This article delves into key signals within the crypto derivatives market, specifically analyzing PENGU's open interest, funding rates, and liquidation data. It addresses evolving market dynamics, sentiment, and volatility impacts on PENGU's pricing, highlighting how traders can interpret these indicators for strategic decision-making. By examining capital flow, leverage costs, and crisis effects on price stability, the article aids traders in understanding true market conviction and anticipating future movements. Suitable for investors and analysts, it enhances comprehension of market structure, sentiment shifts, and potential risk factors, with a focus on Gate's exchange metrics.