BTC: Hyperliquid Short Entry Price Heatmap (Observed)

Included with Pro.

USD value of the short BTC perpetual positions held by the large accounts we track on Hyperliquid, by how far each position's entry price lies from the price, over time.

Why use it. Shows where large shorts got in. Shorts entered below the price are under water: a further rise can force them to buy back, or they exit at break-even if the price falls back, so dense bands below the price can act as support; dense bands just above it are shorts in profit. How to read it. Time runs across and the entry price's distance from the mark price runs up: rows above 0% hold shorts opened above the current price (in profit), rows below 0% shorts opened below it (in loss). Brighter cells hold more value. Bands move as positions open and close and as the price moves, since distances are measured from each reading's mark price.

Calculation. Each tracked large account's BTC position goes to the 0.5% band holding its entry price's distance from Hyperliquid's mark price at the reading, from 20% below to 20% above, valued at the mark price (|size| x mark price). The entry price is the one Hyperliquid reports for the position: its average fill price, reset when a position flips side. Positions entered more than 20% away from the price fall outside the bands; they still count in the positions charts. A value is published only when at least five tracked accounts are on each side. Hourly and daily rows show the period's last reading; the open period is a partial. Entry-price bands are recorded in our readings from late October 2026; earlier readings kept only each side's average entry price, so no earlier values are reconstructed. Source: our own reading of Hyperliquid's public account data (each tracked account's open positions, entry and liquidation prices and leverage settings) for large accounts found in Hyperliquid's public trade stream, collected by CryptoKeyhole every ten minutes; positions are valued at Hyperliquid's mark price at each reading. Large accounts are Hyperliquid accounts holding at least $100,000 of open perpetual positions across all coins at their last reading. We find them in Hyperliquid's public trade stream, which names both accounts of every trade, and read each one's positions from Hyperliquid's public account data. Accounts that have not traded since our collection began are not found, so the values cover only the large accounts we track on this one venue: not all of Hyperliquid and no other exchange (the share of open interest they hold is published as its own chart). Totals also grow as the collection finds more accounts, so read changes in them next to that share. Within the public API's request budget, each account is read again within 3 to 30 minutes after it trades (the largest first) and at least every six hours, and the number of accounts tracked is capped; values can lag an account's newest trades by those intervals. Subaccounts and vaults count as separate accounts.