Hyperliquid Liquidation Map

Hyperliquid is an on-chain perpetuals exchange where every position, margin balance and liquidation price is recorded on a public ledger. That makes its liquidation map fundamentally different from centralised-exchange estimates: rather than inferring levels from aggregate data, the real distribution of liquidation prices can be computed directly from address-level positions.

One difference matters most in reading it: a centralised venue's liquidation heatmap is the output of a probabilistic model, whereas on-chain data is deterministic — how much size gets force-closed at a given price is an exactly computable fact. The self-reinforcing effect of price drifting toward a dense liquidation band is therefore more predictable on-chain, and more readily exploited by active traders (stop hunting). Note too that Hyperliquid's liquidation engine routes through backstop vaults, so realised market impact can be smaller than the notional liquidated.

Volume and market-structure metrics describe the size and distribution of trading activity. Methodologies differ sharply between venues (wash-trading filters, USD conversion), so confirm the accounting basis before comparing platforms side by side.

The live chart for this metric is still being wired up. Global volume, venue share and perp-vs-spot pages already carry real data.