About HL Events

Every public Hyperliquid analytics product shows you what's happening now or where liquidations might happen next. This one does the opposite — given a market event that already happened, it lets you go back and see who did what.

What is an event?

Two types are detected so far:

• cascade — high prior liquidation density on one side and a ≥3% price move within the next 30 minutes.
• blowup — a single account loses ≥$50K in realized PnL within an hour, has a ≥$200K position fully liquidated, or is force-liquidated by HL with realized loss ≥$50K.

What can I see for each event?

Price timeline around the event window, the algorithm-extracted features (density, swing, etc.), and a participants table listing the accounts that acted in the event window — split into initiator, liquidated, beneficiary, and amplifier roles. Click any address to view it on the Hyperliquid explorer.

Coverage window

Charts and event lists are restricted to 2026-05-22 onward. That's the date all three input streams (per-user fills, position snapshots, market candles) have continuous coverage. Candles exist further back, but without per-user fills and position snapshots the detectors that drive this site can't fire on earlier dates — so showing a longer chart would mostly be empty bars.

Limitations

• The HL Info API doesn't expose historical full-market position snapshots, so cascade detection can't be backfilled at all — it works only from when we started recording positions ourselves.
• Participant attribution depends on the set of accounts we've ingested. Small alt coins may show "no participants attributed" — that means we don't have the per-user fills for that window, not that no one traded.
• Severity thresholds are first-pass; expect them to be retuned once a few months of data accumulate.

How it works

All data is ingested from the public Hyperliquid Info API into a ClickHouse instance. Detectors run every 15 minutes via a systemd timer on Azure.