Foundations
The Signal Model
How variables, indicators, signals and views fit together — the core abstraction.
Order-Book Imbalance
Bid-versus-ask pressure at the selected depth — the heatmap’s base layer.
Market Microstructure
The order book, order flow, and price impact beneath the chart — the layer vyx reads.
Tape Reading
Reading the live stream of executed trades — size, speed, and aggressor side.
Order-Flow Trading
Reading displayed liquidity and executed flow together — the order-flow toolkit.
Depth of Market (DOM) & Level 2
The order-book ladder — resting bids and asks, walls, thinness, and why a wall can lie.
Liquidity in Trading
Spread plus depth — what drives slippage and price impact, and how to measure it.
How to Scan Crypto Markets
Field-first scanning — surface the unusual across the venue, then inspect the standouts.
Price impact & flow
Order-Flow Imbalance (OFI)
The flow of changes at the top of book — a strong short-horizon predictor.
The Microprice
An imbalance-weighted fair value that beats the mid-price.
Kyle’s Lambda & Price Impact
How much price moves per unit of flow — a read on liquidity and fragility.
CVD (Cumulative Volume Delta)
The running balance of aggressive buying minus selling — what actually executed.
Liquidity Sweeps & Stop Hunts
How price runs stop clusters to grab resting liquidity — and the flow footprint it leaves.
Order-Flow Absorption
Aggression that gets eaten by resting liquidity — CVD pushes while price stalls.
Buy-Side & Sell-Side Liquidity
The pools of resting orders above and below price that sweeps reach for.
Iceberg Orders
Hidden limit orders that reveal themselves as absorption that won’t run out.
Spoofing & Layering
Fake liquidity that vanishes before it trades — why a wall can lie.
CVD Divergence
When flow and price disagree — aggression that isn’t moving price.
Footprint Charts
Bid vs. ask volume at every price inside a candle — delta, absorption, exhaustion.
Volume Profile
Volume at each price — point of control, value area, and low-volume gaps.
Market Profile & TPO
Time at price, the value area, and the day’s auction shape.
Derivatives & positioning
Open Interest vs. Volume
Activity vs. commitment — reading the two together to tell conviction from churn.
Funding Rates
The recurring long/short payment that tethers a perp to spot — a crowding gauge.
Open Interest
Live positions, not trades — rising means new bets, falling means unwinds.
Perpetual Futures
Leverage with no expiry, tethered to spot by funding — the contract vyx scans.
Smart money & institutions
Trading Hyperliquid
Signals
Wall Extreme
A heavily one-sided order book (bid or ask pressure ≥ 60) that is also rare for this pair (top/…
OFI Pressure
Order-flow imbalance — the net of bids/asks being added, pulled, and hit at the best quotes — r…
Microprice Lean
The microprice — a size-weighted fair value that leans toward the side more likely to get hit n…
Book Flip
The order book swings from clearly ask-heavy to clearly bid-heavy (or vice versa) inside a sing…
Aggressive Sweep
A burst of aggressive market orders sweeps one side of the tape (a large buy or sell run in not…
Delta Absorption
Heavy aggressive flow hits the book but price does NOT move with it — a large buy run met by a…
Whale Print
A single unusually large aggressive print hits the tape (top-tier buy or sell notional) with th…
Thin Wide Book
Liquidity is thin and the spread is wide at the same time — a fragile book where small orders m…
Pressure Z-Score
Order-book imbalance is statistically unusual for this pair — at least two standard deviations…
Funding Extreme
Perpetual funding is stretched — longs (positive) or shorts (negative) are paying up heavily to…
OI Surge
Open interest jumps sharply alongside a one-sided book — fresh leveraged positions are piling i…
Crowded & One-Sided
Stretched funding and a one-sided order book line up on the same side — the crowd is positioned…
Confirmed Pressure
A high-conviction confluence: strong book imbalance, an OFI extreme, AND an aggressive tape swe…