Methodology

Every figure on this site is read from Hyperliquid’s own account state through its public API, then diffed, classified and aggregated. Nothing is modelled from volume or inferred from price. This page says exactly what that means.

Read directly

• Positions, notional, leverage, entry, liquidation price, unrealised PnL, funding paid — each account’s clearinghouseState, as Hyperliquid reports it.
• Equity — the account value in the same call.
• Marks — the exchange’s mid prices, streamed to your browser directly.
• Fills and funding — from the account’s fill and funding history, archived because Hyperliquid keeps only the last 10,000 fills per address.

Derived

• Distance to liquidation — the adverse move from the current mark to the account’s liquidation price, as a percentage of the mark.
• The cascade and the ladder — every tracked position with a liquidation price, binned by that distance. Cumulative totals are the sum of notional inside the move. Accounts, not estimates.
• Directional vs market maker — a book is called a market maker when it holds more than $5M gross across at least three coins with net exposure under 30% of gross. It is a description of exposure, not of intent; the perp leg of an off-exchange hedge looks directional here.
• Fee-complete PnL — closed PnL from fills, minus fees, plus funding received. Hyperliquid’s own closed PnL excludes fees.
• Position changes — an event is recorded when size changes by more than 1%, a position opens, or it closes. Notional alone moving with price is not a change.

What drifts

• Cross-margin liquidation prices move with the account’s equity between scans. The price shown is authoritative as of the scan time next to it; the distance uses the live mark against that price.
• The top 100 books by exposure and anything within 5% of liquidation are rescanned every minute; the top 1,000 by equity every five; the ≥$1M cohort every fifteen; the rest daily. New addresses appear on their first perp fill and large ones are scanned within seconds.
• Snapshots of the liquidation map are taken every five minutes.

What this is not

• Not every account: those that have never traded a perp on Hyperliquid, or hold no positions, are not here.
• Not identity: an address is an address. Labels are classifications of exposure.
• Not advice. The trade panel places your orders on Hyperliquid with a 0.01% builder fee on top of the exchange’s own; the trading key it creates lives in your browser and cannot withdraw.

Budget

Hyperliquid allows 1,200 request-weight per minute per address. The worker runs at 500 requests per minute inside that, with a circuit breaker for exchange outages and reconnecting sockets. Everything on this site comes from one small server and the public API; there is no privileged access.