Hyperliquid Liquidation Map and Heatmap

The Hyperliquid liquidation map shows where real, open perpetual positions on Hyperliquid would be forcibly closed. Most exchange heatmaps infer liquidation levels from open interest and assumed leverage. Hyperliquid is an on-chain perpetuals exchange, so each tracked address’s position size, entry price, margin and liquidation price is read directly from its public account state. The data covers top accounts via the Hyperliquid API and refreshes every five minutes.

What the map measures

For each pair, the chart places tracked positions at their liquidation prices within a band around the current price:

• Long liquidations sit below the current price. A long is closed if price falls far enough to push the account’s equity under its maintenance margin.
• Short liquidations sit above the current price. A short is closed if price rises far enough.
• Cumulative long liquidation is the total notional size of tracked longs whose liquidation levels fall between the current price and the lower edge of the chart.
• Cumulative short liquidation is the same total for shorts between the current price and the upper edge.
• Strongest level is the price bucket holding the most notional value at risk.

An empty chart means no tracked account has a liquidation price inside the band at that moment. Positions further away still exist outside the chart.

Reading the level table

The table under each chart groups positions into price levels and gives each level’s distance from the current price:

Distance = (level price − current price) ÷ current price × 100

A negative distance is a long cluster below price, and a positive distance is a short cluster above it. Total sums all positions at that level.

Levels are bucketed, so a level price can differ by a fraction of a percent from the exact liquidation price of a position inside it. Use the positions table for the exact figure.

Reading the positions table

“Positions closest to liquidation” lists individual accounts sorted by how near price is to their liquidation level. Each row gives the address, asset, side, notional size, entry price, liquidation price, distance and margin. Two derived figures are useful:

Effective leverage ≈ Size ÷ Margin

Buffer from entry = (liquidation price − entry) ÷ entry

Hypothetical example: a $1,000,000 BTC long with $100,000 of margin runs about 10x effective leverage. If it was opened at 60,000 with a liquidation price of 54,600, the position can absorb roughly a 9% drop from entry before it is closed.

Some rows show a liquidation price that does not follow from entry and leverage alone. For example, a long might show a liquidation price above its entry. That means the position’s margin is shared with other positions or the account’s balance has changed since entry. The same address can also appear on several rows, one per asset.

What moves a liquidation price

A liquidation level is not fixed when the position opens. It shifts with:

1. Leverage and margin added or removed. Adding collateral pushes the liquidation price further away; withdrawing it pulls the level closer.
2. Margin mode. In isolated margin, only the collateral assigned to that position protects it. In cross margin, the whole account’s equity backs every position. A loss on one asset can drag another asset’s liquidation price closer, and a gain can push it away.
3. Maintenance margin requirements. Liquidation happens when account equity falls below the maintenance requirement, which depends on the asset’s maximum leverage tier.
4. Funding payments. Perpetuals exchange periodic funding between longs and shorts. Payments reduce or add to equity, so a position paying funding slowly drifts toward liquidation.
5. Mark price. Hyperliquid triggers liquidations on its mark price, not the last traded price. A brief wick on one venue does not by itself liquidate a position.
6. Size changes. Partial closes, adds and new entries all recalculate the level.

Liquidation walls and cascades

A large concentration of liquidation value at one price is often called a liquidation wall. When price reaches it, the exchange closes those positions. Liquidating longs means selling, and liquidating shorts means buying, so a big wall can add order flow in the same direction as the move. That flow can carry price into the next cluster, which is the mechanism behind a liquidation cascade.

A map can show that a wall exists and how far away it is. It cannot show whether price will reach it, whether the owner will add margin first, or how much the forced orders will move the market. That depends on order book depth at that price compared with the position’s size.

A single very large position can dominate a pair’s chart. When one row in the positions table matches the strongest level almost exactly, the map is showing one trader’s risk, not broad positioning across the market.

Limits of the data

• Coverage is top accounts only. Smaller accounts are not tracked, so cumulative totals understate total liquidation exposure on Hyperliquid.
• One venue only. Positions on centralized exchanges do not appear. For a cross-exchange view, compare the Bitcoin liquidation heatmap and Bitcoin liquidation map by exchange, which rely on modeled rather than on-chain levels.
• Five-minute refresh. In fast markets, positions can be opened, topped up or liquidated between updates, and clusters can drift even when price barely moves.
• Notional is not net exposure. A tracked address may hedge elsewhere, so a large long is not necessarily a directional view.
• Liquidated is not lost. Notional size measures what gets closed. The trader’s loss is closer to the margin shown.