Comparison · methodology · estimate vs measurement
If you are searching for a liquidation heatmap, you will land on Coinglass — deservedly: it is the reference aggregator for crypto futures data. This page is not "we are better at everything". It is a comparison of two genuinely different instruments: the Coinglass heatmap estimates where liquidations may cluster, modeled from aggregated open interest. Our liquidation map measures — real on-chain positions of the top-200 whale wallets on Hyperliquid, with the exact liquidation price of each one.
honest, dimension by dimension · qualitative facts only
| Coinglass heatmap | INDICIA measured map | |
|---|---|---|
| Heatmap (CEX) | Model estimate. Zones inferred from aggregated open interest and typical leverage assumptions — on centralized-exchange data there is no other way | we don't build one — not our venue |
| Hyperliquid positions | Shows them, free: wallet, side, entry, liquidation price, margin, PnL — real on-chain data too | Same source, but a snapshot every 30 minutes — and every snapshot is stored |
| What happens with that data | the current state of a table | The history of every wallet under a persistent codename: how it built up, added, flipped — and how it ended |
| Event notification | a table you have to watch yourself | A Telegram beacon: a whale liquidated at ≥$1M — free; a ≥$25M move — in the Agent tier. And Sentinel is your own condition: a specific strike, a specific level, a specific wallet |
| Data source | Aggregated futures data from dozens of centralized exchanges | On-chain state of one decentralized exchange — every tracked position is public record |
| Level precision | Probability zones — bands where liquidations may cluster | Exact liquidation price per wallet — a specific number for a specific position |
| Per-position detail | Aggregates only — individual positions on a centralized exchange are not public, so no model can recover them | Leverage and size of every tracked position |
| Coverage | Most of the perp market — many venues, many assets | Deep, not wide: the top-200 whales on Hyperliquid — the only DEX among the world's top-10 perp venues. The options layer comes from Deribit, ≈49% of the crypto options market |
| Cadence & history | A long, multi-year track record across the market cycle | Snapshots every 30 minutes · archive since July 2026 |
| Whale actions | Market-wide liquidation totals, after the fact | A per-wallet event feed: a whale opened / added / flipped / exited / got liquidated — each wallet under a persistent codename |
| Price | Free tools plus paid tiers | The live map and recent feed are free; full per-whale history — with a subscription |
Neither column is "wrong". They answer different questions — see when to use which. A similar comparison with another aggregator: Coinalyze vs INDICIA.
Credit where due. Coinglass covers dozens of exchanges and a wide universe of assets — if you trade anything beyond the majors, or need funding, open interest and long/short data across the whole futures market in one place, it is the stronger tool. It has a long track record through multiple market cycles, and its toolset goes far beyond the heatmap. For the market-wide picture, an aggregator is simply the right shape of instrument: no single-venue map, ours included, can show you the entire market.
An estimated heatmap cannot answer "is this level real?" — by construction. Individual positions on centralized exchanges are not public, so any heatmap over that data has to model them. A measured map skips the modeling step entirely:
The trade-off is scope: this depth is only possible because Hyperliquid is on-chain. We measure one venue's top-200 whales precisely rather than estimating everyone everywhere.
This deserves to be said plainly, because it is the core of the page. The liquidation map by itself is not our moat: Hyperliquid positions live on the blockchain, so real liquidation levels are shown not just by Coinglass but by several other services, also for free. Our map is the entry point, not the advantage.
The advantage begins where data needs to be not viewed, but not missed. The market trades around the clock; you sleep. Here is what we found when we checked who actually sells alerts on options events:
| An event you can put a Sentinel on | Who else sells that alert |
|---|---|
| A classified structure from a block trade — a whale assembled a straddle, a condor, a risk reversal | nobody |
| Implied volatility of a specific strike or expiry | nobody — everyone alerts on aggregated IV only |
| An option wall moved to another strike | nobody: TradFi services fire when price reaches the wall, not when the wall itself moves |
| Price left the market-makers' breakeven corridor | only a rough analog in equity services — from $181/mo |
| Zero-gamma crossed spot — the market regime flipped | SpotGamma, MenthorQ — equities only, $181–436/mo |
Checked 26 Jul 2026 against metric guides, pricing pages and API docs. Laevitas — the deepest options analytics on the market — has no word "alert" in its pricing or API docs: they sell a screen you have to sit in front of.
That is why Sentinel is a separate product. The difference from beacons is fundamental: beacons are a fixed catalog of standard events, the same for everyone. A Sentinel is your own condition — your strike, your level, your wallet. You name the event in your own words; we put a watch on it and message you on Telegram the moment it happens.
The closest things that sell anything comparable are equity services like SpotGamma and MenthorQ, at $181 to $436 a month — and they watch different events. Our Sentinel is $89 a month, and it is about crypto options. It is a notification of a fact on the market, not a suggestion to buy anything.
We checked not one competitor but the market — six services, via metric guides, pricing pages and API documentation. Laevitas is the deepest options analytics available: 15+ exchanges, a strategy builder, backtests, five years of history; no event alerts. Greeks.live is an execution platform with RFQ and block trades — it lives on brokerage, not subscriptions; no event alerts. Amberdata is an institutional data provider from $5,000 a year per exchange: data yes, alerts no. Coinglass, CoinAnk and Velo — the same: screens you have to sit in front of.
The conclusion is awkward for the market and convenient for us: everyone sells crypto-options data; nobody takes on notifying you about an event in it. That is exactly why Sentinel is a separate product, not a checkbox in a tier.
prices taken from their own pricing pages · 5 Aug 2026
| Data | What it costs elsewhere | Here |
|---|---|---|
| Max pain history — where the pain point drifted before expiry | Coinglass — paid API only, from $29/mo; Laevitas — any history deeper than a week from $50/mo | Open. Max-pain drift plus our public trial of the max-pain hypothesis — including the expiries where it failed |
| Volatility history — DVOL, realized, skew, risk premium | Laevitas — from $50/mo; Velo — historical granularity only via API at $199/mo | Open. DVOL, HV, VRP and skew since January 2024, with a percentile against its own history |
| Dealer gamma and market regime | Laevitas — in a paid bundle; Coinglass and CoinAnk don't have it at all | Open. GEX, zero-gamma, damping or accelerating regime |
| Whale liquidation map | Coinglass Prime $28/mo for advanced models; CoinAnk VIP $18–20/mo for the map and the full smart-money feed | Open. Exact liquidation prices of the top-200 wallets, a snapshot every 30 minutes |
The logic is simple, and it is not charity. Data a trader should see every morning makes no sense to lock — that kills trust faster than it earns subscriptions. What is worth paying for is what your eyes cannot do: the full history of every whale, and a Sentinel that pings you the moment an event fires, while you sleep.
Reach for an aggregated heatmap when the question is market-wide: where is leverage concentrated across all venues, what does the whole board look like, what about assets we do not track. Reach for the measured map when the question is concrete: is the cluster above price real short capital, at what leverage, who is sitting there, and did anyone just get flushed. In practice they stack well — the estimate frames the broad picture, the measurement verifies the part of it that matters most: the whales.
It is a model estimate — and that is not a flaw, it is the only way to build a heatmap on centralized-exchange data, where individual positions are not public. Levels are inferred from aggregated open interest and typical leverage assumptions, so the map shows zones where liquidations may cluster, not confirmed prices. Useful for the market-wide view; it just cannot tell you whether a specific level is real capital or a modeling artifact.
A map built from positions that can actually be read, not inferred. On Hyperliquid, whale positions live on-chain — the exact liquidation price, leverage and size of each wallet is a matter of record. We snapshot the top-200 whale wallets every 30 minutes and plot where their capital gets force-closed. Every level is a specific wallet's real liquidation price.
Yes. The live measured map and the recent whale action feed are free. The full per-whale history since tracking began and an unrestricted feed are part of the paid tiers.
Both, for different questions. The aggregated heatmap for the market-wide picture across many exchanges; the measured map to check whether the fuel near price is real. They complement rather than replace each other.
Yes, it does, and it's free — the liquidation prices there are real too, because the source is the same: the blockchain. The difference is what happens with that data next. Their table shows the state right now. We store a snapshot every 30 minutes, so we see the history: how a specific wallet built its position, whether it added margin under pressure, whether it flipped — and how it ended. Plus a daily reading: levels by themselves say nothing until someone explains which of them are actually dense.
See the measured map live
The whale liquidation map — exact prices, leverage, the action feed — updates around the clock and is free to watch. Daily context lands in the Telegram channel.
Open the liquidation map →Coinglass is a trademark of its respective owner. INDICIA DESK is an independent project and is not affiliated with or endorsed by Coinglass. All statements about third-party methodology describe the publicly known approach of aggregated heatmaps in qualitative terms. Not financial advice. © 2026 INDICIA DESK.