Bitcoin spot versus perpetual charts: do not mix the levels

Bitcoin spot and perpetual charts describe different markets, even when both display BTC and the same quote currency. Before reusing a level, match the venue, exact instrument and price series. A line drawn from spot candles does not automatically identify the corresponding structure on a perpetual chart.

You can review current ChartPilot signup options for a second reading of a clearly identified Bitcoin screenshot. New accounts require payment-method setup for a seven-day Premium trial, then renew at $59 USD/month unless canceled before the trial ends; applicable taxes appear at checkout. There is no ongoing free plan for new accounts. Existing free accounts retain their allowance under the current terms.

Identify the market before comparing its candles

A spot market exchanges the asset itself. A perpetual is a derivative contract linked to an underlying asset. Kraken’s perpetual-contract explanation distinguishes contract exposure from ownership of the underlying cryptocurrency and describes funding payments intended to keep perpetual prices near their reference market. The products remain distinct.

Write a short identity line for each chart: venue, full symbol, spot or perpetual, quote currency, displayed price series, candle interval and capture time. For the derivative, check its contract specification for settlement currency too: the unit on the price axis is not a complete description of the contract.

Do not infer product type from the word Bitcoin or a familiar price. Preserve any contract suffix, but verify its meaning on that platform. If the label is cropped, reopen the source chart. The Bitcoin screenshot guide covers quote-asset and venue identification; here, the additional question is which market and price series produced each candle.

Separate last, index and mark prices

A derivatives screen may show several prices beside one chart. Identify the series used to build the candles, not merely the most prominent number:

• Last traded price: the most recent transaction price in that particular market.
• Index price: a reference benchmark defined by the venue’s methodology, rather than the contract’s latest trade.
• Mark price: a calculated reference used for specified contract-accounting or risk checks.

Coinbase’s Global Derivatives glossary explains that mark price is used for unrealized profit/loss and margin or liquidation assessment, and need not equal the last traded price. Consult the documentation for your actual product; formulas and uses are venue-specific.

A last-price wick therefore does not, by itself, prove that a mark-price threshold was crossed. Likewise, a header displaying an index value does not establish that the candles are index candles. Record the selected chart source, or leave it unknown until checked.

A fictional gap that changes between observations

All prices, times and venue details below are invented. This is a comparison exercise, not a current market report or trading opportunity. Assume a fictional venue has a BTC/USD spot market and a USD-quoted Bitcoin perpetual. Both observations use last traded prices captured together.

For this worksheet, define the observed basis as perpetual last minus the selected spot last. At 12:00 it is 100 USD, or 100 ÷ 50,000 × 100 = 0.20% of that spot value. Five minutes later it is 20 USD. These are point observations, not completed candle closes or an exchange funding-rate calculation.

Suppose you marked an earlier spot swing at 49,900. Adding 100 to every spot level would treat the first observed gap as a permanent conversion rule. The second row shows why that assumption fails in this example. Locate the relevant swing on the perpetual’s own series; if you keep the spot reference for context, label its origin explicitly.

The two rows do not establish executable prices, a persistent premium or a profitable difference. They also say nothing about which price moves next. Their useful result is narrower: a level and its source must stay together.

Funding is context, not a direction instruction

Kraken’s linear contract specifications describe funding transfers between participants: positive rates mean long positions pay short positions, while negative rates reverse that direction. The calculation uses a defined observation period and contract rules. Do not assume another venue uses the same interval or formula.

A positive funding figure is not a universal instruction to buy or sell, nor does it guarantee a coming reversal. It describes a contract mechanism, not the outcome of your chart premise. Keep any recorded funding rate with its timestamp and stated interval. Do not reconstruct it from the two invented price differences above.

Match the assessment back to its source

Upload the chart whose structure you actually want reviewed. Keep the full instrument label, timeframe, candles and price scale readable, and retain your identity note separately. Do not assume ChartPilot receives a note that exists only beside your browser.

For readable supported charts, ChartPilot provides a BUY or SELL outlook, reference levels and confidence in visible evidence. Compare every level with the submitted series. If the explanation confuses spot and perpetual, or last and mark, record that mismatch before relying on its interpretation. Confidence is not a win probability; AI can misread labels and prices.

Review current signup options when your chart and source note agree. Screenshot assessments do not monitor later prices or execute trades. Finish with one traceable record: which market supplied the image, which price series it showed, and which observations remain unverified.