BTC: Hyperliquid Sell Stop and Take-Profit Orders (Observed)

Included with Plus.

USD value of the sell trigger orders (stop-losses under the price and take-profits over it, mostly closing longs) that the large accounts we track hold on Hyperliquid in BTC, by how far each trigger price lies from the price, over time.

Why use it. Stop orders sit out of sight until the price reaches them, then fire as market selling. Dense bands under the price show where a drop would set off a wave of stop-loss selling; dense bands over it, where longs plan to take profit into a rally. How to read it. Time runs across and the trigger price's distance from the mark runs up: rows under 0% hold sell stops (stop-losses), rows over 0% hold take-profit sells. Brighter cells hold more value. Bands move as orders are placed and cancelled and as the price moves, since distances are measured from each reading's mark price.

Calculation. Each order goes to the 0.5% band holding its trigger price's distance from Hyperliquid's mark price at the reading, from 20% below to 20% above, valued at the trigger price (size x trigger price). Trigger orders are the stop and take-profit orders (market or limit) the large accounts we track hold at Hyperliquid, read from Hyperliquid's public account data: at least every 30 minutes for accounts over $10 million, every 2 hours from $1 million and every 8 hours below, and within minutes after their positions change. Orders read more than 12 hours before a reading are left out. A position take-profit or stop-loss order closes the whole position, so its size is the position's at the reading. Orders waiting on an unfilled parent order are not active and are left out. A side is published only when at least five tracked accounts hold such orders in the coin. Values describe the tracked large accounts only (the large-account charts' coverage applies). Hourly and daily rows show the period's last reading; the open period is a partial. Trigger orders are read from 8 November 2026; no earlier values are reconstructed. Source: our own reading of Hyperliquid's public account data (each tracked account's open positions and resting trigger orders) 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.