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vyx Academy

Learn order flow & market microstructure

A free, applied course in how markets actually work beneath the chart — the order book, order flow, derivatives positioning, and how to scan a whole venue for what's unusual. Taught through live data, citing primary sources, with the limits stated plainly.

6 tracks · 35 lessons Free · no login Beginner → advanced

Start at Track 1 if you're new and work down — each track builds on the last, from the order book up to scanning live Hyperliquid markets. Already comfortable with the basics? Jump to whichever track you need. Every lesson links to the live vyx map so you can see the concept in real markets.

Glossary Browse all lessons
01

Foundations of market microstructure

Beginner

How the order book, liquidity, and the tape actually work — the layer beneath every chart.

1.1 What is market microstructure The order book, order flow, and price impact beneath the chart.1.2 The order book & imbalance Bid-versus-ask pressure — the heatmap’s base layer.1.3 Depth of market & Level 2 The order-book ladder — walls, thinness, and pulls.1.4 Liquidity: spread & depth What drives slippage and price impact.1.5 Tape reading The live stream of executed trades — size, speed, aggressor.
02

Reading order flow

Intermediate

Turn raw book and trade data into a read — imbalance, CVD, absorption, sweeps, and the order-flow visualizations.

2.1 Order-flow trading Displayed liquidity and executed flow, read together.2.2 Order-flow imbalance (OFI) The flow of changes at the top of book.2.3 Cumulative volume delta (CVD) Aggressive buying minus selling — what executed.2.4 CVD divergence When flow and price disagree.2.5 Absorption Aggression eaten by resting liquidity.2.6 Liquidity sweeps & stop hunts Running stops to grab resting liquidity.2.7 Footprint charts Bid vs. ask volume at each price inside a candle.2.8 Volume profile Volume at each price — POC, value area, gaps.2.9 Market profile & TPO Time at price and the day’s auction shape.2.10 The microprice An imbalance-weighted fair value.2.11 Kyle’s lambda & price impact How much price moves per unit of flow.
03

Derivatives & positioning

Intermediate

Perpetual futures, funding, open interest, and liquidations — the positioning layer that drives crypto.

3.1 Perpetual futures Leverage with no expiry, tethered by funding.3.2 Funding rates The long/short payment that gauges crowding.3.3 Open interest Live positions — new bets vs. unwinds.3.4 Open interest vs. volume Commitment vs. activity.3.5 Liquidations & cascades Forced selling, read through flow.
04

Smart money & institutional flow

Advanced

The institutional-flow vocabulary — liquidity, icebergs, spoofing, SMC — separated from folklore and shown in real microstructure.

4.1 Smart money concepts (SMC) What’s real vs. folklore, read through live flow.4.2 Buy-side & sell-side liquidity The pools that sweeps reach for.4.3 Iceberg orders Hidden size that reveals itself as absorption.4.4 Spoofing & layering Fake liquidity that vanishes before it trades.
05

Market scanning & signals

Advanced

Put it together: scan the whole venue for the unusual, build composable signals, and read the heatmap.

5.1 How to scan crypto markets Field-first: surface the unusual, then inspect.5.2 The signal model Variables, indicators, signals, and views.5.3 Order-flow indicators The metrics that matter, and how to combine them.5.4 The crypto heatmap Color the whole market by anything you express.5.5 The crypto screener Rank 300+ markets by order flow, not price.
06

Trading Hyperliquid

Beginner

The venue itself — what Hyperliquid is, how to trade it honestly, and the tools that scan it.

6.1 What is Hyperliquid The L1 chain and on-chain perps exchange.6.2 How to trade on Hyperliquid Wallet, USDC, on-chain perps — and the honest caveats.6.3 The Hyperliquid scanner Every market’s flow and positioning, live.6.4 Hyperliquid funding rates Funding across 300+ perps.6.5 Hyperliquid whale tracking Large prints, sweeps, and absorption.

Read it, then see it live

The Academy teaches the concepts; vyx shows them firing across 300+ Hyperliquid markets in real time. Open the map and scan.

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