Panther Journal / The library

Trading & DeFi

Funding, liquidations, bonding curves and liquidity: what the numbers mean before you size a position.

Panther Knowledge cover for guide 010: minus 8.9% beside estimated liquidation bands for 10x to 40x longs below a $100,000 entry and shorts above it, brightness marked as relative.

Trading & DeFiOct 12, 2026 · 13:16 UTC7 min read

Crypto Liquidation Heatmaps Explained

How liquidation prices are calculated, how CoinGlass, Glassnode and others model where leverage would break, how to read the bands, and why they are estimates, not forecasts.

Panther Knowledge cover for guide 006: 14.7x beside Pump.fun's bonding curve rising to graduation at 85 SOL, and the new pool opening at the same price with less depth.

Trading & DeFiOct 12, 2026 · 12:48 UTC10 min read

Why Do Memecoin Prices Change After Launchpad Bonding?

A launchpad curve prices every trade by formula until the coin graduates to a DEX pool. Pump.fun’s published numbers show the handoff is seamless, and why the market after it is not.

Panther Knowledge cover for guide 012: 0.01% beside a perpetual's price moving above and below its index, showing when longs pay shorts and the clamp that holds funding at 0.01%.

Trading & DeFiOct 12, 2026 · 12:17 UTC7 min read

How Perpetual Futures Funding Rates Actually Work

The formula behind funding on BitMEX, Binance, Bybit, dYdX and Hyperliquid, why it sits at 0.01% on quiet days, what it costs in dollars, and why collecting funding is not risk-free.