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

Aperiodic Impact Index, last 24 hours

DELAYED 15 MINto 23:40 UTCUpdates by itself every 5 minutes

0.043bps 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	0.043bps per $1M
Ether USDT perp · Binance	0.14bps per $1M
Bitcoin USDC perp · Hyperliquid	0.35bps per $1M
Bitcoin USDC perp · Binance	0.53bps per $1M

US stocks

Contract	Impact, 24h
Nvidia USDT perp · Binance	4.3bps per $1M
SanDisk USDT perp · Binance	5.4bps per $1M
Micron USDT perp · Binance	12bps per $1M
Nvidia USDC perp · Hyperliquid	12bps per $1M
S&P 500 USDC perp · Hyperliquid	2.1bps per $1M

Commodities

Contract	Impact, 24h
Gold USDT perp · Binance	0.13bps per $1M
Silver USDT perp · Binance	9.4bps per $1M
WTI crude oil USDT perp · Binance	7.3bps per $1M
Brent crude oil USDT perp · Binance	4.2bps per $1M
Silver USDC perp · Hyperliquid	14bps 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 273 contracts with at least $10M of 24-hour volume, ranked by impact.

DELAYED 15 MINto 23:40 UTCUpdates by itself every 5 minutes

Lowest impact

Contract	Venue	Impact, 24h	24h volume
Bitcoin USDT	Binance	0.043 bps per $1M	$19.46B
Gold USDT	Binance	0.13 bps per $1M	$2.09B
Ether USDT	Binance	0.14 bps per $1M	$11.30B
Bitcoin USDC	Hyperliquid	0.35 bps per $1M	$5.28B
Bitcoin USDC	Binance	0.53 bps per $1M	$4.56B
Ether USDC	Binance	1.5 bps per $1M	$2.70B
Nasdaq 100 ETF USDT	Binance	2.0 bps per $1M	$428.7M
S&P 500 USDC	Hyperliquid	2.1 bps per $1M	$556.1M
Ether USDC	Hyperliquid	2.2 bps per $1M	$1.39B
XYZ100 USDC	Hyperliquid	3.2 bps per $1M	$552.6M

Highest impact

Contract	Venue	Impact, 24h	24h volume
TAC USDT	Binance	9,612 bps per $1M	$20.3M
STO USDT	Binance	6,791 bps per $1M	$17.5M
GUN USDT	Binance	5,879 bps per $1M	$15.0M
PLAY USDT	Binance	3,964 bps per $1M	$58.1M
SHELL USDT	Binance	3,820 bps per $1M	$165.1M
ARX USDT	Binance	3,802 bps per $1M	$11.2M
H USDT	Binance	3,485 bps per $1M	$20.9M
TA USDT	Binance	3,311 bps per $1M	$10.9M
BANANAS31 USDT	Binance	3,297 bps per $1M	$12.2M
ON USDT	Binance	3,271 bps per $1M	$22.5M

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 23:35 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 23:40 UTCUpdates by itself every 5 minutes

0.043bps 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	0.043bps per $1M
Ether USDT perp · Binance	0.14bps per $1M
Bitcoin USDC perp · Hyperliquid	0.35bps per $1M
Bitcoin USDC perp · Binance	0.53bps per $1M

US stocks

Contract	Impact, 24h
Nvidia USDT perp · Binance	4.3bps per $1M
SanDisk USDT perp · Binance	5.4bps per $1M
Micron USDT perp · Binance	12bps per $1M
Nvidia USDC perp · Hyperliquid	12bps per $1M
S&P 500 USDC perp · Hyperliquid	2.1bps per $1M

Commodities

Contract	Impact, 24h
Gold USDT perp · Binance	0.13bps per $1M
Silver USDT perp · Binance	9.4bps per $1M
WTI crude oil USDT perp · Binance	7.3bps per $1M
Brent crude oil USDT perp · Binance	4.2bps per $1M
Silver USDC perp · Hyperliquid	14bps 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 273 contracts with at least $10M of 24-hour volume, ranked by impact.

DELAYED 15 MINto 23:40 UTCUpdates by itself every 5 minutes

Lowest impact

Contract	Venue	Impact, 24h	24h volume
Bitcoin USDT	Binance	0.043 bps per $1M	$19.46B
Gold USDT	Binance	0.13 bps per $1M	$2.09B
Ether USDT	Binance	0.14 bps per $1M	$11.30B
Bitcoin USDC	Hyperliquid	0.35 bps per $1M	$5.28B
Bitcoin USDC	Binance	0.53 bps per $1M	$4.56B
Ether USDC	Binance	1.5 bps per $1M	$2.70B
Nasdaq 100 ETF USDT	Binance	2.0 bps per $1M	$428.7M
S&P 500 USDC	Hyperliquid	2.1 bps per $1M	$556.1M
Ether USDC	Hyperliquid	2.2 bps per $1M	$1.39B
XYZ100 USDC	Hyperliquid	3.2 bps per $1M	$552.6M

Highest impact

Contract	Venue	Impact, 24h	24h volume
TAC USDT	Binance	9,612 bps per $1M	$20.3M
STO USDT	Binance	6,791 bps per $1M	$17.5M
GUN USDT	Binance	5,879 bps per $1M	$15.0M
PLAY USDT	Binance	3,964 bps per $1M	$58.1M
SHELL USDT	Binance	3,820 bps per $1M	$165.1M
ARX USDT	Binance	3,802 bps per $1M	$11.2M
H USDT	Binance	3,485 bps per $1M	$20.9M
TA USDT	Binance	3,311 bps per $1M	$10.9M
BANANAS31 USDT	Binance	3,297 bps per $1M	$12.2M
ON USDT	Binance	3,271 bps per $1M	$22.5M

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 23:35 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