Market Overview is the perfect feature to quickly understand how different groups of traders are positioned across the market, giving you a bird’s-eye view of overall sentiment through a heatmap instead of analyzing individual wallets.

How to use this feature?

To start, click here (Market Overview) or go to ‘Birdeye.so’ → ‘Perps’.

The starting point of our analysis is the Market Position Heatmap.

Market Position Heatmap

To understand this heatmap effectively, there are 2 key things you need to know:

[1] Understand the Icons (Trader Groups)

Each icon represents a specific cohort of traders, categorized based on:

• Equity (capital size)
• Winrate
• PnL performance

In simple terms: Each icon = a type of trader

[2] Understand the Heatmap Colors

• 🟢 Green: Long positions > Short positions
• ⚪ White: Long positions = Short positions
• 🔴 Red: Long positions < Short positions

Here, you can hover over each cell to see detailed data or click into a token to explore deeper insights.

Tip for you:

You can hide a group trader by click on this icon or this group.

Or you can click to Customize and select all cohorts you want.

For more: You can use select Position age (<4H, <1D, <7D, <30D, or All) to easy analyze the market.

Position Distribution by cohort (Group of traders)

Position Distribution helps you understand how different groups of traders are positioned based on:

• PnL (profit/loss)
• Equity (capital size)
• Winrate (skill level)

This is where you see what different trader groups are actually doing with their money. In particular, you can track each group's real-time activity: how many are in positions, their Long vs. Short volume, their overall bias and more.

Key metrics explained (applies to all tables):

• Total Wallets: Number of wallets in the group
• In Positions: % of wallets currently holding positions
• Long / Short: Total value of long vs short positions
• Total Size: Total capital deployed
• In The Money: Positions currently in profit
• Underwater: Positions currently at a loss
• Leverage: Average leverage used
• Overall Bias: Net market direction (Bullish / Bearish / Neutral)

You’ll need: