For informational purposes only. Does not constitute investment advice or an offer to buy or sell any security. Past performance is not indicative of future results.

Crypto ecosystem risk

Cross-venue perp landscape

A monthly snapshot of perpetual open interest, 30-day flow and stablecoin supply across Binance, Bybit and OKX — where leverage is concentrated and how it's moving.

Total perp OI$33.2B+10.9% 1M · -14.6% 3M · +9.0% 12M

BTC+ETH share of OI64%-0.2pp 1M · -2.2pp 3M · +7.0pp 12M

30D perp volume$2058BBTC $663B · -10.0% 1M · -14.6% 3M · -35.7% 12M

Biggest 30d gainerDOGE+$0.27B · +74%

Biggest 30d loserWLFI-0.05B · -35%

Total ecosystem leverage · 30d

STACKED BY ASSET · 3 VENUES

Top alts · current OI · split by venue

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Top alts · 30d cumulative volume · split by venue

SUM ACROSS VENUES

30d OI movers · gainers vs losers

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Gainers

DOGE+$0.27B · +74%ZEC+$0.07B · +38%XRP+$0.04B · +6%BNB+$0.03B · +8%TRUMP+$0.02B · +30%

Losers

WLFI$-0.05B · -35%RIVER$-0.05B · -56%SOL$-0.04B · -3%TAO$-0.04B · -21%PAXG$-0.03B · -19%

Implied volatility · BTC & ETH

DUAL-AXIS · 30D

Stablecoin supply · point-in-time

TODAY · 1M · 3M · 12M

	TODAY	1M AGO	3M AGO	12M AGO
USDT	$189B	$184B +3.0%	$186B +2.1%	$149B +27.2%
USDC	$77B	$77B -0.0%	$70B +10.1%	$62B +24.7%
Total	$267B	$261B +2.1%	$256B +4.3%	$211B +26.5%

For informational purposes only. Does not constitute investment advice or an offer to buy or sell any security. Past performance is not indicative of future results.

April 2026 — financial conditions loose

Risk appetite 55/100 — S&P +10.4% MTD, vol regime compressed.

Cross-asset snapshot rebased to month-start: equities, rates, FX, commodities and crypto on one page, with implied-vol surfaces, a UST curve overlay, and a 1M-vs-prior-11M momentum scatter. Click any heatmap cell or scatter dot for a price chart.

Financial Conditions

74 / 100

LOOSE · +15.8 vs 1M

P26 vs 5y · NFCI -0.52 · 24 APR · Chicago Fed

Risk Appetite

55 / 100

MIXED

z +0.38 · VIX · Cu/Au · SPY/TLT · HY/LQD · 30 APR

S&P 500

7,209

+10.4% MTD

VIX

16.89

-33.1% MTD

US 10Y yield

4.39%

+8 bps

DXY

98.08

-1.9% MTD

Cross-asset heatmap · MTD / 3M / YTD / 12M

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Instrument	MTD	3M	YTD	12M	LAST
› Equities· 5	+12.1%	+5.8%	+9.8%	+39.5%	5 items
S&P 500	+10.4%	+3.9%	+5.3%	+29.4%	7,209
Nasdaq	+15.3%	+6.1%	+7.1%	+42.7%	24,892
EuroStoxx 50	+5.6%	-1.1%	+1.5%	+14.0%	5,882
Nikkei 225	+16.5%	+11.6%	+18.2%	+65.1%	59,513
MSCI EM (EEM)	+12.7%	+8.3%	+17.0%	+46.2%	63.99
› Rates· 5	mixed	mixed	mixed	mixed	5 items
US 3M yield	-1bp	+1bp	+4bp	-61bp	3.59%
US 5Y yield	+8bp	+23bp	+30bp	+27bp	4.02%
US 10Y yield	+8bp	+15bp	+23bp	+21bp	4.39%
US 30Y yield	+10bp	+11bp	+15bp	+31bp	4.99%
Long UST (TLT)	-1.2%	-1.7%	-1.8%	-4.3%	85.62
› Credit· 2	+0.5%	-1.2%	-0.8%	+1.5%	2 items
High Yield (HYG)	+1.0%	-0.9%	-0.3%	+2.3%	80.38
Inv. Grade (LQD)	-0.1%	-1.6%	-1.2%	+0.8%	108.8
› FX· 4	+0.3%	+0.0%	+0.3%	+3.5%	4 items
DXY	-1.9%	+1.1%	-0.2%	-1.4%	98.08
EUR/USD	+1.3%	-2.0%	-0.2%	+3.6%	1.17
USD/JPY	-1.0%	+2.5%	+0.4%	+9.8%	157.0
GBP/USD	+2.7%	-1.5%	+1.0%	+2.1%	1.36
› Commodities· 8	+0.3%	+11.0%	+22.8%	+58.4%	8 items
WTI Crude	+3.6%	+61.1%	+83.0%	+80.5%	105.1
Brent Crude	-3.7%	+61.3%	+87.4%	+80.6%	114.0
Nat Gas	-4.1%	-36.4%	-24.9%	-16.8%	2.77
Gold	-0.7%	-2.1%	+6.7%	+39.6%	4,615
Silver	-1.5%	-6.1%	+4.8%	+126.0%	73.53
Platinum	+1.5%	-5.9%	-2.7%	+105.3%	1,979
Copper	+6.1%	+0.5%	+5.3%	+30.0%	5.93
Wheat	+1.2%	+15.9%	+23.0%	+21.6%	623.8
› Vol· 5	-25.7%	+2.0%	+39.5%	-5.5%	5 items
VIX	-33.1%	-3.2%	+13.0%	-31.6%	16.89
VXN	-22.8%	-3.2%	+11.4%	-21.6%	21.79
MOVE	-25.0%	+21.7%	+12.7%	-35.9%	72.07
OVX	-16.0%	+34.3%	+148.9%	+37.9%	75.08
GVZ	-31.5%	-39.6%	+11.4%	+23.8%	26.64
› Crypto· 2	+11.8%	-11.1%	-16.7%	+5.5%	2 items
Bitcoin	+14.6%	-7.1%	-10.7%	-17.0%	78,179
Ethereum	+9.0%	-15.1%	-22.6%	+27.9%	2,295

Cross-asset implied volatility · MTD rebased to 100

VIX · VXN · MOVE · OVX · GVZ · DVOL

VIX (S&P 500)

24.5 → 16.9 -31.2%

VXN (Nasdaq)

27.6 → 21.8 -20.9%

MOVE (UST rates)

90.2 → 72.1 -20.1%

OVX (WTI crude)

91.8 → 75.1 -18.2%

GVZ (gold)

36.1 → 26.6 -26.2%

DVOL BTC

51.5 → 38.9 -24.5%

DVOL ETH

72.0 → 56.0 -22.2%

UST yield curve · today vs 1M / 3M / 12M ago

% YIELD

Momentum scatter · 1M return vs prior-11M z-score

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Cross-asset spreads & ratios · MTD / 3M / YTD / 12M

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Instrument	MTD	3M	YTD	12M	LAST
› Rates & curve· 3	mixed	mixed	mixed	mixed	3 items
10Y - 3MYield curve slope · Fed's preferred recession indicator	+9bp	+14bp	+19bp	+82bp	0.80%
30Y - 5YLong-end steepness · long-duration term premium	+2bp	-11bp	-15bp	+4bp	0.96%
MOVE / VIX>6 = rate stress dominates, <4 = equity stress dominates	+12.2%	+25.7%	-0.3%	-6.3%	4.27
› Credit· 1	+1.2%	+0.7%	+0.9%	+1.4%	1 items
HYG / LQDHY vs IG total return · credit risk preference	+1.2%	+0.7%	+0.9%	+1.4%	0.74
› Risk appetite· 3	+1.7%	-0.4%	-2.3%	+23.5%	3 items
Copper / GoldPro-growth vs flight-to-safety · tracks 10Y yields	+6.8%	+2.7%	-1.3%	-6.9%	0.00
AUDJPYCarry-trade FX pair · classic RORO indicator	+3.0%	+4.7%	+7.9%	+23.3%	113.0
ETH / BTCIntra-crypto risk-on signal	-4.8%	-8.6%	-13.4%	+54.2%	0.03
› Equity factor· 3	+5.8%	+5.7%	+9.5%	+29.7%	3 items
SPHB / SPLVHigh-beta vs low-vol US equity · risk preference	+13.9%	+9.8%	+10.3%	+66.2%	1.81
IWM / SPYSmall caps vs large caps · domestic risk-on	+1.4%	+3.1%	+7.1%	+10.1%	0.39
EEM / SPYEM equity vs US · global risk-on	+2.0%	+4.3%	+11.0%	+12.8%	0.09
› Vol regime· 2	+7.2%	+16.6%	+63.1%	+42.7%	2 items
VIX9D / VIX>1 = backwardation/stress, <1 = contango/calm	-11.2%	-5.4%	+6.0%	-16.2%	0.85
OVX / VIXOil vol vs equity vol · geopolitics tell	+25.6%	+38.7%	+120.3%	+101.6%	4.45
› Energy· 1	-47.3%	+63.1%	+160.6%	+82.1%	1 items
Brent - WTIRegional supply imbalance · geopolitics premium	-47.3%	+63.1%	+160.6%	+82.1%	8.94
› FX & dollar· 1	-1.2%	+3.3%	-6.5%	-29.4%	1 items
DXY / GoldReal-rate proxy · USD strong + Gold weak = high real rates	-1.2%	+3.3%	-6.5%	-29.4%	0.02

For informational purposes only. Does not constitute investment advice or an offer to buy or sell any security. Past performance is not indicative of future results.