Data · Hyperliquid · snapshot 2026-08-06 18:15 UTC · refreshed every ~2 h
How much money sits on thin ice: the total notional of whale positions running 8× leverage or more. This is not a crash forecast — it measures how much there is to liquidate if the market jerks. Fuel present, ignition not implied.
High fuel does not mean a drop is coming. It only means that if a move starts, liquidations will amplify it more than usual. A cascade needs two things — fuel and ignition; we measure only the first.
We deliberately exclude market-maker inventory — low-leverage wallets that carry huge positions by trade. Including them would double the number and make it meaningless: MMs don't get liquidated on a routine wick.
And this is Hyperliquid only. Positions on centralised exchanges are invisible on-chain — there we see the fact of a liquidation after it happens, never the buffer before it. So this number is a floor on the market's real fuel, not the whole market.
📍 Зараз: $692M sits on thin ice across 63 whales; 46% of it is long; 0 near a margin call.
Snapshots every ~30 minutes from our Hyperliquid mirror. Whale count is off by default — toggle it on.
A fragile whale is a wallet at account leverage ≥ 8×. Fuel is the sum of the absolute value of all its positions. Near margin call means the account's buffer to maintenance margin is below 1.3×.
The percentile is where the current value sits among all our snapshots: 90 means it has been higher only 10% of the time. Same mechanic as our options fear index and long/short ratio.
Snapshots with fewer than 40 polled wallets are dropped: a partial poll understates the sum and paints a dip that never happened.
The map this is computed from — the liquidation heatmap. Want a ping when fuel leaves its normal range — that's Sentinel: plans.
Data: Hyperliquid (on-chain, per wallet). Refreshed every ~2 hours.
Educational material and a journal of observations. Not investment advice, not a solicitation to buy or sell. Past market behaviour guarantees nothing.