Toxic Flow

To see which exchanges have informed traders. Informed traders have private information MMers are afraid of. MMers might stop providing liquidity, so price is easier to push in one direction.

For more information, check out: https://insights.deribit.com/market-research/toxic-flow-its-sources-and-counter-strategies/

Spread is calculated from close price between 2 exchanges as

Exchange A's close/Exchange B's close - 1

zdVol is different of zscore of volume between 2 exchanges as

Exchange A's zscore(volume,24) - Exchange B's zscore(volume,24)