Evidence before interpretation
Start with the source observation. State the reasoning separately. Do not present a hypothesis as a measured fact.
Our methodology
Independent research. Clear definitions, visible sources and honest limits.
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In Research & Learn
06 / RESEARCH & CONTEXT
About Liquid Data.
Independent Hyperliquid research built around clarity, provenance and context.
01 /WHY LIQUID DATA EXISTS
There is more to a market than its surface.
Markets move quickly. Understanding takes a closer look.
Liquid Data is a personal, independent research space for connecting market observations with the mechanics beneath them. It follows prices and positioning, the economics of HYPE, and the layers of the Hyperliquid ecosystem.
The aim is straightforward: make the evidence legible, explain the context, and leave the uncertainty visible.
02 /OUR PRINCIPLES
Clarity is a discipline.
Source transparency
Name the provider, endpoint or document, unit, and collection time. Preserve source timestamps when they exist.
Freshness has a boundary
A current page can contain older observations. Retrieval time and source time are labeled separately when they differ.
Missing means missing
Unavailable values remain a dash or an explicit unavailable state. We never infer a zero from an empty response.
Coverage before totals
A sample is labeled as a sample. Partial provider history is not called complete. Archive boundaries and gaps belong beside the result.
Independence by design
Liquid Data is an independent personal project, not an official Hyperliquid product. Research is read-only; this site does not hold funds, connect a signing wallet, or place orders.
03 /RESEARCH METHOD
From observation to understanding.
Observe
Identify the source, field and unit.
Verify
Check dates, definitions and coverage.
Contextualize
Separate the evidence from its interpretation.
Public sources are a beginning, not a guarantee of completeness.
We check units, time boundaries, and field definitions before comparing observations. The market workspace reads public provider data. Protocol research reads a persistent daily archive with verified backfills, original timestamps, and visible gaps. Supply, burn and open-interest history begins where verified observations exist. Foundation notes carry a source review date and are not live protocol specifications.
04 /READING THE DATA
Know what each number means.
- 24h change
- Change from the provider’s previous-day reference price to the current mark. It is not necessarily a calendar-day return.
- 24h volume
- Reported notional turnover in the market’s quote currency. Use the quote filter before comparing amounts across markets.
- Open interest (OI)
- Outstanding contract units multiplied by the current mark price. It is a snapshot of exposure, not trading volume.
- Funding
- An hourly rate. Positive means longs pay shorts; negative means shorts pay longs. Annualized rates assume no change and are not guaranteed yields.
- Funding premium
- The provider’s impact-price premium index used in funding calculations. This is different from simply subtracting oracle price from mark price.
- Wallet value and PnL
- Account value includes transfers. Unrealized PnL belongs to open positions; realized results and fees are separate. Venue-specific balances are not total wallet wealth.
- Retrieval and coverage
- Received is when Liquid Data fetched a response, not necessarily when every observation was produced. Partial data, samples and unavailable values remain labeled.
- Sorting and charts
- Market and trader ranking controls select from all returned matching records. Other table headers sort their displayed rows. Category-chart ordering changes only the displayed dataset; time-series charts keep chronological order.
05 /DATA CONTINUITY
Know the source. Know the fallback.
Direct market feeds
Prices, funding, candles and wallet observations come from Hyperliquid’s public APIs. These feeds do not pass through hl.eco, Hyperdash or Hyperscreener.
Saved market snapshots
Liquid Data saves the latest complete market catalog and native market snapshot on its server. If a refresh fails, it can return that saved observation for up to 24 hours, with its original retrieval time and an explicit stale-data warning.
Independent does not mean invulnerable
Hyperliquid, Hypurrscan, DefiLlama and issuer websites remain upstream dependencies. Saved market snapshots preserve context during an outage; they cannot provide new prices. Other datasets retain their own coverage and unavailable states.
Clear limits
Live snapshots and the daily research archive have separate update paths. The archive records source observations through an authenticated collector, with the latest persisted run and coverage shown in Protocol research. A saved observation is not an executable quote or a guarantee of continuing source availability.
06 /COVERAGE & CONTINUITY
Know where the evidence ends.
Liquid Data calculates native HYPE valuation from Hyperliquid inputs and is building its own recorded history. Other datasets still use the sources listed below; an independent index is not yet available for every metric.
| Dataset | Source | During an outage | Boundary |
|---|---|---|---|
| Native HYPE calculations | Hyperliquid spot metadata, order book and token details | Recorded values retain their original book time and supply receipt; stale current values are withheld | Calculated here: HYPE/USDC midpoint, spread and circulating value. Separate daily USDC history starts at observation; no USD peg or unobserved history is inferred. |
| Candle & capital archives | Hyperliquid + DefiLlama | Saved closed candles recover charts with original timestamps | Bounded capture: BTC/ETH/SOL/HYPE at 15m/1h/4h/1d, stablecoin history and up to five leading protocols per run. Missing periods remain gaps; protocol selection can change. Inspect saved coverage and records. |
| HYPE USD reference | CoinGecko; DefiLlama alternate delivery | Retained observations keep original provider and receipt times | Retained for comparisons with USD revenue and equities. Native supply valuation uses HYPE/USDC instead. Quotes older than five minutes are withheld; alternate delivery is not independent confirmation. |
| Protocol research archive | Hyperliquid, DefiLlama, Hypurrscan, issuer records, SEC and Nasdaq | Persisted observations and explicit gaps | Daily fees/revenue and holders have verified backfills. Supply, burns and OI start at observed coverage; ETF flows are estimates. |
| Trader tape | Hyperliquid wallet states; leaderboard and Hypurrscan discovery | Saved sample up to one hour, labeled with original times | Bounded public wallet sample. Open TWAP states and liquidation thresholds do not prove execution or future liquidations. |
| Order-book liquidity | Hyperliquid l2Book + WebSocket | 15-second snapshot fallback; original book timestamp | Bounded visible levels. Slippage is a static sweep excluding fees and order changes; no historical CEX comparison. |
| News & updates | Hyperliquid Announcements, Hyperliquid Policy Center, CoinDesk and HyperliquidNews | Per-source saved articles up to 7 days; dated checked selection remains separately labeled | Five-minute refresh while open; partial source coverage. Publication and retrieval dates are retained. A source announcement is not independent corroboration. |
| Markets & heatmap | Hyperliquid Info API + WebSocket | Last complete catalog, up to 24h | Native, HIP-3 and spot snapshots. No full historical market-wide archive. |
| Wallet research | Hyperliquid account, portfolio, fills, orders and TWAP slices | Previously loaded page data, labeled on failure | Account-specific, provider-bounded history. TWAP view covers up to 2,000 recent slices, not active-order completion or all historical executions. |
| HYPE supply & burns | Hyperliquid token details | Saved research observation, with original timestamp | Supply-state accounting plus recorded daily history. Locked versus vested-but-unclaimed reserves are not independently verified. |
| Holder statistics | Hypurrscan HyperCore index | Last complete snapshot, up to 24h | Reported holder counts and a ranked balance sample; not an independent address index. |
| Yield & lending | DefiLlama + Hyperliquid reserves | Last complete overview snapshot, up to 24h | Reported rates are not guaranteed returns. Pool history is fetched separately. |
| Auctions, bridges & stablecoins | Hypurrscan + DefiLlama | Last complete overview snapshot, up to 24h | Bounded bridge activity and provider-returned auction / stablecoin history. |
| Wall Street | Issuer disclosures & SEC documents | Dated verified snapshot | Selected treasuries and funds, not comprehensive institutional ownership. Reporting dates differ from market quote dates. |
| HIP-4 outcomes | Hyperliquid | Last complete overview snapshot, up to 24h | Outcome metadata; not full trading or settlement history. |
| Revenue, EVM & protocols | DefiLlama + HyperEVM RPC | Panel-specific prior observations | EVM fee estimates cover a small block sample, not lifetime network totals. No independent full-chain warehouse. |
Saved fallback retains original timestamps
Data & coverage
Server fallback is available only after a successful complete snapshot has been stored. Expired or invalid snapshots are rejected. Stale data keeps its original retrieval time. No fallback can manufacture new observations during an upstream outage.
Hyperliquid-first analytics · migration in progress
Data & coverage
HYPE midpoint, spread and circulating value now use Hyperliquid only. Independent fee, holder and event histories need verified indexing before their current providers can be retired. Issuer disclosures and external USD comparisons remain separately sourced. No additional quote provider is being activated.
Chart rendering & unavailable datasets
Data & coverage
Charts use a pixel-accurate Three.js / WebGL layer when supported, with compatible canvas rendering otherwise. Exports use a fixed-resolution renderer so the evidence remains readable in an image. Complete liquidation history, market-wide live TWAP tracking and an independently operated historical index are not currently available.