Market Flow
Whales vs retail
Who is pushing Bitcoin and Ether right now. Aggressive buying and selling by order size on the main perpetual and spot exchanges, next to the positions held by the largest accounts on Hyperliquid.
Over the last hour on BTC perpetuals, orders of $100k and more were selling (net −$93.0M) and retail orders under $10k were buying (net +$11.0M) while the price moved −0.24%: large orders selling, retail buying.
On spot (Binance, Coinbase, OKX), large orders were selling (net −$1.6M) and retail was buying (net +$4.0M): large orders selling, retail buying. All sizes together, spot net flow was +$2.9M against −$72.8M on perpetuals.
Tracked Hyperliquid whales (positions of $500k or more) are net short $263.7M: $856.6M long across 89 accounts against $1.12B short across 95; over the hour they cut their longs and added to their shorts (−$4.4M net).
Giant positions ($5M and more) lean short (net bias −14%).
Liquidations over the hour: $2.1M of longs and $336k of shorts (longs flushed).
Whales vs retail
Net aggressive volume (market buys minus market sells) on Binance, Bybit and OKX perpetuals, with its share of the group's volume, compared with the change in the positions of tracked Hyperliquid whales.
| Last | 1H | 4H | 24H |
|---|---|---|---|
| Price | −0.24% | −0.86% | −1.13% |
| Perps · large orders ≥ $100k | −$93.0M−10.1% of $924.5MSelling | −$204.0M−5.6% of $3.65BSelling | −$260.5M−2.1% of $12.39BBalanced |
| Perps · retail < $10k | +$11.0M+8.6% of $127.8MBuying | +$30.8M+5.9% of $525.3MBuying | −$8.5M−0.5% of $1.60BBalanced |
| Perps · divergence | −9.3 ptsLarge orders selling, retail buying | −5.7 ptsNo clear divergence | −0.8 ptsNo clear divergence |
| Spot · large orders ≥ $100k | −$1.6M−5.4% of $29.8MSelling | −$18.6M−12.9% of $143.9MSelling | −$48.4M−7.9% of $615.4MSelling |
| Spot · retail < $10k | +$4.0M+10.7% of $37.1MBuying | +$9.9M+6.9% of $145.2MBuying | +$22.6M+4.7% of $484.9MBalanced |
| Spot · divergence | −8.1 ptsLarge orders selling, retail buying | −9.9 ptsLarge orders selling, retail buying | −6.3 ptsLarge orders selling, retail buying |
| Hyperliquid whales | −$4.4Mlongs −$2.1M · shorts +$2.3MSteady | −$3.9Mlongs +$7.4M · shorts +$11.3MSteady | −$75.9Mlongs −$10.6M · shorts +$65.3MAdding net short |
| Liquidations | longs $2.1M · shorts $336kLongs flushed | longs $8.7M · shorts $1.1MLongs flushed | longs $18.6M · shorts $16.4MBalanced |
Cumulative volume delta by order size
Since the start of the 24H window · Binance, Bybit, OKX perpetuals
Spot vs perpetuals
Cumulative volume delta, all order sizes · spot buying is cash demand, perpetual buying is mostly leveraged positioning
BTC price
Last trade price per interval (Binance perpetual when available)
Hyperliquid whale positions
Open positions of $500k or more held by tracked accounts
Giant positions: net bias
(longs − shorts) / (longs + shorts) across positions of $5M or more
Liquidations
Binance, Bybit, OKX and tracked Hyperliquid accounts · shorts above zero, longs below
Largest tracked BTC positions on Hyperliquid
| Account | Side | Size | Entry | Liquidation | Leverage | Unrealized PnL |
|---|---|---|---|---|---|---|
| 0x5b5d…c060 | Short | $225.9M | $76,205 | $145,417 | 5× | −$14.7M |
| 0xb83d…6e36 | Short | $202.7M | $77,751 | $146,147 | 5× | −$9.3M |
| 0x30af…393e | Long | $148.6M | $82,409 | $80,650 | 40× | −$1.6M |
| 0x6046…b21d | Long | $81.8M | $81,833 | $74,481 | 12× | −$325k |
| 0x8ea8…edbc | Long | $81.6M | $72,771 | $50,468 | 3× | +$8.7M |
| 0x15a4…dfdb | Long | $81.6M | $62,354 | $56,502 | 40× | +$19.2M |
| 0xb695…a92d | Short | $66.3M | $78,793 | $123,612 | 20× | −$2.2M |
| 0x3ff5…f705 | Short | $60.3M | $82,238 | $97,936 | 13× | +$538k |
| 0x218a…7da2 | Short | $58.8M | $78,477 | $90,666 | 8× | −$2.2M |
| 0xcfe2…8fb3 | Long | $40.8M | $78,639 | $45,846 | 10× | +$1.4M |
| 0x7fda…17d1 | Short | $35.8M | $82,639 | $141,488 | 30× | +$504k |
| 0x45d2…4029 | Short | $35.6M | $77,002 | $172,785 | 20× | −$2.0M |
| 0x0c4a…1b19 | Long | $31.4M | $83,296 | $77,610 | 40× | −$673k |
| 0x36cd…d195 | Long | $31.3M | $82,120 | $74,992 | 10× | −$242k |
| 0x469e…58a5 | Short | $28.7M | $81,256 | $96,324 | 25× | −$89k |
Data quality
- 29% of Hyperliquid BTC open interest ($3.43B) is held by tracked accounts
- 3,734 accounts inspected out of 51,150 discovered
- Trade feeds: BinanceBybitOKXBinance spotCoinbaseOKX spotHyperliquid
Method
How to read this page
Cumulative volume delta (CVD)
Every trade has an aggressor: the side that crossed the spread with a market order. Fills of the same market order are merged, then sorted by size. CVD adds aggressive buys and subtracts aggressive sells over the window.
Perpetuals (Binance, Bybit, OKX) and spot (Binance, Coinbase, OKX) are counted separately and never added together: spot buying is cash demand for the coin, perpetual buying is mostly leveraged positioning. Spot data starts in October 2026.
Retail means market orders under $10,000. Large orders are $100,000 and more, with $1M and more shown separately. A large order is not necessarily a whale with a view on direction: it can be market making, hedging or arbitrage.
Hyperliquid whales
Hyperliquid publishes every account's positions. The collector discovers accounts from the public trade feed, reads their positions continuously and keeps them up to date between readings from their trades. A whale is an account holding $500,000 or more on the asset; a giant, $5M or more.
Changes count only from the first reading onwards: an account discovered with an existing position adds to the stock, never to the flow. Coverage shows how much of Hyperliquid's open interest the tracked accounts hold.
Divergence
For each group, the imbalance is net aggressive volume divided by the group's total volume. Divergence is half the difference between the large-order and retail imbalances, in points. Beyond ±6 points the page reports a divergence, provided both groups traded enough volume ($2M of large orders, $200k of retail over the window).
What this does not show
Spot markets, other derivatives venues and over-the-counter flow are not included, and Hyperliquid is one venue among many. The readings describe what happened; they are not a forecast and not a trading signal. Times are UTC.
Important information. Market Flow shows public market data collected and aggregated by ShadowMarketPro, delayed by up to a few minutes and provided as is, without guarantee of completeness or accuracy. Nothing on this page is investment advice, a recommendation, or an offer or solicitation to buy or sell any financial instrument.