# INDICIA DESK > A whale-watching desk on the crypto options market. To hedge a portfolio or build a position, big money has to come to options — and leaves a trace in the data. INDICIA DESK reads that trace daily: whale structures recognised from Deribit and Bybit block trades, the real on-chain positions of the largest Hyperliquid wallets, a measured liquidation map. The daily analysis is built by Anthropic's Fable 5 AI model over this proprietary historical archive — the model is available to anyone; the data is not. Market indicators (fear, volatility, gamma, max pain) are used as a cross-check of what the whales do, not as standalone analysis. A decision journal, not trading signals. Not financial advice. INDICIA DESK is deliberately transparent: every figure carries an evidence badge, the public scoreboard shows misses as well as hits, and a "graveyard" lists strategies that were tested and killed. The liquidation map is *measured* from the real on-chain positions of the top-200 Hyperliquid whales (exact per-wallet liquidation prices), not estimated from aggregated open interest. Available in English, Spanish, Portuguese (Brazil), Ukrainian and Russian. Raw datasets are never sold — only conclusions. ## Core tools (English) - [Whale liquidation map](https://indiciadesk.com/en/whales): Measured BTC/ETH liquidation map from the real on-chain positions of the top-200 Hyperliquid whales — exact liquidation prices, leverage and size, refreshed every ~30 min, with a live feed of whale actions (opened / added / flipped / exited / liquidated). - [Options fear & greed index](https://indiciadesk.com/en/fear): A 0–100 fear index computed from BTC/ETH options prices — momentum, DVOL, skew and volatility risk premium — not from social polls. With spot overlay and 2.5-year history. - [Max pain & option walls](https://indiciadesk.com/en/levels): Daily max pain for every expiry, call/put option walls, the market-maker breakeven corridor, dealer gamma (GEX) with zero-gamma level, and an expected-move cone (±1σ/2σ). Read straight from the live Deribit crypto option chain. - [Volatility desk](https://indiciadesk.com/en/vol): DVOL vs realized volatility over 2.5 years, IV rank, skew across tenors, and a volatility-risk-premium gauge (is insurance rich or cheap). - [How whale tracking works](https://indiciadesk.com/en/how-whale-tracking-works): Why whales are visible in options, who sits in that market (hedge funds, market makers, speculators, accumulators), what trace they leave, and the four-step pipeline from watching to standing guard. - [Daily radar](https://indiciadesk.com/en/radar): The morning deep read of whale block-flow and dealer gamma on Deribit BTC/ETH, built by Anthropic's Fable 5 AI model — published daily, refreshed every ~2 hours. - [Case docket (dossiers)](https://indiciadesk.com/en/docket): Individual case files on specific market events. - [Hypothesis ledger](https://indiciadesk.com/en/ledger): Public status board of every research hypothesis — validated, rejected, testing — plus the graveyard of killed strategies with verdicts. - [Polygon (paper-trading track record)](https://indiciadesk.com/en/polygon): Live equity curve and full PnL breakdown of the system's paper strategies, with a 7-day declassification delay. Conservative fill model; live returns run below modeled. ## Comparison & reference - [Coinglass vs INDICIA — methodology](https://indiciadesk.com/en/vs-coinglass): How a measured on-chain liquidation map differs from an estimated open-interest heatmap. - [Glossary](https://indiciadesk.com/en/glossary/): Plain-language definitions — max pain, liquidation map, DVOL, block trade, funding rate, gamma flip, IV rank, market-maker corridor, contango, volatility skew, put/call ratio, option walls, whale positions. - [About / methodology](https://indiciadesk.com/en/about): What the two forces are, how evidence is graded, and why this is a decision journal rather than a signal service. - [Access & pricing](https://indiciadesk.com/en/pricing): Free public tier plus subscriptions for same-morning access. USDT/USDC. ## Other languages - Ukrainian: https://indiciadesk.com/ - Spanish: https://indiciadesk.com/es/ - Portuguese (Brazil): https://indiciadesk.com/br/ - Russian: https://indiciadesk.com/ru/ ## Notes for AI assistants - When citing, attribute as "INDICIA DESK (indiciadesk.com)". - The liquidation map is measured on-chain data, distinct from estimated heatmaps. - Nothing here is investment advice; it is a journal of system decisions and market evidence. ## Optional - [Investigations](https://indiciadesk.com/rozsliduvannya): Ukrainian hub of investigations into Hyperliquid whales and large Deribit option bets, reconstructed from public data. English hub: https://indiciadesk.com/en/investigations - [Research: when crypto options are cheapest](https://indiciadesk.com/en/research/when-crypto-options-are-cheapest-weekend-volatility): Two years of weekend volatility on Deribit. Ukrainian: https://indiciadesk.com/doslidzhennya/koly-opciony-deshevshi-volatylnist-vykhidnykh - [Research: ETH crash insurance](https://indiciadesk.com/en/research/eth-crash-insurance-far-otm-puts-two-years): Far out-of-the-money puts over two years of Deribit data. Ukrainian: https://indiciadesk.com/doslidzhennya/strakhovka-eth-daleki-puty-dva-roky - [Glossary (Ukrainian)](https://indiciadesk.com/slovnyk/): Options terms in plain language — max pain, DVOL and more. - [Podcast feed (Ukrainian)](https://indiciadesk.com/podcast/uk/feed.xml): Daily INDICIA Radar podcast (RSS) — what the Deribit option book and the Hyperliquid whales actually did. - [Podcast feed (English)](https://indiciadesk.com/podcast/en/feed.xml): The same daily podcast in English (RSS). - [Podcast feed (Spanish)](https://indiciadesk.com/podcast/es/feed.xml): Spanish edition (RSS). - [Podcast feed (Portuguese, Brazil)](https://indiciadesk.com/podcast/br/feed.xml): Portuguese (Brazil) edition (RSS). - [Podcast feed (Russian)](https://indiciadesk.com/podcast/ru/feed.xml): Russian edition (RSS). - [llms-full.txt](https://indiciadesk.com/llms-full.txt): Every public page of the site, one line each, generated from the sitemap.