Derivatives
Spot versus the perpetual
Spot CVD and perp CVD are different participation. Leadership is relative. It does not prove who owns the coin or who must liquidate.
Cash-market CVD and perpetual CVD are not the same flow. One is spot transactions. The other is leveraged exposure.
When spot CVD is ahead, spot participation is relatively stronger. Perps can lag. That is not proof the inventory owns the move.
When perp CVD is ahead, perp participation is relatively stronger. Open interest can show whether positioning is expanding or coming off. It does not name who has to unwind.
The read holds only while that participation is still getting paid in price. It weakens if the leader flips, or if spot does not participate in a perp-led push.