About Hyperliquid

The Hyperliquid Dashboard is OCM's command centre for **Hyperliquid**, the dominant on-chain perpetuals exchange. It consolidates the entire venue (live markets, funding, open interest, liquidations, whale positioning, vault economics, and any trader's live book) into a single fourteen-view workflow. Crucially, almost everything is sourced directly from Hyperliquid's public info API, which is fully open and requires **no API key**, with the $1M+ whale layer supplied by Coinglass and protocol economics by DefiLlama. **Pulse** is the at-a-glance command centre, but the headline view is the signature **Liquidation Heatmap** - recent price action with the current map of whale liquidation levels burning through it as density bands, which sharpens into a true time-evolving surface as snapshots accumulate. The **Liquidations** view renders long and short liquidation walls shaded by the share held by profitable versus losing wallets, paired with an interactive **cascade simulator** that models how much notional liquidates at any hypothetical price move, and the spot price that move implies. The market-structure views cover a paginated **Markets** screener (with sparklines, funding/OI filters, column controls and a persisted **Watchlist**), a 30-day **Funding** regime heatmap, cross-venue **Funding Arb** against Binance and Bybit, and an **Open Interest** treemap. The intelligence layer tracks the **Whale Positions** book, a **Top Traders** leaderboard ranked by unrealised PnL, a global **Positioning** grid, and a free **Wallet Explorer** that surfaces any address's live positions, margin, leverage and PnL - ideal for following named whales such as James Wynn. **HLP Vault** and **Protocol Economics** round it out with vault TVL/APR and protocol fee, revenue and volume trends.

Signal Zones

Trading Signals by Regime

How It Is Calculated

Frequently asked questions

What exactly is the Liquidation Heatmap showing?

It plots recent price action with whale liquidation levels overlaid as a density surface - brighter bands mark price levels where more notional would be force-closed. Until the snapshot accumulator has been running, it shows the *current* liquidation map projected across price history; once enough hourly snapshots exist it becomes a genuine time-evolving heatmap of how that density has shifted.

Why does funding sit at a mildly positive baseline?

Hyperliquid's funding formula combines the order-book premium with a fixed interest-rate component (clamped each interval). That structural interest term means funding tends to rest at a small positive level - roughly +11% annualised - even in a balanced market. It is by design, not a data error; what matters for signal is the deviation above or below that baseline.

Can I track a specific whales?

Yes. Paste any address into the **Wallet Explorer** and it returns that wallet's live Hyperliquid book - open positions, notional, leverage, entry, liquidation price and unrealised PnL - straight from clearinghouseState. Because it is on-chain and keyless, you can monitor any named or newly-spotted whale in real time.

What is HLP and why is it included?

**HLP** is Hyperliquid's protocol-owned liquidity vault, which acts as a community market maker and liquidation backstop. Its TVL and APR are a useful read on protocol health and on how profitable market-making and liquidations have been, so the dashboard surfaces both its current state and history.

How is the smart-money colouring on the liquidation walls derived?

For each price bucket, the dashboard measures how much of the liquidation notional is held by wallets currently in profit versus underwater. Walls dominated by profitable wallets are brighter (more likely to be defended and hold), whilst walls dominated by losing wallets are dimmer (more likely to break), turning a raw liquidation map into a directional read.