Hyperliquid Liquidations Data
Hyperliquid marks liquidations on the fill that closes the position, carrying the liquidated user, the mark price and the method used to close it.
Liquidations data on Hyperliquid is fill data with a liquidation marker attached. Hyperliquid does not emit a separate liquidation log: it marks the fill that closes the position, and that marker carries the liquidated user, the mark price used to close, and the method, which is either market (closed into the order book) or backstop (taken over by the liquidator vault). Reading liquidation history therefore means reading marked rows out of the HyperCore fills dataset.
How Hyperliquid marks a liquidation
A fill record on HyperCore, the exchange state machine, carries an optional liquidation object with three fields: liquidatedUser, the address whose position was closed; markPx, the mark price at the liquidation; and method, either market or backstop. The two method values are Hyperliquid’s own names for the two paths in Hyperliquid’s liquidations documentation. The object is optional, so its presence is the test.
Hyperliquid documents a second payload for the same event, WsLiquidation, on its user-events subscription, with field names spelled differently from the fill-level marker. Its subscription table also lists liquidations as a ledger-update type: “Ledger updates not including funding payments: withdrawals, deposits, transfers, and liquidations.”
What the marker lets you measure
Gross notional and realised PnL are different numbers on the same row. px times sz gives the notional closed. closedPnl gives the realised PnL on the portion that closed. Neither stands in for the other.
Split market from backstop before aggregating either one. On a margin breach, “the positions are first attempted to be entirely closed by sending market orders to the book”, and once the maintenance margin requirement is met any remaining collateral “remains with the trader”. A backstop liquidation happens instead if “the account equity drops below 2/3 of the maintenance margin without successful liquidation through the book”, and there “the maintenance margin is not returned to the user”. Hyperliquid routes that path through the liquidator vault, “a component strategy of HLP”.
markPx is not a book print. Hyperliquid states that liquidations use “the mark price, which combines external CEX prices with Hyperliquid’s book state”.
Where liquidations sit in HyperCore coverage
SonarX indexes HyperCore and lists Liquidations, “liquidation events with mark price, method, and affected user”, within that coverage. The fill that closes a liquidated position is a row in Hyperliquid fills data, so a liquidation study starts from fills and joins outward to funding, position snapshots and order book snapshots. Available history is delivered as a Snowflake datashare or as files to your own bucket, and real time via Kafka Streaming.
What is not this dataset
Two neighbouring mechanisms use the word liquidation. Spot borrow liquidations under portfolio margin run on different thresholds: an account becomes liquidatable “when portfolio_margin_ratio > 0.95”, and none of the perp mechanics above apply. Lending-protocol liquidations on HyperEVM are contract events decoded from logs on the other execution surface of the same chain; they share a block height with HyperCore and little else. HIP-3 builder-deployed perps liquidate by the mechanics above, but the deployer sets “oracle prices, leverage limits”, so segment cross-market studies by market.
Hyperliquid fields SonarX indexes
| Hyperliquid field | What it is | SonarX indexes it |
|---|---|---|
coin | the market, for example BTC; spot markets carry an @ prefix | ✓ |
px | the fill price | ✓ |
sz | the fill size | ✓ |
side | the side of the fill | ✓ |
time | the fill timestamp, in milliseconds | ✓ |
dir | the direction label, for example Open Long or Close Short | ✓ |
startPosition | the position held before the fill | ✓ |
closedPnl | realised PnL on the portion of the position this fill closed | ✓ |
hash | the L1 transaction hash | ✓ |
oid | the order id | ✓ |
tid | the unique trade id | ✓ |
crossed | whether the order crossed the spread, that is, was the taker | ✓ |
fee | the fee paid; negative means a rebate | ✓ |
feeToken | the token the fee was paid in | ✓ |
builderFee | the amount paid to a builder, also included in fee | ✓ |
Field definitions and mechanics: Hyperliquid's own documentation. Chain overview: indexed Hyperliquid blockchain data.
Frequently asked questions
What is liquidations data on Hyperliquid?
Liquidations data on Hyperliquid is fill data with a liquidation marker attached. Hyperliquid marks the fill that closes the position rather than emitting a separate liquidation log, and the marker carries the liquidated user, the mark price used to close, and the method, which is either market, closed into the order book, or backstop, taken over by the liquidator vault.
How do I tell whether a Hyperliquid fill was a liquidation?
By the presence of the liquidation object on the fill. It is optional, so most fills do not carry it. When it is present, the method field tells you whether the position was closed by market orders sent to the book or taken over in a backstop liquidation, and the liquidatedUser field names the address whose position was closed.
What is the difference between a market and a backstop liquidation on Hyperliquid?
A market liquidation sends orders to the public order book, and if enough closes to meet the maintenance margin requirement any remaining collateral stays with the trader. A backstop liquidation happens if account equity falls below two-thirds of the maintenance margin without a successful close on the book: the position and its margin transfer to the liquidator vault, a component strategy of HLP, and the maintenance margin is not returned.
Which dataset are Hyperliquid liquidations part of?
They are part of fills. Because Hyperliquid marks a liquidation on the closing fill, liquidation history is read from fills data and then joined to funding payments, position snapshots and order book snapshots to reconstruct what happened around each close. SonarX delivers HyperCore fills, funding, positions and order book snapshots together as one Snowflake datashare or file delivery.
How do I measure liquidated volume on Hyperliquid?
Gross liquidated notional is size times price summed over the fills that carry the liquidation marker. That figure is notional traded, not money lost. Collateral lost is closer to the realised PnL on the liquidated side of those fills, with the caveat that a backstop liquidation also withholds the maintenance margin, which no single fill field shows. Split market from backstop before aggregating either number.
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Hyperliquid Fills Data
Trades executed on HyperCore, per user and per market: price, size, side, direction, the position before the fill, realised PnL on the closed part, and fees.
Hyperliquid Funding Data
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Hyperliquid Open Interest and Perp Positions Data
Point-in-time perpetual position snapshots at regular block intervals: size, entry price, leverage, margin and accumulated funding, per user and market.