Emmanuel

A note on liquidation data, because most people don't know this. When you see a liquidation total on any dashboard, you are mostly looking at samples and models, because most exchanges don't publish the real feed: @binance : at most one liquidation per market per second. @okx : their own documentation says the feed "doesn't represent the total number of liquidations." @MEXC , @kucoincom : no public liquidation feed at all. One major CEX does it right. Bybit's allLiquidation stream publishes every liquidation, across every contract, in 500 ms batches. That's the full ledger. Respect to @Bybit_Official for leading here. On-chain perps already live at that standard - on Hyperliquid every liquidation, size and price is public by design. Liquidations are the single most consequential event on a derivatives exchange. They move price, they move the whole market, and they happen to your account. There is no good reason a venue that liquidates its customers can't tell the market how much it liquidated. @binance @okx and everyone else: publish the complete feed. Transparency here is not a feature request, it's the minimum. We build liquidate.fun on whatever the exchanges give us. Give us the truth and we'll show it, instead of a predictive model.

Imagine a casino where nearly 100% of customers lose money. Now imagine that instead of acknowledging the odds are stacked against its customers, the casino markets itself as a revolutionary platform for creating wealth. Would you celebrate that business? Would you praise its success? Would you encourage more people to participate? Or would you start asking why an ecosystem continues to funnel billions of dollars into a machine that leaves almost everyone poorer? That’s my fundamental issue with @Pumpfun . A platform’s success should not be measured solely by how much revenue it extracts from its users. At some point, we need to ask how much value it actually creates for them. When the house keeps winning and virtually everyone else keeps losing, that’s not financial innovation. 🫡 From the depths — The White Whale 🐋

Remember, things don’t happen TO you - they happen FOR you.

Why Liquidate.fun Is A Better Liquidation Heatmap Everywhere you turn, there's a liquidation heatmap. Most are the same picture. One exchange's open interest, one model, one lookback period, and colored lines on a map. Liquidate.fun was built with an understanding of the flaws of existing tools. One of the largest flaws is ghost levels. If you pull up a 3-month BTC map on one of the leading heatmap services, as an example, you'll see a bright yellow line at $62,262 showing $339.91M in liquidations. That number has remained persistent since that yellow bar formed and, most dangerously, is in no way accurate. This implies that traders who longed BTC in the low $60Ks are still ALL in position. That none of those traders have taken profit on their positions, despite a $20K move in their favor. This is simply not the case, and there are countless instances of these "ghost levels" across most liquidation heatmaps. Alternatively, many liquidation heatmaps suffer from the opposite problem. If price crosses a liquidation cluster, even if only for a second, the map removes that cluster entirely. The problem is that these "dumb" maps don't know how much of the cluster actually triggered. Was it 1% or 100%? Various venues have slightly different mark prices. What shows as the elimination of a heatmap band on your standard liquidation heatmap may, in fact, be mostly untouched and still armed. Liquidate.fun fixes these two most common problems in it's model. Lastly, and I'm sure you can relate, I've seen countless KOLs and influencers showing heatmaps as if they are gospel. "If X level is reached, we are going to rip up/down to Y level." As if a cascade is predestined. But a liquidation cluster, even a large one, is not always a cascade. Forced buying/selling from liquidations, especially when concentrated at the same level, is volume. But what no other liquidation map tells you is whether or not there is enough resting liquidity to absorb that volume. We call it "cover". Bringing in live data from over 40 venues, Liquidate.fun recalculates every three seconds whether there is enough resting liquidity (limit orders) on the books to absorb a cluster. It then reports on the cluster card the degree to which that cluster is "covered". If a cluster is 1.5x covered, the chances of that cluster cascading are fairly small. Alternatively, if a cluster is only 0.5x covered, the chances of that cluster cascading are fairly large. And this is where this data becomes important. A liquidation heatmap should do more than show you where liquidations might occur. It should help you understand whether those liquidations are actually capable of moving the market. A bright yellow line representing hundreds of millions in liquidations means very little if the positions no longer exist. And even when they do exist, a massive liquidation cluster means very little if the order books can comfortably absorb the resulting volume. Liquidations don't create cascades simply because they happen. Cascades happen when forced buying or selling overwhelms the liquidity available to absorb it. Your old heatmap is simply a colorful picture. Your new one provides actual intelligence. liquidate.fun/ 🫡 From the depths — The White Whale 🐋

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