Definition. The total trading volume (in USD) of perpetual (non-expiring) futures contracts, summed within the intraday window set by the chosen data resolution (e.g. 10-minute, hourly).

Technical. Only trades quoted against USD-related currencies (fiat and stablecoins) on the native asset are included. Buy and sell volumes do not always sum to the total, as in rare cases certain transactions cannot be definitively classified as either buys or sells.

Interpretation. Surfaces intraday trading activity and liquidity in the perpetual futures market over the chosen window. Answers questions of the form: what is the total trading volume for BTC perpetual futures in the last hour?