Cumulative Volume Delta (CVD), an important indicator in the cryptocurrency derivatives market, accumulates the difference between buying and selling volumes over time. Detailed analysis of CVD varies dramatically across exchanges. For example, Binance prefers short positions, while Bybit exhibits a preference for long positions. These differences reflect the various strategies adopted by each exchange and are influenced by the profiles of investors active on these platforms.

Interestingly, although the CVD indicator for Binance is bearish, it has a stronger correlation with price changes. This can be attributed to the fact that Binance has the highest trading volume among all exchanges.

One noteworthy point is that when both price and CVD are rising, as seen with Bybit, it can indicate that many positions are still open. This scenario suggests the potential for increased volatility and forced liquidations.