The public Hyperliquid API shows you how much size sits on the book. L4 shows you whose it is.
Every exchange draws you a depth chart: how much is bid and offered at each price. It never says who. Hyperliquid's public API returns 20 anonymous price levels a side. Alchemy's HyperCore L4 stream returns every resting order with the wallet that placed it. This page reads both at the same block, live, and shows the gap.
Both views are read in the same request and matched by block time, so the two cards describe the same instant.
- Resting order
- a limit order sitting on the book, waiting to be hit. The book is the sum of them.
- Wall
- a lot of resting size at one price. Looks like support or resistance; is really someone's decision.
- bp
- basis point, 0.01%. ±50 bp around mid is the half-percent either side of the current price.
- L2 vs L4
- L2 is size per price level, anonymous. L4 is every order with the wallet that placed it.
Builder-deployed markets, and who quotes them
HIP-3 lets anyone who stakes 500k HYPE deploy their own perpetual markets on Hyperliquid: stocks, commodities, indices, pre-IPO names. The exchange is permissionless; the liquidity is not. This table reads every live HIP-3 book in one L4 snapshot and asks how much of the size within 1% of mid belongs to a single wallet.
Why it matters. A market whose book is one wallet trades like that wallet: its spread, its hours, its risk limits. Volume figures do not tell you this. The book does.
taking one L4 snapshot across every live HIP-3 market (about 10 seconds)…
Pulled size, sampled
Watch the book for 30 seconds. Of the orders placed within 10 bp of mid, how many are cancelled within 10 seconds without ever trading? That size showed on every depth chart while it was there. It was never available to hit.
Why it matters. Pulled, not spoofed: L4 shows behaviour, not intent. But if most of the size near mid lives for under a second, a depth chart is a photograph of something that has already moved.
sampling BTC for 30 seconds of L4 updates and fills…
Who is getting liquidated, as it happens
Every BTC liquidation, relayed from the stream's liquidationFills channel the moment it lands in a block. The feed follows the market selected above (BTC by default), starts when you open the page with the last minute replayed, and has no longer history. Wallets are the liquidated accounts, labelled where a public directory knows them.
Why it matters. Liquidations are the other side of the walls above: the size that gets forced through the book. Seeing them per wallet, per block, is what the public trade tape never gives you.
0 BTC liquidations, $0 forced through the book since you opened this page.
waiting for the next BTC liquidation…
Each row is one liquidated position as the stream reports it (the liquidated account's own fill; the stream also delivers the counterparty side, which is not shown), with its HyperCore block time and realised PnL. The relay holds the stream for 55 seconds per connection and reconnects from the last block seen (the stream replays about a minute), so nothing is missed unless a gap is reported above.
Same key, both layers
Hyperliquid is two layers: HyperCore, where the order book lives, and HyperEVM, where contracts read it through precompiles. The same Alchemy key reads both: the book by stream, the chain by JSON-RPC. This strip reads them in one request and shows the difference.
reading both layers…