This indicator gives a clean overview of how markets are trading relatively to each other.

The line in the middle represents a global market average price (a combination of spot and perpetuals).
The dots, which represent individual markets, float around that line.
This way you can easily tell which markets are more expensive (or cheaper) than others.

Markets used:
  • Coinbase spot (USD)
  • Bitfinex spot (USD)
  • Binance spot (USDT)
  • FTX spot (USDT)

  • Bitmex perp (coin margin)
  • Bybit perp (coin margin)
  • Binance perp (dollar margin)
  • FTX perp (dollar margin)

The indicator works for both BTC and ETH.


  • Markets
The main use is to see if spot exchanges are trading above or below derivatives exchanges.
You'll notice that usually when bottoms form it's when derivs start trading below the market average and spot above.
It's considered bearish when derivs trade way above the market average. It's quite normal that derivs trade a little bit above baseline but if they trade pretty far above spot it becomes worrisome.
I personally think it's most useful on lower timeframes like the 4h or 1h, but it works the same on all timeframes.

  • Distortion
There's also a distortion metric which shows how big the spread is between all exchanges.
Normally speaking all exchange prices trade very closely together, but sometimes the market gets more turbulent and then prices move apart.
The higher the distortion levels the more turbulent the market.
It's interesting to look at once in a while but it's probably not very useful for trading.
I have noticed though that high distortion usually happens after a violent drop and it often marks bottoms.
But then the obvious question is "what is high distortion" and I can't give you an answer because it varies.
In this screenshot I used ohlc4 for the candle source.

  • Both
You can also choose for the indicator to show both the markets and the distortion at the same time.

All spot markets are green and all derivatives are grey because that's just the theme I use, but you can change the colours in the settings.

You can choose the candle source as well. By default it's set on candle close prices (which makes the most sense in my opinion).


Like I already mentioned, the indicator's main purpose is to show you how individual markets are trading relatively to the global market average price.
The most important aspect of it is to see if spot markets are trading higher than derivs. Spot trading above the average while derivs trade below is usually bullish.
Local bottoms often print when spot trading significantly above the rest.

You can also use the indicator to identify arbitrage opportunities because some times there's one market that suddenly starts trading way above or below every other market.
This is obviously a more niche use case of course.

If you want access to this indicator send me a private message so we can discuss it.
Release Notes:
Added a percentage symbol since the values are percentages anyway.

Also added a clamp because sometimes one market deviates so much that the rest of the data becomes unreadable.
Release Notes:
New and improved version of the "markets" indicator.

Added a few markets and made code more efficient so it loads faster.

I did remove the distortion aspect, which isn't really necessary and makes the indicator slow.
Maybe if people like the distortion thing I'll make a separate indicator for it.
Release Notes:
FTX shut down so I removed it and replaced it with Binance BUSD markets since they've been gaining a lot of traction in recent times.
Release Notes:
Small update to the labels.
Release Notes:
Updated tickers.
Release Notes:
Added some extra customisation features.
Release Notes:
I added a few extra markets.
Release Notes:
There was a small mistake in the previous patch, but I updated it.

Send me a private message for access to my invite only indicators.
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