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Nominally independent vaults are often in the same trade. When the market moves against them they do not leave one by one — they leave together, through the same liquidity, turning a controlled loss into a cascade. This page measures how much of that is happening, and is honest about how much of it we can see. Click an instrument to see exactly which vaults hold it.
The same relationships as the table, as a graph. A table answers which pair is strongest; it cannot show that a handful of vaults account for most of the structure, or that the arrows run one way.
49 relationships at 8σ or stronger between 25 vaults. Ordered by how often a vault leads, so the picture is the same on every load — a force layout would move it every time and two people could not discuss the same one. Hover a vault to isolate it.
This does not say copying. A copied signal, a shared data vendor, one operator running both books, or the same obvious level on the same chart all produce this pattern, and none of them can be told apart from a timestamp.
Vaults entering a crowd went on to underperform matched vaults that did not by -135281.76% at the worst point of the following 20 days. Shuffling the event dates produces a path that extreme 26% of the time, so this is not yet distinguishable from noise.
| Day | Entered a crowd | Matched controls | Difference | Events |
|---|---|---|---|---|
| -5 | 1347.03% | 887.77% | 459.26% | 119 |
| -4 | 1071.39% | 205.99% | 865.40% | 119 |
| -3 | 450.37% | 71.20% | 379.17% | 119 |
| -2 | 292.07% | 28.83% | 263.24% | 119 |
| -1 | 36.11% | 6.62% | 29.49% | 119 |
| +1 | 62.24% | 0.66% | 61.58% | 119 |
| +2 | 3663.23% | 12.43% | 3650.79% | 119 |
| +3 | 15637.06% | 3359.97% | 12277.09% | 119 |
| +4 | 44341.31% | 28647.83% | 15693.48% | 120 |
| +5 | 81299.32% | 111480.06% | -30180.74% | 120 |
| +6 | 125772.40% | 261054.16% | -135281.76% | 120 |
| +7 | 940495.95% | 448420.52% | 492075.43% | 121 |
| +8 | 90033927.05% | 734160.48% | 89299766.57% | 121 |
| +9 | 11896849066.26% | 1870513.00% | 11894978553.26% | 121 |
| +10 | 12111414679.95% | 4240060.65% | 12107174619.29% | 121 |
| +11 | 13141975834.85% | 5300688.32% | 13136675146.53% | 121 |
| +12 | 13141975834.85% | 5300688.32% | 13136675146.53% | 121 |
| +13 | 13141975834.85% | 5300688.32% | 13136675146.53% | 121 |
| +14 | 13141975834.85% | 5300688.32% | 13136675146.53% | 121 |
| +15 | 13141975834.85% | 5300688.32% | 13136675146.53% | 121 |
| +16 | 13141975834.85% | 5300688.32% | 13136675146.53% | 121 |
| +17 | 13141975834.85% | 5300688.32% | 13136675146.53% | 121 |
| +18 | 13141975834.85% | 5300688.32% | 13136675146.53% | 121 |
| +19 | 13141975834.85% | 5300688.32% | 13136675146.53% | 121 |
| +20 | 13141975834.85% | 5300688.32% | 13136675146.53% | 121 |