Range compression on $SPY - 0.06% ATR, in the lower half of the range - with a bid shelf still sitting at $757.
Positioning first: +5.16% open interest on the hour, +4.46% over four, funding at 0.0000%. Then the book: 51% of visible depth is bids. So the bids are soaking market sells while neither side is paying a meaningful funding bill - there is no funding tailwind here, so it is pure book versus flow.
Is that depth real size defending the level, or the book being set up for the break?
📌 $SPY · #SPY #Macro #Orderbook #BinanceSquare
Related: $QQQ $BTC
Data: Binance USD-M futures (funding, open interest, orderbook depth, taker flow)
Positioning first: +5.16% open interest on the hour, +4.46% over four, funding at 0.0000%. Then the book: 51% of visible depth is bids. So the bids are soaking market sells while neither side is paying a meaningful funding bill - there is no funding tailwind here, so it is pure book versus flow.
Is that depth real size defending the level, or the book being set up for the break?
📌 $SPY · #SPY #Macro #Orderbook #BinanceSquare
Related: $QQQ $BTC
Data: Binance USD-M futures (funding, open interest, orderbook depth, taker flow)
