Know who is carrying the leverage.
Isobath tracks leveraged positions, collateral and market liquidity on Hyperliquid, drawn from a uniform sample of wallets discovered in our BTC trade recording — not a ranking of only the largest accounts. The sampling frame is disclosed because it is not every venue account.
Free to explore, coverage stated on every figure. Or check a wallet →
Checking on yourself
Paste a Hyperliquid address and see how close it is to liquidation, and whether it has anything left to defend with.
Free, no signup, nothing stored. The lookup happens in your browser, straight to Hyperliquid.
Which address, and is it safe to paste?
Safe. This reads public data only. There is no wallet connection, no signature, no approval and no private key — nothing here can move funds, and there is nothing an address alone lets anyone do to your account.
It is already public. Hyperliquid publishes every position on every address. That is how this page can read 300 of them an hour without asking anyone. The only real consideration is privacy: if you publicly attach your name to an address, people can watch your positions and your PnL. That is a reason not to broadcast it, not a reason not to check it.
Which one: the account you deposit and trade with — shown at the top right of the Hyperliquid app, or in MetaMask, Rabby or whichever wallet you connected.
Not an API or agent wallet. Those authorise trades but never hold positions, so Hyperliquid returns an empty result for them and this page would have nothing to report. An empty answer here is not the same as a safe one.
Why not just read a liquidation map?
Because every map shows you one number — the amount at risk — and both of the numbers that decide what it means are missing from all of them.
Whether it can defend itself
Surviving depends on being able to move your own liquidation price, which depends on free collateral. The obvious way to compute it is wrong: checked against the exchange's own figure on 74 wallets it agreed 19% of the time and called one wallet in five able to defend itself when it was not — always in the direction of looking safer.
How big it is against the book
A map scales its clusters against each other, so the biggest always looks like a wall. Against the liquidity standing in front of it, the largest cluster on our map right now is 9.8% of the $255.5M book — and the median one is under half a percent. That ratio is why reaching a cluster moves price about a tenth as much as the move it arrived on.
Almost nothing we can see near liquidation can defend itself
Not today specifically — every scan we have taken. In each one, the overwhelming majority of the forced BTC exposure within our observed universe sits with wallets holding zero free collateral. They cannot move their own liquidation price without depositing from outside. We measured how constant it is →
That universe is 34% of open interest, and it is not a random sample of the rest. What we can and cannot see →
In the latest scan: $79.9M of $81.5M within ±10% of spot.
observed 78 positions from the hourly scan of the 300 largest. Being large correlates with being safe: this tier holds 28% of positions within 10% of liquidation where the full scan holds 47% (F-0018). Coverage and dollar totals are unaffected · 34% of open interest observed · 5m old
The full BTC map →
What we have published
19 claims, 2 of them refuted by us. Refuted findings are never removed.
- MEASURED Free collateral cannot be derived from position and margin data; naive arithmetic misclassifies one wallet in five
- MEASURED Order-book depth falls as price moves get larger, so a static-book cascade estimate is optimistic
- MEASURED A stratified estimate puts the discovered wallet universe at 53.3% of Hyperliquid BTC open interest, not 20%
- REFUTED The wallet universe is exhausted; more wallets of the same kind would add nothing
- MEASURED Daily-horizon directional tests on one instrument cannot detect realistic edges; the region is unpowerable, not empty