Derivatives Universe Heatmap
Treemap 21 905 tickers grouped by exchange × asset, sized by OI USD - panoramic view including long-tail.
What is it?
Exhaustive hierarchical treemap visualising the complete crypto derivatives universe via CoinGecko: tens of thousands of individual tickers (perpetuals + futures) spread across hundreds of exchange venues. Each rectangle represents an exchange × asset combination, sized proportionally to USD open interest (surface ∝ OI). The colour of each cell encodes the normalised funding rate via a signed gradient: cool hue (cyan) for extreme overheated shorts, neutral near zero, warm hue (orange) for extreme overheated longs. The hierarchy has two levels: level 1 = Exchange (Binance, Bybit, OKX, etc.), level 2 = Asset (BTC, ETH, SOL, memecoins, AI tokens, etc.). The panoramic view enables grasping at a glance the complete structure of the global derivatives market, long tail included (memecoins, AI tokens, RWA, regional venues). Source CoinGecko /derivatives, daily 06:35 UTC refresh.
How to read
The treemap view reads in two complementary dimensions: the SIZE of rectangles indicates USD OI magnitude (large rectangle = lots of OI), the COLOUR indicates funding rate (cyan = overheated shorts, orange = overheated longs, white = balanced). Aggregated rectangles at exchange level (level 1) are themselves subdivided into sub-rectangles by asset (level 2). Cell hover displays enriched tooltip: exchange + asset + USD OI + 24h volume + funding % + ticker count (combined sub-pairs). Min cell size is set at 50px to preserve readability - smaller cells are grouped into per-exchange 'Others' aggregate. Click on a cell navigates to the concerned exchange detail page. Institutional reading consists in spotting concentration zones (large rectangles) and stress zones (strongly saturated cells).
Key zones
Typical observed structure: Top 5 exchanges (Binance, Bybit, OKX, Hyperliquid, Coinbase) typically cover 65-75% of total universe OI. The BTC sub-segment alone represents 40-50% of global OI. ETH represents 15-25%. SOL and BNB 5-10% each. The long-tail (other assets) collectively represents 15-25% - variable depending on market phases (alt-season rising, BTC-led market declining). Extreme colourings (saturated cyan or orange) on small-cap cells typically indicate narrative-driven potential squeezes (memecoin euphoria or capitulation). Extreme colourings on BTC/ETH large-cap cells indication major macro stress events (rare but very significant).
What to observe
Patterns to watch: (1) long-tail explosion (small-cap rectangles visually gaining surface vs dominant BTC/ETH) - cross-asset alt-season starter indication; (2) abnormal concentration of a specific asset (e.g. SOL OI explodes across all top exchanges) - emerging narrative to investigate; (3) coherent colour clusters per exchange (entire Binance column turns orange) - exchange-specific imbalance, to cross-reference with Funding Rate Outliers Live (CG-DER-02); (4) appearance of new pairs never seen in treemap (new memecoin / AI token / RWA) - emerging narrative early-detection, to cross-reference with Derivatives New Listings Tracker (CG-DER-03); (5) Top 5 exchanges compression (relative surface loss to Tier 2/3) - DEX-growth-driven market democratisation indication.
Historical context
Universe evolution documented across recent cycles: post-FTX era (crushing Binance with 50%+ treemap surface, minority long-tail), post-spot-ETF January 2024 phase (Coinbase Derivatives appears in Top 5 with significant surface, market starts to deconcentrate), November 2024 Hyperliquid TGE (Hyperliquid rapidly goes from 0 to Top 4-5 surface, visible CEX→DEX shift), post-halving AI tokens alt-season (small-cap long-tail visually explodes, dominant AI tokens narrative), continued maturation phase (treemap stabilises with Top 7 + long-tail ~70/30 mix). Each major narrative or regulatory event visibly modifies the treemap structure.
Expert notes
This exhaustive treemap view is unique to Trinity Insights - it aggregates the entire crypto derivatives universe (des dizaines de milliers de tickers via CoinGecko) into a single actionable visualisation. Advantage vs specialised sources: 40× wider coverage than traditional tools limited to Top 50 markets. For exhaustive cross-layer Trinity reading, systematically cross-reference with: (1) OI Per-Exchange Comparison (#2 Layer A) - Top 7 CEX temporal view; (2) OI Concentration Pareto Distribution (CG-DER-05) - statistical quantification of concentration; (3) Funding Rate Outliers Live (CG-DER-02) - live squeeze detection in long-tail; (4) Derivatives New Listings Tracker (CG-DER-03) - early-detection of emerging narratives. Mandatory attribution: 'Data provided by CoinGecko · coingecko.com' footer.
Common mistakes to avoid
Common mistake: interpreting every coloured cell as a direct analytical reading. NO - institutional treemap reading is PATTERN-based (coherent clusters, structural divergences), not cell-based. For precise indicates on individual extreme funding, use Funding Rate Outliers Live (CG-DER-02). Another trap: assuming the des dizaines de milliers de tickers are all equally liquid. NO - long-tail contains many tickers at faible OI where indicates are volatile and not very actionable (significant slippage on > ordres importants orders). Always qualify OI > 10 M$ minimum for actionable indication. Finally, don't absolutely compare cells from different exchanges - CoinGecko coverage includes regional venues (Korean, Turkish, etc.) with local specificities that don't have the same profile as global Top 7.
Programmatic access
REST API
curl -sS \
'https://api.trinityinsights.io/api/v1/exchange-intelligence/derivatives-cg-derivatives-universe-heatmap/history?days=90' \
-H 'X-API-Key: $TRINITY_API_KEY'MCP server
{
"tool": "get_chart_value",
"metric_id": "derivatives-cg-derivatives-universe-heatmap",
"timeframe": "1y"
}Required tier: pro. See the pricing grid for the tier list and the MCP documentation for multi-client configuration.
Related metrics
Institutional disclaimer
Trinity Insights is an educational and analytical tool. The metric above does not constitute investment advice. Trinity Insights is not a Crypto-Asset Service Provider (CASP) registered under MiCA Regulation (EU) 2023/1114. See the full disclaimer.