+First time on the top traders desk?
The desk runs its own numbers and publishes its calls next to the account that trades them. The short route:
Glossary
Plain, answer-first definitions of the on-chain metrics and market-structure terms the desk uses every day. The same gauges behind our notes, defined for a person or an AI to quote. Open to read.
Start here
Four terms carry most of the desk's daily reading. Each links to the TT surface where the reading is actually used, so the definition and its job stay together.
- Funding rate: the cost of holding the crowded side. Used in Funding Stress.
- Stablecoin dominance: whether capital is waiting or deploying. Used in the Daily Read.
- MVRV: whether the average holder is in profit, which shapes supply on a rally. Used in Market Regime.
- TVL: read in token units before dollars. Used in Cross-chain Flow.
On-chain metrics
MVRV ratio
Market cap over realized cap, how much aggregate profit or loss the market is sitting on.
SOPRSOPR
Are the coins moving today being sold at a profit or a loss? Above 1 means profit.
REALIZED CAPRealized cap
Every coin valued at the price it last moved. An aggregate cost basis for the supply.
STABLECOIN DOMINANCEStablecoin dominance
The share of crypto market cap sitting in stablecoins. A risk-on/risk-off dry-powder gauge.
Market structure
Funding rate
The fee longs and shorts pay each other to keep a perp tethered to spot. A crowding gauge.
PERPETUAL FUTURESPerpetual futures (perps)
A leveraged derivatives contract with no expiry, tethered to spot by a funding rate.
SLIPPAGESlippage
The gap between the price you expect and the price you get, driven by liquidity depth.
LIQUIDATIONLiquidation
The forced closure of a leveraged position when margin can no longer cover its losses.
Fundamentals
TVL (total value locked)
The dollar value of assets deposited in a DeFi protocol. The standard traction proxy.
FDVFDV (fully diluted valuation)
What the market cap would be with every token unlocked, price times max supply.
TGETGE (token generation event)
When a token is minted on-chain, distributed and made tradable. The technical launch event.
SLANGCrypto slang dictionary
116 terms from Crypto Twitter, Reddit and /biz/: what each one means, how it is used and where it came from.
RWARWA (real-world assets)
Off-chain assets like Treasuries and credit, tokenized on-chain and usable in DeFi.
FAQ
Which crypto metric best spots a market top?
On-chain valuation ratios like MVRV and SOPR are the most-watched. MVRV above ~3.5 has historically marked cycle tops. No single metric is decisive; read them together with funding rate.
Market cap vs FDV — what’s the difference?
Market cap counts circulating supply only; FDV prices in every token that will ever exist. Low market cap + high FDV is the classic low-float warning: heavy unlocks ahead.
What do the definitions cost?
The list price is $500/yr; access is $0 with a promo code: leave your email and we send it. Every term stays open to read.
Related
- All alpha: research and thesis breakdowns, updated most days.
- Education: the desk's how-to guides.
- Follow the desk on X: new terms and notes as they ship.