Time Zone Distribution

Time-zone distribution slices volume, returns or flows by UTC hour to identify how different geographic sessions — Asia, Europe, the United States — contribute to market activity.

Crypto trades continuously but liquidity does not distribute evenly: depth during US equity hours is markedly better than in the Asian small hours, meaning an order of identical size has very different market impact depending on when it runs — which is the most practical use of this data, choosing execution timing. As for regularities like 'session X returns more', these are highly sensitive to the sample window, and session effects observed historically have repeatedly vanished afterwards, so they are poor trading premises. Since ETF listings, the US session carries even more of the price-setting weight.

Volume and market-structure metrics describe the size and distribution of trading activity. Methodologies differ sharply between venues (wash-trading filters, USD conversion), so confirm the accounting basis before comparing platforms side by side.

The live chart for this metric is still being wired up. Global volume, venue share and perp-vs-spot pages already carry real data.