CVD (Cumulative Volume Delta): Spot vs Futures Order Flow

Cumulative Volume Delta (CVD) tracks the running total of aggressive buy volume minus aggressive sell volume - trades that hit the ask (buys) versus trades that hit the bid (sells). Unlike price, which can drift on thin volume, CVD shows whether the actual flow behind a move is buyer-driven or seller-driven. Why spot vs futures matters: futures markets are dominated by leveraged speculators, while spot is closer to real underlying demand. When spot and futures CVD move together, both real demand and leverage agree. When they diverge - for example spot CVD flat or falling while futures CVD surges buy-side - the move is more likely leverage-driven speculation than organic demand, and often less durable. BTCWEAPON.COM plots spot and futures CVD on the same timeline (12H rolling window) so the divergence or agreement is visible at a glance, alongside the price move over the same period.