 在您投入保證金 (Margin) 的頁面中，會有一併調整槓桿倍數的選項，請務必在提交機器人前確認槓桿倍數是否符合您的風險承受度。 ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F1729336661-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FJw2jrjZQmACHsCUyfYLT%252Fuploads%252F91LhnvTEfgMFOmDLOV78%252Ftrading%2520bot_8.png%3Falt%3Dmedia%26token%3Da8b5aa50-03e9-44cd-bc16-6081f49be812&width=768&dpr=4&quality=100&sign=3c16684b&sv=2) #### [](https://docs.coinkarma.co/features-guide/ce-le-bian-ji-qi-hui-ce-jiao-yi-ji-qi-ren#q3-jian-li-bing-ti-jiao-ji-qi-ren-hou-shen-he-xu-yao-duo-jiu-shi-jian) **Q3：建立並提交機器人後，審核需要多久時間？** 在您提交機器人策略後，OKX 官方通常會於 **24 小時內** 完成審核流程。審核通過後，機器人即可開始接收信號並運作。 #### [](https://docs.coinkarma.co/features-guide/ce-le-bian-ji-qi-hui-ce-jiao-yi-ji-qi-ren#q4-jiao-yi-ji-qi-ren-de-jin-chang-cang-wei-bi-li-shi-an-zhao-chu-shi-ben-jin-huan-shi-dang-qian-yue) **Q4：交易機器人的進場倉位比例是按照「初始本金」還是「當前餘額」計算？** 機器人的進場信號採用 **動態餘額百分比 (Percentage of Balance)** 模式 * **計算方式：** 系統會根據您當前的「可用餘額」來計算下單金額。 * **複利效應：** 這意味著進場金額並非固定鎖定在「初始本金」，而是包含了「初始本金 + 已實現盈虧」。若策略獲利，隨後的下單金額會相應增加（複利）；反之則會相應減少。 #### [](https://docs.coinkarma.co/features-guide/ce-le-bian-ji-qi-hui-ce-jiao-yi-ji-qi-ren#q5-jiao-yi-ji-qi-ren-hui-shi-yong-wo-de-api-key-jin-xing-jiao-yi-ma) **Q5：交易機器人會使用我的 API Key 進行交易嗎？** **不會，請您放心。** * **交易執行：** 我們的機器人是 CoinKarma 透過 **Webhook** 技術傳送交易信號給 OKX，並非直接透過 API 控制您的帳戶進行下單。 * **權限說明：** 若平台需要您提供 API Key，該 Key 僅具備 **「唯讀 (Read-Only)」** 權限，用途僅限於同步數據與展示績效，無法挪用資金或執行交易。 ![](https://docs.coinkarma.co/~gitbook/image?url=https%3A%2F%2F1729336661-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FJw2jrjZQmACHsCUyfYLT%252Fuploads%252FmBXiMftMazt0p1H9U6mi%252Ftrading%2520bot_1.png%3Falt%3Dmedia%26token%3Dd17d392f-897d-403c-b8fa-04cb8021053f&width=768&dpr=4&quality=100&sign=733ca8bf&sv=2) #### [](https://docs.coinkarma.co/features-guide/ce-le-bian-ji-qi-hui-ce-jiao-yi-ji-qi-ren#q6-you-na-xie-guo-jia-huo-di-qu-wu-fa-shi-yong-jiao-yi-ji-qi-ren-fu-wu) **Q6：有哪些國家或地區無法使用交易機器人服務？** 本服務依循 **OKX 交易所的合規政策**，部分地區因當地法律規範限制，可能無法使用相關服務（特別是衍生品交易）。 根據 OKX 最新的風險披露聲明，受限制的司法管轄區包括但不限於： * **北美地區：** 美國（含所有海外領土）、加拿大。 * **亞太地區：** 香港、日本、馬來西亞、新加坡（僅限現貨，不支援衍生品）、韓國（限制衍生品服務）、孟加拉、印度、尼泊爾、北韓。 * **其他地區：** 英國（限制衍生品）、伊朗、俄羅斯、古巴、敘利亞、烏克蘭特定地區（克里米亞等）、阿爾及利亞、玻利維亞等。 > 注意： 合規地區名單可能隨 OKX 政策更新而變動，詳細與最新資訊請以 OKX 官方服務條款 公告為準。 #### [](https://docs.coinkarma.co/features-guide/ce-le-bian-ji-qi-hui-ce-jiao-yi-ji-qi-ren#q7-jiao-yi-ji-qi-ren-de-fen-run-bi-li-wei-he) Q7：交易機器人的分潤比例為何？ 平台採行 **10% 的績效分潤機制 (Performance Fee)**。 僅當交易機器人為您產生實際獲利時，CoinKarma 才會收取該筆獲利的 10% 作為費用；若無獲利，則不收取費用。 #### [](https://docs.coinkarma.co/features-guide/ce-le-bian-ji-qi-hui-ce-jiao-yi-ji-qi-ren#q8-wei-he-zui-da-hui-che-mdd-yu-shi-ji-ping-cang-kui-sun-de-jinebu-tong) **Q8：為何「最大回撤 (MDD)」與「實際平倉虧損」的金額不同？** 這是因為計算的基準不同。「平倉虧損」僅記錄**已實現**的結果（出場點）；而「最大回撤」則會計算持倉期間曾經歷過的**最大浮動虧損**（過程中的最低點）。 **舉例來說：** 假設您在BTC $100,000 時開多單。 1. 盤中價格一度跌至 **$80,000**（此時浮動虧損為 -20%，這會被計入最大回撤）。 2. 隨後價格反彈，您最終在 **$95,000** 時止損平倉（實際已實現虧損為 -5%）。 在這個案例中，您的實際虧損只有 **5%**，但策略的最大回撤會顯示 **20%**。這能更真實地反映該策略在極端行情下可能面臨的風險。 #### [](https://docs.coinkarma.co/features-guide/ce-le-bian-ji-qi-hui-ce-jiao-yi-ji-qi-ren#q9-yi-jing-pao-guo-hui-ce-de-ce-le-ke-yi-xiu-gai-can-shu-zhong-pao-hui-ce-ma) Q9：已經跑過回測的策略，可以修改參數重跑回測嗎？ 可以，點擊「Edit strategy」編輯策略參數，然後再「Rerun backtest」即可修改參數重跑回測 #### [](https://docs.coinkarma.co/features-guide/ce-le-bian-ji-qi-hui-ce-jiao-yi-ji-qi-ren#q10-zheng-zai-okx-shang-yun-xing-de-jiao-yi-ji-qi-ren-ke-yi-xiu-gai-ce-le-can-shu-bing-ji-shi-sheng) Q10：**正在 OKX 上運行的交易機器人，可以修改策略參數並即時生效嗎？** **可以。** 修改方式與回測相同，請點擊 「Edit strategy」 修改參數並儲存。 更新成功後，**新策略將立即生效**，CoinKarma 會即刻改用新的邏輯來發送交易信號，您無需停止機器人或重新部署。 [PreviousToken Screener（山寨幣篩選器）](https://docs.coinkarma.co/features-guide/token-screener-shan-zhai-bi-shai-xuan-qi) [NextGrid Trading Signal](https://docs.coinkarma.co/features-guide/grid-trading-signal) Last updated 12 days ago * [一、功能總覽：什麼是策略編輯器？](https://docs.coinkarma.co/features-guide/ce-le-bian-ji-qi-hui-ce-jiao-yi-ji-qi-ren#yi-gong-neng-zong-lan-shen-mo-shi-ce-le-bian-ji-qi) * [二、如何建立策略](https://docs.coinkarma.co/features-guide/ce-le-bian-ji-qi-hui-ce-jiao-yi-ji-qi-ren#er-ru-he-jian-li-ce-le) * [三、如何執行回測](https://docs.coinkarma.co/features-guide/ce-le-bian-ji-qi-hui-ce-jiao-yi-ji-qi-ren#san-ru-he-zhi-xing-hui-ce) * [四、如何建立交易機器人](https://docs.coinkarma.co/features-guide/ce-le-bian-ji-qi-hui-ce-jiao-yi-ji-qi-ren#si-ru-he-jian-li-jiao-yi-ji-qi-ren) * [五、常見問題](https://docs.coinkarma.co/features-guide/ce-le-bian-ji-qi-hui-ce-jiao-yi-ji-qi-ren#wu-chang-jian-wen-ti) ---