Whale movements 🐋 are influential in the market, and as a trader, it is wise to track their movements so you don't go against them.
In detail, how to track whale movements 👇
To track whale movements in regular (Spot) trades and perpetual contracts on decentralized platforms (DEXs), the following organized steps can be followed:
1. Obtain the whale's wallet address
To follow the activity of any whale, you first need to know their wallet address. Whale addresses can be found through:
Blockchain Explorers such as:
Etherscan (Ethereum)
Arbiscan (Arbitrum)
BSCScan (Binance Smart Chain)
Track large transfers using tools like Whale Alert or Lookonchain.
Use data analysis platforms like Arkham Intelligence to identify whale wallets and their potential identities.
2. Determine the platforms used by the whale
Once you know the address, you can check the platforms where they execute their trades, whether they are:
Spot trading platforms:
#Uniswap
SushiSwap
PancakeSwap
Balancer
Perpetual contract platforms:
GMX
#dYdX
#Hyperliquid
Kwenta (Synthetix Perps)
3. Monitor all whale movements within the platforms
After determining the platform, you can track:
✅ Regular trades (Spot):
Know when the whale buys or sells large digital assets.
Follow swaps between currencies on DEXs.
Note the liquidity movements added or withdrawn by the whale.
✅ Perpetual contracts:
Know the whale's trades whether Long or Short.
Monitor the leverage levels they use.
Track potential liquidation levels for their trades.
🔎 Tools that help in analysis:
Debank and Zapper to view all assets and trades within DEX platforms.
Nansen (paid) provides advanced analysis of whales and their movements.
4. Use #Blockchain Explorers to follow all activities on-chain
Once you know the platform and the trades, you can use:
Etherscan / Arbiscan / BSCScan to review all transfers and transactions of the whale.
Analyze interactions with the smart contracts of the platforms to know when trades are opened or closed.
Review liquidity deposits and withdrawals from various protocols.
5. Use specialized websites to track whales and analyze their movements
There are dedicated tools to monitor all whale movements, whether spot trades or perpetual contracts:
Whale Alert – Instant alerts when massive movements occur on the network.
Arkham Intelligence – Allows for deep analysis of large wallet identities.
Lookonchain – Provides reports and analyses on the movements of large whales.
DefiLlama – To monitor liquidity movements within protocols
What is the goal of tracking whales?
✅ Benefit from their movements to make smart trading decisions.
✅ Know when they are buying or selling to predict market movements.
✅ Monitor perpetual contract trades to identify entry and exit opportunities.
In this way, you can track all whale movements in the market, whether in spot trades or perpetual contracts and benefit from them.