Daily network digest
Directed information-flow networks for this session, covering Cryptocurrency, Foreign exchange. Each class is estimated independently over a trailing one-year window; the tables below rank the assets carrying the most influence within their own network.
Jump to: Cryptocurrency · Foreign exchange
XAUTUSD was the most central name, carrying 5.39× the influence of an average node across 211 assets.
Ranked by PageRank within the session's directed network. “vs average” shows influence relative to a node with no advantage — 1.00× would mean perfectly ordinary.
| Symbol | # | PageRank | vs average | Receives from | Sends to | Strongest outgoing |
|---|---|---|---|---|---|---|
| XAUTUSD | 1 | 0.02557 | 5.39× | 45.7% | 16.7% | FXUSD, GHSTUSD, ACHUSD, OXTUSD, MKRUSD |
| PAXGUSD | 2 | 0.02446 | 5.16× | 43.3% | 14.3% | OXTUSD, FXUSD, GHSTUSD, AVAXUSD, ACHUSD |
| BTRSTUSD | 3 | 0.02422 | 5.11× | 42.9% | 13.8% | ETHUSD, AXSUSD, KRLUSD, MDTUSD, STORJUSD |
| KRLUSD | 4 | 0.02316 | 4.89× | 42.9% | 7.6% | TRXUSD, HIGHUSD, BTRSTUSD, PAXUSD, BANDUSD |
| LTCBTC | 5 | 0.02142 | 4.52× | 45.2% | 10.0% | PAXGUSD, HBARUSD, DIAUSD, XAUTUSD, JSTUSD |
| HNTUSD | 6 | 0.02085 | 4.40× | 40.0% | 12.4% | TRXUSD, AAVEUSD, KRLUSD, MATICUSD, DYDXUSD |
| ETHBTC | 7 | 0.01809 | 3.82× | 45.2% | 19.5% | LUNAUSD, DSHUSD, XDCUSD, DASHUSD, QNTUSD |
| ORCAUSD | 8 | 0.01559 | 3.29× | 33.8% | 10.5% | EGLDUSD, AUCTIONUSD, FISUSD, USTUSD, YGGEUR |
| REPUSD | 9 | 0.01512 | 3.19× | 29.0% | 9.5% | AUCTIONUSD, FXUSD, SGBUSD, XAUTUSD, ICPUSD |
| XRPBTC | 10 | 0.01421 | 3.00× | 34.3% | 16.2% | GHSTUSD, XAUTUSD, RNDRUSD, ASMUSD, GYENUSD |
| Symbol | PageRank | Previous | Change |
|---|---|---|---|
| BTRSTUSD | 0.02422 | 0.00584 | +0.01838 |
| HNTUSD | 0.02085 | 0.00420 | +0.01665 |
| ORCAUSD | 0.01559 | 0.00480 | +0.01079 |
| AUCTIONUSD | 0.01367 | 0.00507 | +0.00859 |
| CHRUSD | 0.00973 | 0.00185 | +0.00789 |
| Symbol | PageRank | Previous | Change |
|---|---|---|---|
| XRPBTC | 0.01421 | 0.03323 | -0.01902 |
| REPUSD | 0.01512 | 0.02720 | -0.01207 |
| XMRUSD | 0.00429 | 0.01520 | -0.01091 |
| TRACUSD | 0.00994 | 0.02044 | -0.01050 |
| XYOUSD | 0.00242 | 0.01257 | -0.01014 |
ZAREGP was the most central name, carrying 5.78× the influence of an average node across 577 pairs.
Ranked by PageRank within the session's directed network. “vs average” shows influence relative to a node with no advantage — 1.00× would mean perfectly ordinary.
| Symbol | # | PageRank | vs average | Receives from | Sends to | Strongest outgoing |
|---|---|---|---|---|---|---|
| ZAREGP | 1 | 0.01002 | 5.78× | 20.5% | 5.7% | ZMWZAR, HUFCAD, CZKCAD, SEKZAR, CNYCAD |
| DKKRUB | 2 | 0.00974 | 5.62× | 11.6% | 4.0% | CNYZAR, CADTHB, USDNOK, SEKCZK, TRYZAR |
| COPMXN | 3 | 0.00939 | 5.42× | 13.5% | 3.0% | COPUSD, DKKRUB, ZARMXN, EURGBP, CNYZAR |
| COPUSD | 4 | 0.00934 | 5.39× | 17.0% | 5.0% | PENCAD, GBPILS, ZAREGP, ZARDKK, CHFILS |
| SEKUSD | 5 | 0.00868 | 5.01× | 18.8% | 2.8% | TWDCHF, GBPCRC, CRCGBP, CHFJPY, AUDNZD |
| JPYTHB | 6 | 0.00809 | 4.67× | 18.8% | 4.0% | TWDCHF, ZARBWP, BWPZAR, AUDNZD, ZARSEK |
| ZARMXN | 7 | 0.00809 | 4.67× | 18.9% | 9.4% | CNYZAR, COPUSD, TWDSEK, ZARDKK, ZARNOK |
| USDPGK | 8 | 0.00748 | 4.32× | 4.0% | 2.8% | NZDAED, AUDAED, NOKAED, USDLBP, JPYINR |
| AUDSEK | 9 | 0.00699 | 4.03× | 19.6% | 4.7% | AUDCLP, CLPAUD, SEKUSD, USDCNH, NOKSEK |
| COPBRL | 10 | 0.00696 | 4.02× | 2.4% | 1.0% | EURZMW, EURBRL, ARSBRL, CADRUB, PENBRL |
| Symbol | PageRank | Previous | Change |
|---|---|---|---|
| SEKUSD | 0.00868 | 0.00040 | +0.00828 |
| ZAREGP | 0.01002 | 0.00292 | +0.00710 |
| DKKRUB | 0.00974 | 0.00304 | +0.00670 |
| JPYTHB | 0.00809 | 0.00245 | +0.00564 |
| USDNGN | 0.00674 | 0.00163 | +0.00511 |
| Symbol | PageRank | Previous | Change |
|---|---|---|---|
| KRWBRL | 0.00068 | 0.01306 | -0.01237 |
| JPYCLP | 0.00154 | 0.01069 | -0.00915 |
| LKRZAR | 0.00124 | 0.00870 | -0.00746 |
| SGDZAR | 0.00356 | 0.01050 | -0.00694 |
| COPARS | 0.00191 | 0.00739 | -0.00548 |
Transfer entropy measures how much knowing one asset's past reduces uncertainty about another's future, beyond what that asset's own past already explains. Unlike correlation it is directional, so an edge from A to B means A's moves carry information about B's next move — not merely that they move together.
Each night we estimate transfer entropy across three universes — roughly 1,500 US common stocks, 350 cryptocurrencies and 550 currency pairs — over a trailing one-year window, conditioning on a broad market series so that shared market-wide movement is discounted rather than counted as a link. Edges surviving the significance filter form that session's directed network, from which the centrality figures on this page are computed. Coverage differs by class: crypto reaches back to January 2024, equities to August 2025, so older digests may cover fewer classes.
PageRank ranks an asset by how much influence flows into it from other influential assets. In-degree and out-degree are the share of the network sending information to it and receiving information from it. Betweenness captures how often an asset sits on the shortest path between two others.
The volatility watch score is a model estimate of the probability that an asset sees elevated volatility in the coming sessions. It is a research output, not a forecast of price direction, and nothing on this page is investment advice.