How much it takes to move HYPE
Sources Binance · Bybit · OKX · HyperliquidThis page prices order book depth in dollars: the market flow you would have to trade to lift or drop HYPE perpetual futures to any level inside the window we publish. Binance, Bybit, OKX and Hyperliquid are merged into one book, and every number stays attributable to the venue it came from. Free, no account, streaming live in your browser.
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How to read it
Three shapes cover almost everything you will see in a perpetual futures book.
A wall
One band far heavier than its neighbours. It absorbs market orders until it is eaten or pulled. It does not predict direction, and it can be cancelled in the same millisecond a market order arrives.
A thin book
The curve rises steeply: a few million dollars moves price a long way. Cheap to push, expensive to exit.
One-venue depth
The same level can be deep on Binance and empty everywhere else. The per-venue colour tells you where your order can actually fill.
Where else you can get this
Depth itself is not rare. Depth merged across venues, priced in dollars, and attributable per venue is.
| MarketTrace | TradingView | Aggregators | Exchange UI | |
|---|---|---|---|---|
| Four venues merged into one book | ✓ | — | partial | — |
| Impact cost quoted in USD | ✓ | — | — | — |
| Per-venue attribution at every level | ✓ | — | partial | n/a |
| Free, no account, no install | ✓ | partial | partial | ✓ |
| Per-venue book age stated separately | ✓ | — | — | — |
Questions
What is market depth?
Market depth is how much size is resting in the order book at each price, on both sides. It tells you how far price would move if someone traded through it. This page shows depth for HYPE perpetual futures across Binance, Bybit, OKX and Hyperliquid, priced in dollars rather than in coins.
How do you read a depth chart?
Left of the current price is what buyers have resting; right is what sellers have. The height at any point is the running total you would have to trade through to push price there. A steep wall means it is expensive to move; a flat stretch means nothing is standing in the way.
What is slippage, and how does depth cause it?
Slippage is the gap between the price you saw and the price you got, because your order ate into levels beyond the first one. Depth is what decides it. At retail size on HYPE the spread and the exchange fee cost you far more than depth does — impact only starts to matter in the millions.
What is the bid-ask spread here?
The distance between the best buy and the best sell price, quoted per venue on this page in percent. It is the unavoidable cost of entering with a market order. Venues differ: the tightest and the widest of the four are usually several times apart.
Where can I get level 2 data for crypto, free?
Level 2 is the book beyond the best price. This page publishes it for four perpetual venues, merged and attributable, with no account and no payment. Desktop platforms charge for the equivalent; the trade-off here is one-second snapshots rather than every message.
What is DOM in trading?
DOM — depth of market — is the ladder of resting orders around the current price. Classic DOM software is built for clicking into the book. This page is built for the question one step earlier: how much money is standing between price and the level you care about.
How do you measure liquidity in crypto?
Not by 24-hour volume, which counts trades that already happened. Liquidity is what is resting right now and what it would cost to take it. The honest measure is dollars-to-move-price at a stated distance — which is what the headline number on this page is.
Is a big wall a signal? What about spoofing?
No. Resting size is an offer, not a commitment, and it can be cancelled the millisecond a market order arrives. This page shows what is there and whose it is. Whether it holds is a different question, and one snapshot cannot answer it.
Can you see iceberg orders or cancellations?
No. We read one-second book snapshots, not the message stream, so hidden size and individual cancellations are invisible. What we can show is net change between snapshots — size that left without trading against it.
Why merge four exchanges?
A level that looks deep on one venue can be empty everywhere else. Merging shows the cost of moving the market rather than the cost of moving one venue's screen — and every number stays attributable to the venue it came from.
Why does the chart stop, and why can bids and asks overlap?
We publish a bounded window, and it ends where the book we receive ends — the page prints that distance live. The overlap is real: four venues at different basis mean one venue's bid can sit above another's ask. It is counted where it actually rests rather than tidied away.
Deliberately not here: a liquidation heatmap, “estimated” levels, and any call on whether a wall will hold. This module shows what is resting in the book right now and what it would cost to remove it.
/perpetuals/depthWant the exact aggregation rules, the bucket sizes per asset and how cross-venue timing is handled? Read the market positioning methodology.