Education
Funding Rate and Open Interest: A Practical Crypto Guide
Learn how to read crypto funding rates and open interest together, what each four-quadrant setup means, and which signals reduce false conclusions.
Formion Blog
Research archive
The complete Formion research library. Start with the curated guides on the main blog, or browse historical market and strategy notes here.
Strategy & Backtests
How to Backtest a Crypto Strategy Without Fooling Yourself
A practical crypto backtesting checklist covering look-ahead bias, overfitting, fees, slippage, walk-forward testing and realistic execution assumptions.
Education
Spot Volume vs Perpetual Volume: What Each Signal Means
Understand the difference between crypto spot and perpetual-futures volume, how to compare them, and why derivatives-led moves need different confirmation.
Research
When Perp Leaderboard ROI Breaks: The Denominator Problem
How to read an extreme leaderboard ROI without mistaking an unstable or undocumented denominator for verified trading performance.
Market Analysis
Altcoin Week in Review: ADA Stands Alone as the Board Turns Red
Weekly altcoin review for Aug 2, 2026 — ADA up 12.47% while 11 of 14 majors fell. What the dispersion says about rotation, and levels to watch next week.
Market Analysis
Bitcoin Week Ahead: The $63,400–$64,500 Decision Zone
BTC opens the week between its 20- and 50-day averages. Bull, bear, and range scenarios mapped to exact levels — structure analysis, not a forecast.
Market Analysis
Lottery Tickets Bid, Conviction Selling: What the Movers Board Says
August 2 movers show risk appetite alive but narrow — sub-penny names lead the gainers while the day's heaviest volume sits on the sell side.
Research
Hyperliquid's 7-Day Leaderboard: Big PnL, Small ROI — Mostly
What top Hyperliquid traders' 7-day realized PnL and ROI reveal about where perp risk sits: whale accounts grinding low single digits, and one outlier.
Market Analysis
Narrow Gains, One Heavy Exit: Reading July 31's Movers
Small-cap gainers ran 38–68% on light volume while BANK halved on $79M turnover. What the day's leaderboard says about risk appetite and rotation.
Research
Hyperliquid whale watch — 2026-07-30
This week's top Hyperliquid traders by realized 7-day PnL and ROI, straight from the public leaderboard.
Market Analysis
Sellers Are Louder Than Buyers: Reading the July 29 Movers
The day's biggest crypto losers traded far more volume than its gainers. What that imbalance says about risk appetite and where money is rotating.
Education
How to Read a Liquidation Heatmap (Without Fooling Yourself)
A liquidation heatmap estimates where leveraged positions may be force-closed. Learn what the colours mean, what the model cannot prove and how to use it as context.
Market Analysis
Microcap Melt-Up, Structured-Token Bleed: Reading July 28's Tape
COTI's +55.45% led a gainer board of sub-$0.10 microcaps while SNXXB fell 36.49%. What the day's dispersion says about risk appetite and rotation.
Market Analysis
Crypto market movers — 2026-07-27
The day's biggest 24-hour crypto gainers and losers among liquid Binance USDT pairs.
Market Analysis
Altcoin Weekly: AVAX Leads a Quiet Tape While ARB and NEAR Bleed
Seven-day review of 14 major altcoins on Binance: AVAX up 4.8%, ARB down 7.18%, ETH flat. What the dispersion says about rotation, and levels for next week.
Market Analysis
Bitcoin Week Ahead: Three Scenarios Around $64,373
BTC sits between its 20- and 50-day SMAs with a flat weekly close. The exact levels that define the bull, bear and range cases for the week ahead.
Market Analysis
Dispersion, Not Direction: Reading the July 26 Crypto Movers
What a 66% Euler rally, a Shiba Inu squeeze, and a 42% DeXe drawdown on heavy volume reveal about risk appetite and rotation on July 26, 2026.
Market Analysis
One Chart-Topper, No Follow-Through: Reading July 25's Movers
DEXE's +174% move dwarfs the rest of the board while WLD and RE bleed. What the July 25 gainers and losers say about risk appetite and rotation.
Market Analysis
Crypto market movers — 2026-07-24
The day's biggest 24-hour crypto gainers and losers among liquid Binance USDT pairs.
Market Analysis
Crypto market movers — 2026-07-23
The day's biggest 24-hour crypto gainers and losers among liquid Binance USDT pairs.
Market Analysis
Crypto market movers — 2026-07-22
The day's biggest 24-hour crypto gainers and losers among liquid Binance USDT pairs.
Market Analysis
Crypto market movers — 2026-07-21
The day's biggest 24-hour crypto gainers and losers among liquid Binance USDT pairs.
Research
Hyperliquid's 7-Day Leaderboard: Two Very Different Risk Books
What $282.6M in realized weekly PnL across six Hyperliquid accounts reveals about how whales and mid-size traders are taking perp risk right now.
Market Analysis
Altcoin Week in Review: LINK Leads a Quiet Rotation Into Majors
Weekly altcoin review for July 19, 2026: LINK and ETH lead, ARB lags. What the tight 7-day dispersion says about rotation, plus scenarios for the week ahead.
Market Analysis
Bitcoin Week Ahead: The $65,600 Ceiling and Three Ways Out
BTC sits just under its weekly high with neutral funding and mixed trend. The exact levels that define the bull, bear, and range scenarios into the new week.
Strategy & Backtests
Strategy Scorecard, July 19: Every Win Rate Below 50%
All eight tracked Formion strategies posted sub-50% win rates in the latest roll-up. What the numbers show, what they don't, and the tape behind them.
Research
Hyperliquid's 7-Day Leaderboard: Where Perp Risk Sits Right Now
Six Hyperliquid traders booked $4.9M–$245.8M in 7-day realized PnL. What the PnL-vs-ROI split reveals about how perp risk is being sized right now.
Market Analysis
Micro-Cap Bids, Tokenized-Equity Bleed: Today's Rotation Read
July 17 movers show speculative appetite in thin crypto small caps while Binance's tokenized stock wrappers sell off. What the split says about risk.
Research
Reading Hyperliquid's 7-Day Leaderboard: PnL vs. ROI as Risk Signals
Top Hyperliquid traders made $154M and 87% ROI in the same week — different numbers, different risk. How to read perp leaderboards without being misled.
Market Analysis
Thin Rallies, Heavy Exits: What July 15's Movers Reveal
PORTO led gainers at +52% on modest volume while SXT and DEXE carried the heaviest turnover on the losing side. A data brief on selective risk appetite.
Research
Hyperliquid Leaderboard: What 7-Day PnL and ROI Reveal About Perp Risk
Six top Hyperliquid accounts split into two risk profiles: large books grinding low ROI and small accounts running extreme leverage. A data brief.
Market Analysis
Movers Point to Rotation, Not Risk-On
The July 13 gainers and losers read less like a risk rally and more like money rotating between names — with a defensive tilt underneath.
Market Analysis
Bitcoin Week Ahead: The Levels Between SMA20 and SMA50
A scenario-based BTC week-ahead built from support, resistance, moving averages, weekly range and ATR — structure, not prediction.
Market Analysis
Weekly Altcoin Review: Narrow Breadth, One Clear Winner
Only three majors closed the week green. ARB ran +20% while ADA lost 13%. What the dispersion says about rotation, and what to watch next week.
Research
Where Perp Risk Lives: Hyperliquid's 7-Day Leaderboard
A sober read of Hyperliquid's top traders by 7-day realized PnL and ROI — what the spread between size and leverage says about perp positioning.
Market Analysis
Movers on July 11: PYR Leads, NEAR Anchors the Fade
A data brief on July 11's biggest crypto movers — PYR, HMSTR and MMT run, while SYN, SKL and NEAR lead the downside on Binance USDT.
Research
Reading the Hyperliquid Leaderboard: PnL Is Not ROI
What the top Hyperliquid traders' 7-day PnL, ROI, and equity reveal about where perpetual-futures risk actually sits right now.
Market Analysis
Movers Read: Altcoins Firm Up, DeFi Names Bleed
A fast read on 9 July's biggest movers — what the day's crypto gainers and losers say about risk appetite and where money is rotating.
Market Analysis
Market Movers, July 8: Where Risk Appetite Actually Went
A sober read of July 8's biggest crypto gainers and losers — what SPELL, LDO, HMSTR and the tape say about rotation and risk.
Market Analysis
Risk-On at the Edges: Reading the July 7 Movers
The day's biggest crypto gainers and losers point to small-cap rotation and thinning risk appetite. A grounded look at the July 7 tape.
Research
Where Perp Risk Sits Now: Hyperliquid's 7-Day Leaderboard
Reading the top Hyperliquid traders' 7-day realized PnL, ROI and equity to see how perpetual-futures risk is being deployed right now.
Market Analysis
Altcoin Week in Review: ADA Leads, Rotation Widens
A CryptoNuevo-style weekly altcoin brief — 7-day majors performance, dispersion, capital rotation, and levels to watch next week.
Market Analysis
Bitcoin Week Ahead: Levels, Scenarios, and What Confirms Each
A structured BTC week-ahead built only on verified levels — bull, bear, and range scenarios anchored to exact support, resistance, SMAs, and ATR.
Market Analysis
Movers Read Risk-On, But the Rotation Is Narrow
July 5 crypto movers point to selective risk appetite: gaming and infra names lead, bridges and memes lag. A quick desk read.
Strategy & Backtests
Tracked Strategies: A Quiet Session for Formion Gold FRVP
Formion's Gold FRVP strategy logged two live trades on 4 July with no settled win-rate yet, against a session led by HMSTR, TLM and ARPA.
Research
What Hyperliquid's Top Traders' 7-Day PnL Reveals
A read of Hyperliquid's leaderboard: where perp risk is concentrated, what 7-day realized PnL and ROI actually say, and what they don't.
Research
Where Hyperliquid's Top Traders Are Taking Perp Risk
A read of the top Hyperliquid leaderboard: 7-day realized PnL, ROI and equity, and what the split says about how perp risk is being sized.
Strategy & Backtests
Tracked Strategy Log — Formion Gold FRVP, July 1
A short, honest read on Formion's live-tracked Gold FRVP strategy and the day's top movers. Tracked results, not promises.
Research
Hyperliquid Whale Leaderboard: Size vs Capital Efficiency
A 2026-06-30 Hyperliquid leaderboard snapshot showing why absolute PnL, ROI and account equity reveal different kinds of perpetual-futures risk.
Market Analysis
Rotation Check: What June 29's Movers Say About Risk
The day's biggest gainers and losers point to thin, mid-cap risk appetite rather than broad conviction. A grounded read of the tape.
Market Analysis
Bitcoin Week Ahead: The Levels That Define the Tape
A scenario-based BTC outlook built only from current price structure — support, resistance, SMAs, ATR and funding. Not a forecast.
Research
PnL vs ROI: Reading the Hyperliquid Leaderboard
Two numbers tell different stories on the Hyperliquid perp leaderboard. Here is how 7-day PnL and ROI reveal where risk is actually being taken.
Market Analysis
Weekly Altcoin Review: One Green Name in a Red Tape
A week-ahead altcoin outlook for 28 June 2026 — leaders, laggards, capital rotation, and the exact levels worth watching on majors.
Market Analysis
Movers on 27 June: Gaming Tokens Lead, Infra Lags
A fast read on the day's biggest crypto movers — what AGLD's run and HEI's slide say about risk appetite and rotation.
Research
Hyperliquid's Top Traders: PnL Scale vs ROI Efficiency
A read of the 7-day Hyperliquid leaderboard — where realized perp PnL is large, where ROI is sharp, and what equity size tells us about risk.
Strategy & Backtests
Tracked Strategy Note: A Thin Sample Against a Hot Tape
Formion Gold FRVP logged two tracked trades on 2026-06-25 with no settled win-rate or PnL yet, set against a session of sharp altcoin moves.
Research
Where Perp Risk Is Hiding: Hyperliquid's Top 7-Day PnL
Six Hyperliquid traders booked $7.8M–$10.4M in realized 7-day PnL. What their ROI and equity reveal about how perp risk is being taken now.
Market Analysis
Risk-On Tape: DEXE Doubles While Restaking Bleeds
A fast read on the day's biggest crypto movers — what DEXE's surge and EIGEN's slide say about risk appetite and rotation on 2026-06-23.
Research
PnL vs ROI on Hyperliquid: How to Read Leaderboard Risk
Learn how PnL, ROI and account equity change the meaning of a Hyperliquid leaderboard ranking, with a worked 2026-06-22 snapshot.
Market Analysis
Altcoins This Week: Leaders, Laggards and Rotation
Only SOL and ETH held green this week. SUI and ADA fell ~12%. What the dispersion across the majors says about risk appetite.
Market Analysis
BTC Week Ahead: Key Levels and Three Scenarios
Bitcoin at $64,176, -2.39% on the week and below its 50-day average. The exact levels, ranges and funding read that frame the days ahead.
Research
Hyperliquid Whale Watch: Where the 7-Day PnL Clusters
The top Hyperliquid accounts booked $134M, $117M and $28M in realized 7-day PnL. What the ROI gap between size and edge actually shows.
Market Analysis
Crypto's Biggest Movers: Risk Appetite Surges, Then Retreats
RE surges 103% while HEI drops 21%. What the day's largest gainers and losers reveal about market rotation and risk tolerance.
Market Analysis
Extreme Volatility Signals Rotation Away From Layer-1s
RE surges 798% while AVAX drops 9.7%. Today's crypto moves reveal sharp risk appetite swings and sector rotation patterns.
Research
Top Hyperliquid Traders: $1.1B in 7-Day PnL Signals Concentrated Risk
Analysis of realized PnL and ROI from leading Hyperliquid perpetual traders reveals where leverage and conviction are concentrated this week.
Market Analysis
Gainers Signal Selective Risk Appetite on June 17
PORTAL, UNI, and EPIC lead crypto markets with double-digit gains. RIF slides 17%. What the moves reveal about trader positioning.
Research
Top Hyperliquid Traders: Where $1.5B in Weekly PnL Clusters
Analysis of realized 7-day PnL and ROI from leading Hyperliquid perpetual traders. What concentration of returns reveals about current perp market risk.
Announcements
Welcome to the Formion blog — verified numbers, not hype
What this blog is for: live market reads, honest strategy backtests, and the engineering behind the Formion AI trading terminal. Every claim is backed by a number you can check in the app.
Strategy & Backtests
Gold FRVP: a mean-reversion strategy that survived a 180-day backtest
Our Fixed-Range Volume Profile strategy on XAUUSD 5m — profit factor 1.96, +37.4% net over 180 days at 6.9% max drawdown. How it works, where the edge comes from, and the honest caveats.