Comparison · what each one watches
Coinalyze is one of the honest workhorses of crypto futures data: open interest, funding rates and liquidation data aggregated across many exchanges and contracts, with charting on top. And — rare for this niche — it has real, free alerts. This page is a comparison of what each service actually watches, because the overlap is smaller than it looks.
honest, dimension by dimension · qualitative facts only
| Coinalyze | INDICIA | |
|---|---|---|
| Core object | Aggregate futures metrics: open interest, funding, volume, liquidation totals across many venues and contracts | Individual actors: the top-200 whale wallets on Hyperliquid with exact liquidation prices, plus the crypto options layer from Deribit |
| Liquidation data | Aggregated liquidation totals and charts per contract and exchange | A measured map: which wallet, what size, what leverage, at exactly what price — snapshot every 30 minutes, each snapshot stored |
| Options layer | positions itself as a futures data service | Max pain and option walls · dealer gamma and market regime · volatility history since Jan 2024 |
| Alerts | Yes, and free: price, volume, liquidations, open interest, funding rate — on aggregate metrics | Beacons on whale events (a ≥$1M liquidation — free), and Sentinel: your own condition on a specific strike, level or specific wallet |
| History | Multi-year aggregated futures history | Whale archive since July 2026 · volatility and regime archive since early 2024 — plus a daily written reading of it |
| Interpretation | Charts and raw metrics — you read them yourself | A daily Radar that says what the levels mean — and a public trial of our own hypotheses, including the failed ones |
| Price | Free with ads; paid ad-free version | The map, levels, gamma and volatility are free; per-whale history and Sentinel — with a subscription |
Neither column is "wrong" — the overlap is small. Similar comparison with the reference aggregator: Coinglass vs INDICIA.
Credit where due, and here it is substantial. Coinalyze covers the futures market wide: many exchanges, hundreds of contracts — including instruments we do not touch at all. Its alert engine is real and free: price, volume, liquidations, open interest, funding rate. In a niche where the default is "here is a dashboard, sit and watch it", that alone puts it ahead of most. If your question is "ping me when BTC open interest jumps" or "tell me when funding flips negative" — Coinalyze answers it, and answers it for free.
Every Coinalyze alert is a condition on an aggregate futures metric. Two whole layers sit outside that scope — not because Coinalyze is bad at them, but because they are a different discipline:
That is the honest split: metric alerts — theirs. Event alerts on options and wallets — Sentinel, $89/mo. You describe the event — a strike, a level, a wallet — and a Telegram message arrives when the market produces it. It reports a fact on the market; it does not tell you what to do with it.
the boundary that decides which tool you need
The two services' alerts differ not in quality but in kind. It is worth spelling out, because the words sound interchangeable and the machinery behind them is not:
| Metric alert | Event alert | |
|---|---|---|
| Fires on | A threshold on a continuous aggregate number: open interest above X, funding turning negative, price crossing a level | A discrete occurrence that first has to be recognized: a block trade classified as a condor, an option wall migrating to another strike, a specific wallet adding margin |
| What it takes to build | A data feed and a comparison — which is part of why good ones can be free | A measurement or classification layer on top of the feed: someone has to decide that these trades form a straddle before anyone can be told about it |
| Where to get it | Coinalyze, free — and it does this well | Beacons — a fixed catalog of whale events, with a tracked wallet's ≥$1M liquidation free — and Sentinel for your own condition |
The honest corollary cuts against us: if your question can be phrased as a threshold on a public metric — "ping me when BTC open interest jumps" — you do not need us for that, and paying for it would be a waste; Coinalyze answers it for free. An event alert earns its price only when the thing you are waiting for cannot be expressed as a number crossing a line.
Reach for Coinalyze when the question is about aggregate futures state: open interest across venues, funding across contracts, liquidation totals — and when you want free alerts on those numbers. Reach for INDICIA when the question is about actors and options: who exactly is sitting above price and at what leverage, where the walls and max pain stand, what regime the market is in — and when the event you care about is one no metric alert can express. In practice they complement each other with almost no overlap.
A concrete way to run both: aggregate metrics answer the morning question — what is the state of the board; standing watches answer the around-the-clock one — did the specific thing I care about happen while I was away. Free metric alerts cover the first job; Sentinel and the beacons cover the second. Neither replaces reading the market yourself — that part no alert does for you.
A crypto futures data aggregator: open interest, funding rates, volume and liquidation data across many exchanges and contracts, with charting and free alerts on price, volume, liquidations, open interest and funding rate. The core product is free with ads; an ad-free version is paid.
Yes — and unlike most of the niche, they are real and free: price, volume, liquidations, open interest, funding rate. They watch aggregate futures metrics. Options events — a strike's implied volatility, a wall moving, zero-gamma crossing spot, a classified block-trade structure — and conditions on a specific whale wallet are outside their scope.
Coinalyze positions itself as a futures market data service: open interest, funding rate and liquidations. The options layer — max pain, dealer gamma, per-strike implied volatility, block-trade structures — is a different discipline, and it is where we focus, with data from Deribit.
They barely overlap. Coinalyze for aggregate futures metrics and alerts on them; INDICIA for the measured whale map with per-wallet liquidation prices, the crypto options layer, and Sentinel — a watch on your own condition: a specific strike, level or wallet.
A metric alert is a threshold on a continuous aggregate number — open interest above X, funding turning negative. It needs a data feed and a comparison, which is part of why Coinalyze can offer them free. An event alert fires on a discrete occurrence that first has to be recognized: a block trade classified as a risk reversal, an option wall moving to another strike, a specific wallet adding margin. That requires a measurement layer on top of the feed — the layer INDICIA builds.
Both are futures data aggregators. In qualitative terms: Coinglass carries a wide portfolio of indicators and tools; Coinalyze is chart-first, with free metric alerts as its standout. We compare ourselves with Coinglass on a separate page — the short version is the same as here: aggregators watch the market in aggregate, we track named wallets and options events, and to our knowledge neither aggregator sells alerts on that layer.
Put a watch on an event, not a chart
Whale beacons start free — a tracked wallet's ≥$1M liquidation lands in Telegram. Sentinel takes your own condition: a strike, a level, a wallet. And the measured map the watches run on stays free to look at.
How Sentinel works →Coinalyze is a trademark of its respective owner. INDICIA DESK is an independent project and is not affiliated with or endorsed by Coinalyze. Statements about Coinalyze describe its publicly visible product as of 6 Aug 2026 (site navigation, alerts page) in qualitative terms. Not financial advice. © 2026 INDICIA DESK.