How far does $1M of net taker flow move the price?

Aperiodic Impact Index, last 24 hours

DELAYED 15 MINto 10:25 UTCUpdates by itself every 5 minutes

0.034bps per $1MBitcoin USDT perpetual on Binance

The Aperiodic Impact Index is how far $1M of net taker flow moves the price, in basis points, for crypto and RWA perps on Binance and Hyperliquid.

Column: impact.kyle_like_lambda
Unit: Basis points per $1M of net taker flow
Per contract: 24h median of 5-minute rows
In the API: Every interval from 1m to 1d
Plan: Pro and up

Impact on the busiest perps

Crypto, US stocks and commodities, each over its last 24 hours.

Crypto

Contract	Impact, 24h
Bitcoin USDT perp · Binance	0.034bps per $1M
Ether USDT perp · Binance	0.11bps per $1M
Bitcoin USDC perp · Hyperliquid	0.33bps per $1M
Bitcoin USDC perp · Binance	0.6bps per $1M

US stocks

Contract	Impact, 24h
SanDisk USDT perp · Binance	4.4bps per $1M
Micron USDT perp · Binance	6.4bps per $1M
Nasdaq 100 ETF USDT perp · Binance	2.8bps per $1M
S&P 500 USDC perp · Hyperliquid	2.1bps per $1M
Nvidia USDT perp · Binance	17bps per $1M

Commodities

Contract	Impact, 24h
Gold USDT perp · Binance	0.2bps per $1M
WTI crude oil USDT perp · Binance	6.7bps per $1M
Silver USDT perp · Binance	5.8bps per $1M
Brent crude oil USDT perp · Binance	5.1bps per $1M
WTI crude oil USDC perp · Hyperliquid	7.1bps per $1M

How it's built

All 11,692 trades from 14:38 to 14:39 UTC on 11 June 2025, Binance BTC-USDT perpetual, from the free raw-trades preview.

Step 1
Kyle's λ on one minute of trades
kyle_like_lambda=cov(return, signed size) / var(signed size)=1.90e-6
Each trade's return is from the trade before it. Signed size is its quantity in BTC, positive for a taker buy and negative for a taker sell.
Loading 11,692 trades…
Step 2
In basis points per $1M
bps per $1M=1.90e-6 × 1,000,000 ÷ $109,927.0 × 10,000=0.173 bps
$1M at the close is that many BTC. OKX is left out because its λ is per contract, not per coin.
Step 3
From 24 hours to one value
A contract's index is the median of its λ in bps per $1M, each bar converted at its own close over the last 24 hours of 5-minute bars. The chart at the top of this page plots those bars.
The API serves kyle_like_lambda at every interval from 1 minute to 1 day.

Every field of the dataset, built step by step: Price impact

Get the Aperiodic Impact Index

In the APIimpact.kyle_like_lambda

For every perp we cover, at intervals from 1 minute to 1 day. On Binance and Hyperliquid, λ × 1,000,000 ÷ close × 10,000 gives bps per $1M.

In Pro and up, from $199/month billed yearly.

Get it with Pro See the dataset

The example needs no key and returns the free sample: BTC-USDT on Binance, 5m bars, May 2025.

Or have your agent pull the last 30 days. Start in Claude Claude Code Codex See the prompt

# Install the Aperiodic CLI into ~/.local/bin
mkdir -p "$HOME/.local/bin"
curl -fsSL https://raw.githubusercontent.com/aperiodic-io/cli/main/install.sh | INSTALL_DIR="$HOME/.local/bin" bash
export PATH="$HOME/.local/bin:$PATH"

# Free preview — no API key required
aperiodic impact --preview \
  --exchange binance-futures \
  --symbol perpetual-BTC-USDT:USDT \
  --interval 5m \
  --timestamp exchange \
  --start-date 2025-05-01 \
  --end-date 2025-05-31 \
  --output-dir ./data && echo "Saved to $PWD/data"

Where $1M of flow moves the price least and most

The 332 contracts with at least $10M of 24-hour volume, ranked by impact.

DELAYED 15 MINto 10:25 UTCUpdates by itself every 5 minutes

Lowest impact

Contract	Venue	Impact, 24h	24h volume
Bitcoin USDT	Binance	0.034 bps per $1M	$22.03B
Ether USDT	Binance	0.11 bps per $1M	$14.38B
Gold USDT	Binance	0.2 bps per $1M	$3.20B
Bitcoin USDC	Hyperliquid	0.33 bps per $1M	$5.03B
Bitcoin USDC	Binance	0.6 bps per $1M	$4.93B
Ether USDC	Binance	0.85 bps per $1M	$3.80B
CXMT USDC	Hyperliquid	1.8 bps per $1M	$33.8M
S&P 500 USDC	Hyperliquid	2.1 bps per $1M	$1.00B
Ether USDC	Hyperliquid	2.2 bps per $1M	$1.53B
Nasdaq 100 ETF USDT	Binance	2.8 bps per $1M	$1.15B

Highest impact

Contract	Venue	Impact, 24h	24h volume
CSOPSAMSUNG2L USDT	Binance	4,096 bps per $1M	$13.0M
CASHCAT USDC	Hyperliquid	3,557 bps per $1M	$10.4M
THE USDT	Binance	3,483 bps per $1M	$14.0M
AGT USDT	Binance	2,728 bps per $1M	$16.8M
RED USDT	Binance	2,566 bps per $1M	$11.1M
BLESS USDT	Binance	2,523 bps per $1M	$11.7M
UAI USDT	Binance	2,508 bps per $1M	$132.4M
LYN USDT	Binance	2,502 bps per $1M	$63.9M
ACT USDT	Binance	2,338 bps per $1M	$12.9M
NBIS USDC	Hyperliquid	2,302 bps per $1M	$14.6M

The other indices

Aperiodic Cost IndexWhat does crossing the spread cost?Aperiodic Depth IndexHow much is quoted at the best bid and ask?

As of 10:20 UTC, 15 minutes behind. Each value is one contract’s last 24 hours of 5-minute rows. The charts plot those rows.

Aperiodic Indices · Impact

How far does $1M of net taker flow move the price?

Get it through the API All indices

Aperiodic Impact Index, last 24 hours

DELAYED 15 MINto 10:25 UTCUpdates by itself every 5 minutes

0.034bps per $1MBitcoin USDT perpetual on Binance

The Aperiodic Impact Index is how far $1M of net taker flow moves the price, in basis points, for crypto and RWA perps on Binance and Hyperliquid.

Column: impact.kyle_like_lambda
Unit: Basis points per $1M of net taker flow
Per contract: 24h median of 5-minute rows
In the API: Every interval from 1m to 1d
Plan: Pro and up

Impact on the busiest perps

Crypto, US stocks and commodities, each over its last 24 hours.

Crypto

Contract	Impact, 24h
Bitcoin USDT perp · Binance	0.034bps per $1M
Ether USDT perp · Binance	0.11bps per $1M
Bitcoin USDC perp · Hyperliquid	0.33bps per $1M
Bitcoin USDC perp · Binance	0.6bps per $1M

US stocks

Contract	Impact, 24h
SanDisk USDT perp · Binance	4.4bps per $1M
Micron USDT perp · Binance	6.4bps per $1M
Nasdaq 100 ETF USDT perp · Binance	2.8bps per $1M
S&P 500 USDC perp · Hyperliquid	2.1bps per $1M
Nvidia USDT perp · Binance	17bps per $1M

Commodities

Contract	Impact, 24h
Gold USDT perp · Binance	0.2bps per $1M
WTI crude oil USDT perp · Binance	6.7bps per $1M
Silver USDT perp · Binance	5.8bps per $1M
Brent crude oil USDT perp · Binance	5.1bps per $1M
WTI crude oil USDC perp · Hyperliquid	7.1bps per $1M

How it's built

All 11,692 trades from 14:38 to 14:39 UTC on 11 June 2025, Binance BTC-USDT perpetual, from the free raw-trades preview.

Step 1
Kyle's λ on one minute of trades
kyle_like_lambda=cov(return, signed size) / var(signed size)=1.90e-6
Each trade's return is from the trade before it. Signed size is its quantity in BTC, positive for a taker buy and negative for a taker sell.
Loading 11,692 trades…
Step 2
In basis points per $1M
bps per $1M=1.90e-6 × 1,000,000 ÷ $109,927.0 × 10,000=0.173 bps
$1M at the close is that many BTC. OKX is left out because its λ is per contract, not per coin.
Step 3
From 24 hours to one value
A contract's index is the median of its λ in bps per $1M, each bar converted at its own close over the last 24 hours of 5-minute bars. The chart at the top of this page plots those bars.
The API serves kyle_like_lambda at every interval from 1 minute to 1 day.

Every field of the dataset, built step by step: Price impact

Get the Aperiodic Impact Index

In the APIimpact.kyle_like_lambda

For every perp we cover, at intervals from 1 minute to 1 day. On Binance and Hyperliquid, λ × 1,000,000 ÷ close × 10,000 gives bps per $1M.

In Pro and up, from $199/month billed yearly.

Get it with Pro See the dataset

The example needs no key and returns the free sample: BTC-USDT on Binance, 5m bars, May 2025.

Or have your agent pull the last 30 days. Start in Claude Claude Code Codex See the prompt

# Install the Aperiodic CLI into ~/.local/bin
mkdir -p "$HOME/.local/bin"
curl -fsSL https://raw.githubusercontent.com/aperiodic-io/cli/main/install.sh | INSTALL_DIR="$HOME/.local/bin" bash
export PATH="$HOME/.local/bin:$PATH"

# Free preview — no API key required
aperiodic impact --preview \
  --exchange binance-futures \
  --symbol perpetual-BTC-USDT:USDT \
  --interval 5m \
  --timestamp exchange \
  --start-date 2025-05-01 \
  --end-date 2025-05-31 \
  --output-dir ./data && echo "Saved to $PWD/data"

Where $1M of flow moves the price least and most

The 332 contracts with at least $10M of 24-hour volume, ranked by impact.

DELAYED 15 MINto 10:25 UTCUpdates by itself every 5 minutes

Lowest impact

Contract	Venue	Impact, 24h	24h volume
Bitcoin USDT	Binance	0.034 bps per $1M	$22.03B
Ether USDT	Binance	0.11 bps per $1M	$14.38B
Gold USDT	Binance	0.2 bps per $1M	$3.20B
Bitcoin USDC	Hyperliquid	0.33 bps per $1M	$5.03B
Bitcoin USDC	Binance	0.6 bps per $1M	$4.93B
Ether USDC	Binance	0.85 bps per $1M	$3.80B
CXMT USDC	Hyperliquid	1.8 bps per $1M	$33.8M
S&P 500 USDC	Hyperliquid	2.1 bps per $1M	$1.00B
Ether USDC	Hyperliquid	2.2 bps per $1M	$1.53B
Nasdaq 100 ETF USDT	Binance	2.8 bps per $1M	$1.15B

Highest impact

Contract	Venue	Impact, 24h	24h volume
CSOPSAMSUNG2L USDT	Binance	4,096 bps per $1M	$13.0M
CASHCAT USDC	Hyperliquid	3,557 bps per $1M	$10.4M
THE USDT	Binance	3,483 bps per $1M	$14.0M
AGT USDT	Binance	2,728 bps per $1M	$16.8M
RED USDT	Binance	2,566 bps per $1M	$11.1M
BLESS USDT	Binance	2,523 bps per $1M	$11.7M
UAI USDT	Binance	2,508 bps per $1M	$132.4M
LYN USDT	Binance	2,502 bps per $1M	$63.9M
ACT USDT	Binance	2,338 bps per $1M	$12.9M
NBIS USDC	Hyperliquid	2,302 bps per $1M	$14.6M

The other indices

Aperiodic Cost IndexWhat does crossing the spread cost?Aperiodic Depth IndexHow much is quoted at the best bid and ask?

As of 10:20 UTC, 15 minutes behind. Each value is one contract’s last 24 hours of 5-minute rows. The charts plot those rows.

Crypto

US stocks

Commodities

Kyle's λ on one minute of trades

In basis points per $1M

From 24 hours to one value

Lowest impact

Highest impact

Crypto

US stocks

Commodities

Kyle's λ on one minute of trades

In basis points per $1M

From 24 hours to one value

Lowest impact

Highest impact