Positioning drives short-term crypto price action more than most narratives admit, and Coinglass is the cheapest way to see it. Funding across venues, aggregate open interest, long-short ratios and liquidation clusters, updated continuously and mostly free.
What to trust and what to discount
Funding rates and open interest come from exchange APIs and are reliable. Liquidation data is different: most exchanges throttle or sample their liquidation streams, so the totals shown are reconstructions rather than measurements. Liquidation heatmaps in particular are models of where leverage probably sits, not maps of where it definitely is. They are useful for identifying price levels that could accelerate a move, and misleading if read as precise.
Practical use
Persistently elevated funding on one side, rising open interest and a crowded long-short ratio is the classic setup for a squeeze in the opposite direction. Coinglass shows all three on one screen, which is its real value — no other free tool assembles the picture as quickly.
Cost
The free tier is generous and covers most needs. Paid plans from around $29 a month add historical depth, more granular data and API access.
Who should use it
Any trader with leveraged exposure, and any spot trader who wants to know whether a move is being driven by derivatives positioning. Pair with TradingView for price and DefiLlama for on-chain context.