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NewsMarket news as it happens: trading-desk channels, company filings, central banks and major newswires.Helps you learn why a price moved, or what might move it next, as soon as the news comes out.N
Economic CalendarWhat's coming up: CPI days, Fed decisions, jobs reports.Big data releases often move prices sharply, so this helps you know when to expect swings and plan around them.ECO

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Jargon, explained

10-K, 10-Q and 8-K filings: The 10-K is the annual report every US-listed company files with the SEC. The 10-Q is the quarterly version, and an 8-K announces a major event between reports.
13F change in shares: The change in SHARES against the manager's previous filing, with a 2% dead band. Measured in shares, not value, or a manager who touched nothing in a quarter the stock fell 20% would read as having trimmed. A manager who exited entirely is not listed at all.
13F combined value: The disclosed positions of the tracked managers who hold it, added together, each valued at the quarter end. It is a floor and not a total: it counts ~19 tracked managers rather than the ~8,000 institutions that file, only their 40 largest positions are searched, and it is long US-listed equity only.
13F filing: A 13F is the quarterly holdings report large US institutions must file with the SEC. Four things it is not: it is not current (it is due 45 days after quarter end, so a position may already be sold); it is not the whole portfolio (long US-listed equity only: no shorts, bonds, cash or non-US listings, so a hedged fund's 13F is one visible half of a two-sided book); it is not every institution (about 8,000 file, and this tracks a curated set of well-known managers); and a share count is not a stake, which is why no percent-of-company figure is shown; that would need a same-dated share count, and pairing a 45-day-old filing with today's would look precise and be wrong.
13F portfolio weight: How much of THAT MANAGER'S disclosed 13F book this one position is. It is a share of their long US equity, not of the company: a 9.2% weight means the position is 9.2% of what that manager reported, and says nothing about how much of the company they own.
13F position value: The position's market value AS OF THE QUARTER END, priced by the manager in that filing; it is not today's value. Price has moved since, and the shares may have been sold: 13F is due 45 days after the quarter closes.
13F share count: Share count reported in the filing, summed across every row for this issuer and class. Shares are what change-versus-last-quarter is measured in, because a value can move on price alone.
13F tracked holders: How many of the tracked managers reported this issuer in their latest filing. Not how many institutions hold it; the tracked set is ~19 managers chosen for being followed, not for being exhaustive.
25-delta risk reversal (RR25): 25-delta risk reversal: the price of an out-of-the-money call minus the equivalent put. Positive means calls are bid; negative means the market is paying up for downside protection.
Basis: The gap between the perpetual price and spot. Persistent positive basis means leveraged longs are crowded.
Bid-ask spread: The gap between the best bid and the best ask, in hundredths of a percent. Wider means it costs more to get in and out.
Bitcoin dominance: Bitcoin's share of the total value of all crypto. Rising dominance usually means money is moving out of smaller coins and into Bitcoin.
Contract-held share: The share of supply held by smart contracts: pools, bridges and lockers, among the top 50 holders. Contract-held supply is not somebody's position.
Correlation: Pearson correlation of daily log RETURNS, not of prices. Two things that both trended up over a window have price levels that rise together, so correlating prices reports 0.9+ for pairs that share nothing — it describes the shape of the charts. +1 means they move together day to day, −1 means they move oppositely (still one bet, held both ways), and 0 means knowing one tells you nothing about the other. The average pairwise figure is the headline: a basket averaging 0.8 is one position however many rows it has.
COT index: The COT index puts this week's speculative net position on a 0–100 scale against its own recent history. 0 is the most short it has been; 100 the most long.
Credit-spread percentile: Where today's spread sits within the window printed beside it, 0–100. 0 is the tightest in that window, 100 the widest. Read the window: FRED serves the ICE BofA series over a rolling ~3-year licence window, so those ranks describe recent history only, the Moody's rows below carry 40 years and are the ones to read for cycle context. It is a rank, not a standard deviation: spreads have a hard floor and a long crisis tail, so a z-score flatters calm periods and squashes every crisis into one bucket.
Decentralized exchange (DEX): A decentralized exchange (DEX) is a market run by code on a blockchain rather than by a company. Traders swap tokens against pools of money that other users deposit.
Delta exposure (options DEX): Delta exposure: the directional bet dealers are carrying, and therefore which way they must hedge as price moves.
DEX pair signals: Four ratios of the columns in this table, worst-wins: how much of the FDV is actually pooled (can you get out), how many times its own depth the pool traded in a day (is the volume real), how lopsided the buy/sell split is, and how old the pool is. Open a row to see each one with the arithmetic behind it. They describe the MARKET, not the token; nothing here reads the contract or knows who is trading. A missing input reads as UNKNOWN, never as a pass.
DEX transactions (24h): Trades in the last 24 hours on this pair. The green share is buys, the red share sells: a lopsided split says which side is initiating, not who is winning.
Drawdown: How far the account is below its high-water mark. Prop-firm rules breach on this number, not on a single losing trade.
Earnings gap: The jump from the last close before the results to the first opening price after them, which is the market repricing the company in one step because nothing traded in between. The session column beside it is where that day actually closed. When the gap is large and the session much smaller, the initial reaction was faded — the same print, received twice, differently.
Exchange-held share: The share of the top-50 holders' combined balance sitting in exchange-tagged wallets. A top-50 view, not the whole ledger.
Expected Fed move: The five outcomes for that meeting, weighted by what the market pays for each. It is an AVERAGE, not a prediction of the decision: the Fed moves in 25bp steps, so nobody expects a +8bp hike. +8bp means about a third of the money is on a 25bp hike and the rest on no change. Read it as pressure, and read the bar beside it for the actual shape.
Extreme funding: Funding far from its usual range. It signals crowding, and crowded positioning is what squeezes.
Fed market open interest: Open contracts across that meeting's five markets — how much money is actually on the question. It is the fastest read on how much the row is worth trusting: the front meeting carries orders of magnitude more than one two years out.
Fed target-range odds: Where the target range itself ends up, rather than what the Fed does to get there. Each column is one 25bp range and each cell is the probability the upper bound settles exactly there after that meeting, differenced from a ladder of "above X%" markets — so the two end columns are open-ended and absorb everything outside the window, and every row still sums to 100. The grid stops where the ladder stops being quotable: differencing amplifies a wide quote, so a meeting whose rungs are far apart is dropped rather than shown as a confident number about nothing.
Form 4 (insider trade): Form 4 is the filing a company insider (an executive, director or 10% owner) must make within two business days of buying or selling the company's shares.
Fully diluted valuation (FDV): Fully diluted valuation (FDV): the token price times every token that will ever exist, including ones not yet released. Market cap counts only what is circulating today, so FDV is usually higher.
Funding APR: Funding annualised: the hourly rate times 24 times 365. It is what holding the position costs (or pays) over a year at the current rate, not a forecast.
Funding rate: The periodic payment between longs and shorts that keeps a perpetual near spot. Positive means longs pay shorts.
Funding spread: The gap between the highest and lowest funding rate across venues. A wide spread is a funding-arbitrage dislocation, the same position costs very different amounts depending on where you hold it.
FX carry: Carry is the short-rate differential: the interest you earn on the currency you are long minus the interest you pay on the one you are short. Long USD/JPY earns the US rate and pays the Japanese one, which is why the trade is popular when that gap is wide. Measured here with the 3-month interbank rate for every currency, one consistent measure rather than a mix of central-bank targets and market rates, and each rate carries its own observation date because the series are monthly and publish with a lag.
FX fixing (ECB reference rate): These are the European Central Bank's daily reference rates, published once each business day around 16:00 CET: a fixing, not a live quote. Every cross except the dollar row is derived by division from the USD quotes, so the whole grid is internally consistent and rounds once.
Gamma exposure (GEX): Gamma exposure: how hard options dealers have to trade to stay hedged. Positive gamma damps moves; negative amplifies them.
Holder count: Total holder addresses reported by Blockscout for this chain.
Implied Fed rate: Today's target midpoint plus every expected move up to and including that meeting. It lands between the Fed's 25bp steps for the same reason the expected move does, and it is a path the market prices rather than one anybody has committed to: each meeting's odds are priced on its own, so the later rows compound the earlier ones' uncertainty.
Implied volatility (IV): Implied volatility: how much the options market expects the price to swing, worked out from what options cost. It is a price for uncertainty, not a forecast of direction.
Legal Entity Identifier (LEI): A Legal Entity Identifier (LEI) is a global 20-character ID for a company. The GLEIF registry uses it to record who owns whom.
Leverage: Trading with borrowed money. At 10x leverage a 1% move in price is a 10% gain or loss on your own money, and a 10% move against you can wipe the position out.
Liquidation: When a leveraged position loses enough that its collateral no longer covers it, the exchange closes it by force at the market price. Many liquidations at one level can push the price further in the same direction.
Max pain: The strike where the most option value expires worthless. It is where the option writers' losses are smallest, not a forecast.
Net liquidity (Fed, TGA, reverse repo): The money the US central bank (the Fed) has put into the financial system, minus the cash parked in the Treasury's account at the Fed (the TGA) and in the Fed's reverse repo facility. When it rises, stocks and crypto have often done well.
Open interest (OI): Open interest: how many contracts are outstanding. Rising OI with rising price means new money is coming in long.
Option-adjusted spread (OAS): Option-adjusted spread: the extra yield, in basis points, that corporate bonds pay over Treasuries of the same maturity. It is what the market charges to lend to companies rather than to the government. Wider means more compensation demanded, i.e. more perceived risk.
Perpetual futures (perp): A perpetual (perp) is a futures contract with no expiry date. It lets you bet on a coin's price, often with borrowed money, without ever owning the coin. A funding payment between longs and shorts keeps its price close to spot.
Perpetual venue: The exchange this row's figures come from. A perpetual is not one market: the same coin has its own book, funding rate, open interest and basis at every venue that lists it, and they routinely disagree, so each venue gets its own row rather than one blended number. Hyperliquid and OKX publish their whole book without a key, so every column on those rows is that venue's own figure. Binance and Bybit funding reaches us second-hand through Hyperliquid's cross-venue feed; their own futures APIs refuse this server, so their open interest, volume and basis are left blank rather than estimated from an aggregator.
Portfolio weight: This holding's share of the portfolio VerticalView could price. Positions whose price failed to load are excluded, so the weights describe the priced part only.
Priced holdings (wallet): What the priced holdings add up to, and it is a FLOOR rather than a valuation. Three things are left out on purpose. Only the chains that answered are counted, and any that did not are named beside it. Only the first page of each chain's holdings is read, ordered by value. And a token is only multiplied out by its price when there is a market behind that price: a holding worth more than the token's entire circulating market cap, or one in a token with no market cap at all, is listed with its balance and left out of the total, because you cannot realise more than the whole market. Measured on one well-known wallet, that rule is the difference between a reported $385,000 and the few hundred dollars actually there.
Quality spread (high yield minus investment grade): High yield minus investment grade, in basis points. The price of stepping down in credit quality. It widens when the market stops distinguishing between safe and cheap, and it typically moves before equity indices do.
R multiple: Reward divided by risk. 2R means the distance to your target is twice the distance to your stop, so the trade wins twice what it loses when it is wrong. It says nothing about how OFTEN it wins — a 3R trade that works one time in five loses money.
S-1 and 424B4 (IPO filings): An S-1 is the filing a company makes to sell shares to the public for the first time. The 424B4 is the final prospectus, filed once the share price is set.
Short interest: The number of shares actually held short at a settlement date, reported to FINRA twice a month by every US broker-dealer and published about eight days later. It is a POSITION. Do not confuse it with daily short VOLUME (the share of a day's trading marked short), which is dominated by market makers selling short to fill your buy and covering minutes later, and which implies nothing about how many shorts are open. Days to cover is shares short divided by average daily volume: how many days of normal trading it would take to buy the position back.
SPAC (blank-check company): A SPAC (blank-check company) lists on the stock market with no business of its own, raises cash, and then uses it to buy a private company, taking it public.
Spot price: The spot price is what the coin itself costs to buy outright, right now, as opposed to a futures or options contract on it.
Supply-chain fragility (FRAG): Supply-chain fragility, 0-100: how concentrated and exposed a company's suppliers are, deduced from its own 10-K. Higher is more fragile. It describes disclosed structure, not a prediction.
Tail spread (CCC minus BB): CCC minus BB, in basis points, dispersion inside high yield. A wide tail means the weakest issuers are being cut loose while the strongest are fine, which the headline high-yield number cannot tell apart from a broad repricing.
Thin Fed market: The book behind that meeting is wide or stale: the quotes are far apart, or the five outcomes do not sum to a whole. Far-dated Fed markets genuinely are illiquid — that is information, so those meetings are flagged and shown without the confident colour rather than dropped.
Thin market (wallet holding): This holding is a large share of everything that token has in circulation, so its price is real but the position is not obviously realisable at it — selling it is most of the market. It still counts toward the total; the flag is there so you can discount it yourself.
Tokenised equity: A tokenised equity (xStocks): it tracks the share price but settles on-chain, so it trades outside the exchange's hours and carries issuer risk the share itself does not.
Top-10 holder share: The top 10 holders' share of total supply. Under 20% reads healthy; over 60% means a handful of wallets control the token.
Total value locked (TVL): Total value locked (TVL): how much money users have deposited into a crypto protocol. It is a measure of trust and use, not of price.
Turnover (volume over open interest): 24h volume divided by open interest. High means positions churn fast; low means they are being held.
Typical earnings move: How much this stock typically moves on the day its results are absorbed, averaged over the quarters shown. It is the mean of the ABSOLUTE moves — a signed average would net a +9% quarter against a −9% one and report a company that never moves. What it tells you is the size of the event, not its direction: options are priced off roughly this number, and a position held through a print is exposed to about this much in either direction.
Unvalued holding (wallet): Held, listed, and deliberately not valued. Either the token publishes no circulating market cap, or the balance multiplied by the quoted price comes to more than that whole market. Airdropped spam arrives with a quoted price and no market behind it, and summing it would report a wallet that does not exist.
Volatility term structure: The volatility term structure compares near-dated implied volatility with far-dated. Normally the curve slopes up (contango) because more can go wrong over six months than over nine days. When the front trades above the back the curve is inverted (backwardation) and the market is pricing a shock now rather than someday, the shape that shows up around drawdowns. Measured here as VIX ÷ VIX3M, with a 3% dead band so a merely flat curve is not reported as either.
VVIX: VVIX is the volatility of the VIX: what it costs to hedge a volatility spike itself, so it rises when traders expect the VIX to move, not merely to be high. SKEW prices far out-of-the-money puts against at-the-money ones: 100 is neutral, and higher means the market is paying more for crash protection than a normal distribution would imply.