How to understand a whale's contract position in 10 seconds? Don't just focus on 'how many longs a certain address opened.' 1. Leverage vs Liquidation Distance — How close are they to liquidation? 2. Entry Timing vs Funding Rate — Are they paying to hold the position, or earning from it? 3. Adding or Reducing Position — Are they confident, or panicking? Most 'whale alerts' only give you the first point, so it's noise, not a signal. Which one would you look at first?