Question 1

Where does Tape's Hyperliquid liquidation data come from?

Accepted Answer

Hyperliquid publishes no global liquidation feed. Liquidations are only visible on the fills of the wallets that absorb them, where a liquidation object names the liquidated trader. Tape discovers those counterparty wallets dynamically and polls their fills, so the feed is a representative sample rather than an exhaustive record.

Question 2

Is the liquidation heatmap a prediction?

Accepted Answer

No. It plots liquidation levels that already exist: each position's own liquidation price, read from Hyperliquid clearinghouse state for a sample of the largest wallets and weighted by position size. Every response states the share of open interest actually observed.

Question 3

Does a liquidated long show as a buy or a sell?

Accepted Answer

A long being liquidated is force-sold, so it prints as a sell into the book. Tape labels the side that was liquidated, not the side of the absorbing counterparty.