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The indicator is used to see the difference in price between spot and futures prices. If future price is higher than spot in a rally, the rally isn't backed by real buys (spot) but by dumb perp longs which CAN be bearish . If spot price is higher than futures in a rally, the upside is backed by real money (spot) which is bullish .

The indicator allows you to pick a spot pair to compare it with the future exchanges you want. You can select which future exchange pairs to compare with by ticking them in the settings.

As you can see here on the chart during this last rally the index is high in the green which means the rally is backed by futures and spot ain't really following. This could be a sign of exhaustion.

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