00 // Abstract
INTERPLANE is the benchmark for leverage traders. It continuously samples the perpetual futures market — open interest, funding, liquidations, and trader performance — and renders it into one objective standard that leverage traders can measure themselves against.
This document outlines the thesis, methodology, and operating parameters of the INTERPLANE benchmark. It is a living specification — versioned, appended, never overwritten.
01 // Thesis
Leverage is the truest expression of conviction. Where spot markets show what people own, perpetual futures show what they are willing to risk — and at what multiple. That makes the perp market the highest-signal read on positioning, momentum, and fragility.
INTERPLANE operates on a simple premise: leverage traders deserve a common standard. Funding rates, open interest, and liquidation flow are scattered across venues and hard to compare. INTERPLANE normalizes them into a single, continuously updated benchmark.
The benchmark does not give advice. It observes, normalizes, and ranks within defined parameters. Every reading is logged, every snapshot is timestamped, every number is auditable.
02 // Methodology
INTERPLANE is event-driven. A continuous cycle samples perpetual market data, normalizes it across instruments, ranks trader performance, and publishes every reading as a timestamped record — built for low-latency observation, not execution.
03 // Benchmark
The benchmark is built from four primitives, sampled every cycle and combined into a single comparable read on the state of leverage.
Notional open interest per instrument and in aggregate, with rotation tracked cycle over cycle. The base measure of how much leverage is live.
Funding rates are annualized and weighted by open interest to surface the prevailing carry regime and directional bias across the market.
Forced closes and cascades are logged with side, size, and venue, mapping where leverage is most fragile and which price zones are exposed.
Live accounts are ranked by realized PnL, ROI, and survivorship across rolling windows — the leaderboard leverage traders measure against.
04 // Data Sources
INTERPLANE ingests from multiple perpetual venues plus a spot reference, normalized into one schema so the same coin is directly comparable across venues.