Where MERL positions on Hyperliquid get liquidated, from the real positions of tracked wallets rather than a leverage model. Bars show the value liquidated at each price: longs below the current price, shorts above it. Lines show the running total from the price outwards. Coverage says how much of the market the tracked wallets hold.
49 open MERL positions in 49 tracked Hyperliquid wallets: $196K long and $234K short (45.5% long). That is 42.0% of MERL's $513K open interest on Hyperliquid; 84.5% of it was checked in the last 15 minutes. Within 10% of the 0.03111 mark price, $0 of longs would be liquidated on the way down and $0 of shorts on the way up.
49 positions · 49 wallets42.0% of MERL OI coveredTracker coverage of Hyperliquid OI: 44.4%As of 22:19 UTC
Coverage of MERL OItracked
42.0%
$430K tracked · $513K OI84.5% checked ≤ 15 min
Long liquidationswithin −10%
$0
Short liquidationswithin +10%
$0
Tracked positions49 wallets
49
$196K long · $234K short45.5% long
Tracker coverageall HL perps
44.4%
37.9% fresh8,774 holders of 48,297 wallets
MERL liquidation map · ±10%
Longs liquidated (price falls)Shorts liquidated (price rises)Cumulative from the price outwards (right axis)
Each bar is 0.00006221 wide. Outside the range: $0 of longs and $10.10M of shorts. 33 positions ($196K) have no liquidation price.
Tier A is the 300 wallets with the largest positions; B the next ones; C everyone else. Hyperliquid's API rate limit decides how often the smaller tiers can be checked, so their actual cycle can be longer than the target. Coverage is tracked value ÷ (2 × Hyperliquid open interest); 37.9% was checked in the last 15 minutes. Wallets not checked for 48 hours are left out of this page.
How to read it. A tall bar is a price where a lot of tracked MERL positions would be liquidated. Liquidations are forced market orders, so a big cluster close to the price can speed up a move once it is reached. The map only shows wallets this site tracks (42.0% of MERL open interest), so the real totals are larger. Positions from wallets not checked for 48 hours are left out. Not financial advice.
MERL Hyperliquid liquidation map FAQ
How is this MERL liquidation map made?
From real positions, not a model. Hyperliquid is an on-chain exchange, so every account's open positions and their liquidation prices are public. This site tracks the wallets that trade on Hyperliquid, reads their positions from Hyperliquid's public API and records them. The map adds up, per price level, the value of every tracked position whose liquidation price sits there: longs below the current price, shorts above it.
How much of the market does it cover?
Not all of it. Hyperliquid limits how often its API can be called, so the tracker checks the 300 wallets with the biggest positions every minute and the others every few hours. Coverage is the tracked long and short value divided by twice the open interest (every long has a matching short). The largest positions are the ones that move the market, and they are the best covered. Right now the MERL map covers 42.0% of MERL's open interest on Hyperliquid. Across all Hyperliquid perps the tracker currently sees 44.4% of open interest (37.9% checked in the last 15 minutes).
How fresh is the data?
The biggest wallets are re-checked every minute, smaller ones less often; the table shows when each position was last checked. Wallets not checked for 48 hours are left out. A position whose liquidation price the market has already passed since its last check is counted separately, not drawn. The page refreshes the positions every minute.
Why can a cross-margin liquidation price move?
An isolated position has its own margin, so its liquidation price only moves when the trader adds or removes margin. A cross-margin position shares the account's whole balance: profit or loss on the account's other positions, deposits and withdrawals all move its liquidation price. The map uses the liquidation price Hyperliquid reported at the last check. Positions with no liquidation price (an account with enough collateral that it can't be liquidated) are left off the chart.
How is this different from an estimated liquidation map?
Most liquidation maps guess: they take open interest and spread it over typical leverage levels. On Hyperliquid the positions themselves are visible, so this map shows where tracked positions will actually be liquidated, at the cost of covering only part of the market. Nothing here is financial advice.