Cumulative volume delta (CVD)

Every trade has an aggressor: the side that crossed the spread with a market order. Volume delta is the aggressive buy volume minus the aggressive sell volume in a period, and CVD adds those deltas over time into one line. A rising CVD means takers are mostly buying; a falling one means they are mostly selling.

Crypto traders often compare spot CVD with perpetual futures CVD. A rally driven by spot buying with rising spot CVD is generally considered healthier than one driven mainly by leveraged perp buyers, which can unwind quickly. Divergences, such as price rising while CVD falls, suggest that passive limit orders rather than aggressive demand are moving the market, or that large sellers are absorbing buying.

CVD depends on which exchanges feed the data and how trades are classified, so readings differ between providers. It shows pressure from market orders but not the size of resting limit orders, so it is usually read alongside the order book and open interest.