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Data sources · where we take the perp leg from
Hyperliquid — is a decentralised perpetual futures exchange (perps) on BTC, ETH and other assets. Its key difference from an ordinary exchange: every order and position is written to its own blockchain. That is, the state of every large position — size, leverage, forced-closure price — is visible publicly, from the chain, rather than hiding in the exchange’s private database.
It is that transparency that makes Hyperliquid a valuable source for us. We do not guess where the whales are — we see them. Below: what this exchange is in plain words, exactly which data we read from it and how that fits into our Radar.
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Sign up on Hyperliquid →Perpetual futures (perp) — is a contract on the price of an asset that never expires. You can hold a bet on a rise (long) or a fall (short) for as long as you like, usually with leverage — that is, operating a size larger than your own deposit. Leverage magnifies both profit and risk: if price moves against the position hard enough, the exchange closes it by force — that is the liquidation.
To keep the perp price close to the real spot, there is funding — a small periodic fee one side of the market pays the other. When funding is high and positive, longs are mostly holding the market (they pay); when it is negative, shorts prevail. A direct barometer of which way the crowd is tilted.
Because the positions live on-chain, we read them directly — not estimates, facts:
Deribit options tell you where the walls and max pain sit. Hyperliquid perps tell you where the leverage and the fragility sit. This two different instruments on the same market — and that is where the strength is. When independent whale positioning on perps lines up with an important option level, the signal carries far more weight than either on its own. And when they contradict each other, that is information too: the market is torn, and the move will be nervous.
An honest caveat, because we measure our own instruments too: liquidations by themselves lag price — they record a move that has already happened rather than predicting the next one. So we present the whale map as fragility context, not as an entry signal.
Measured, not modelled
Hyperliquid’s key advantage. Aggregators such as CoinGlass show a guess about liquidations from the total open interest of the whole market. On the Hyperliquid chain we see real positions of real wallets with known liquidation prices. Every band on our map is real, not statistical.
Every day our Radar crosses the Hyperliquid perp leg (whale positions, the liquidation map, funding) with the Deribit options leg (max pain and walls, skew, the state of the market makers). What we publish is exactly the crossing of two independent forces — because competitors look at one thing only, and the cause of a move is usually born where the two coincide.
INDICIA DESK · Crypto options market intelligence (BTC / ETH).
Educational content and a journal of the system’s decisions. Not financial or investment advice.