Liquidations

A liquidation is a forced closure: if the collateral of a leveraged position is no longer sufficient, the exchange closes it with a market order. When a long is liquidated, this creates a sell, and with a short, a buy. In a cascade, such orders trigger further liquidations and accelerate the move.

The terminal has three tools for this: the Liquidations pane with measured liquidations, the Liquidation heatmap with estimated liquidation levels and the Hyperliquid stop/TP map with open positions. You can find all three under Top bar → Indicators → Order flow tab. They need a symbol with derivatives; otherwise the entry says “… has no derivatives data.”

The liquidations pane

The pane below the chart shows how much was liquidated per candle: longs as bars pointing up (red), shorts as bars pointing down (cyan). It is available in all plans.

Under the crosshair, the header shows the Longs and Shorts values of the candle. With Value label on axis, the larger of the two values also appears as a marker on the scale, in the color of its side; a candle without liquidations appears there as 0 on a gray background.

Settings

The pane does not follow the exchange aggregation. Only the Source sets which exchanges count.

On seconds and tick charts, the pane is coarser than the candles.

Gaps and empty candles

• Candles with no data yet are shaded.
• Gaps in the data are shaded too. Such a candle shows “–” instead of 0, because it was not quiet, only the values are missing.
• If the values are missing for part of a candle, that part is shaded. If more than half is missing, it shows “–”.
• If there is not a single liquidation in the visible range, the scale stays empty and the pane says “No liquidations in the visible range.” or, if data is missing there, “No data in the visible range.”

Liquidation heatmap

The liquidation heatmap estimates the prices at which leveraged positions would be liquidated. It is part of Plus. In the legend it is called “Liquidation heatmap · estimated”, because it is a model, not measured data.

How the model calculates

For each candle:

1. Newly opened positionsthe rise in open interest in this candle, plus 0.2% of the traded volume. If open interest falls, only the volume part counts.
2. Distribution across leverage5x 12%, 10x 26%, 25x 27%, 50x 18%, 75x 9% and 100x 8%.
3. Liquidation pricelongs below the candle's typical price (the average of high, low and close), by 95% of the distance the leverage allows, shorts correspondingly above it. At 10x, a long's level is therefore about 9.5% below this price, at 100x about 0.95%.
4. Long or shortWhere the taker buy volume is known, this share splits the new positions; otherwise the position of the close within the candle's range does.

The levels accumulate from candle to candle. If the price runs through a level, it counts as liquidated and disappears. Positions older than 240 candles no longer count.

Reading and setting it up

• The color runs from teal through turquoise and mustard to yellow. Yellow marks the largest estimated clusters.
• The newest column continues to the right edge. With Profile at the right edge, it also appears there as a profile.
• When you hover over a cell, the legend shows the estimated amount in dollars, and the magnifier opens next to the mouse pointer: seven price levels around the cell for the previous, current and next candle, below them the level's price range and how much of it falls on Longs (red) and Shorts (cyan). On your phone, the crosshair shows the same magnifier after a long press. If the heatmap is on as well, only the liquidation heatmap's magnifier shows, because its cells are on top.
• Candles with no open interest yet draw no levels.

Limits

• The leverage distribution is a fixed assumption, not measured.
• On fine intervals, open interest goes in at 5-minute steps. On a 1-minute chart, a rise is therefore spread over several candles.
• The model knows neither entry prices nor partial closes. Use the levels as a hint of where liquidations could cluster, not as exact prices.

Hyperliquid stop/TP map

The map shows stop loss, take profit and liquidation levels of open positions on Hyperliquid per price level. Unlike the liquidation heatmap, it is not an estimate. It is part of Pro.

• The bars sit at the right edge, stacked: stop loss red, take profit cyan, liquidations yellow.
• The four largest levels show their amount, for example “$12.4M”.
• At the top it says how many positions the map shows, for example “HYPERLIQUID · 803 POSITIONS · largest accounts”.

The map shows the largest accounts, not every position. For coins without a Hyperliquid market, the entry says “… has no Hyperliquid market.”