LessonsIndicator atlasOrder book and liquidity
Order book heatmap
Resting orders over time: where liquidity stood and how it changed.
How we compute it
Snapshots of the Hyperliquid l2Book (20 levels per side) at two price aggregations; each snapshot holds until the next. Brighter = more orders, white bands are walls. History from when the page was opened, and from the desk's recording for the last day.
How to read it
- A bright band where price stops is liquidity taking the move.
- A band that disappears just before price arrives is an order pulled, not filled.
Traps
- Resting orders can be pulled in a millisecond. Visible liquidity is not a promise.
- The book only shows 20 levels per side.
Combine with
- With bubbles and walls: was the liquidity filled or pulled.
- With levels: liquidity at PDH or PDL.
In Charts
Indicators → Order book heatmap; Scalper and Liquidity workstations