Bitcoin is free to explore. Every coin we cover, refreshed every hour, comes with a plan.
See the plansMembers: open the full versionWho is running hot, and how close are they to the edge? Hyperliquid puts every position in public, so every hour we read its largest accounts and count how much money sits at each leverage and how far each position is from being liquidated, longs and shorts apart. Then we size the same picture for the other big exchanges we track.
What's a liquidation? When a leveraged trade loses so much that its margin can't cover it, the exchange closes it by force: longs get sold, shorts get bought back. Money sitting close to its liquidation price is the money a small move can force out.
How many traders is that? Under every figure we say how many positions and accounts it comes from. Some rest on just a few, and when one account holds more than half of a figure, we say so.
How much money sits at each leverage setting the traders chose, and each side's share. A band starts at its first number, so a 5x position counts in 5-10x.
| Leverage | Longs | Shorts |
|---|
How far the price has to move against each position before it is liquidated. The marked rows, within 5%, are the ones a small move can reach.
| Distance | Longs | Shorts |
|---|
Each exchange's open interest in this coin, and how much of it we estimate sits within 5% of liquidation. Every estimate here comes from the same positions, counted in the last row.
| Exchange | Open interest | Longs within 5% | Shorts within 5% |
|---|
The headline numbers for each coin side by side, each with the positions it comes from. Pick a coin to open its tables.
| Coin | Hyperliquid open interest | Read | Longs within 5% | Shorts within 5% | 20x or more | Whole market longs within 5%est. |
|---|
Hyperliquid's numbers come from real positions and the liquidation price the exchange itself gives each one. We don't read positions on other exchanges, so we give their open interest the same leverage and distance mix as the Hyperliquid accounts we read. Their dollar amounts are estimates, and their percentages match Hyperliquid's by design. Where an exchange allows more leverage than Hyperliquid, the estimate misses it. A figure that rests on a few positions can swing a lot from one hour to the next, which is why we print the count.
We show the leverage each trader picked. On cross margin the rest of the account backs the position too, so a high setting can sit far from liquidation. Distance is the better read of how close the forced selling or buying is.
The largest accounts, read every hour. Smaller accounts are not in the measured numbers, and nothing is scaled up to stand in for them. A snapshot of right now, not a forecast.