See how the map is estimated, what Map Change means, and where to find liquidations that actually happened.
On the Liquidation Map, a wall of long liquidations sits below the current price. Are those real positions on an exchange, waiting to be triggered? No. Blave's map is a model estimate, and reading it as real liquidation prices is the most common mistake. For liquidations that actually happened, see How to Use the Liquidation Indicator.
The Liquidation Map is not a list of liquidation orders published by an exchange. It is a model estimate: a distribution of how far positions sit from their liquidation price, projected onto the coin's own price path.
| Step | What it computes |
|---|---|
| 1. Shape | From the position-leverage distribution Blave aggregates, compute the share of positions at each liquidation distance from entry. All coins share this one distribution; there is no separate one per coin. |
| 2. Projection | Take the coin's last 72 Binance 1h bars. For each bar, place share × that hour's quote volume at close × (1 + distance). Any level a later hourly close crosses is zeroed (intrabar highs and lows are ignored), treated as already liquidated. |
| 3. Scale | Scale the whole thing to the coin's current Binance open interest, then convert to USD. The dollar figures on the map are an allocation of Binance open interest, not actual position sizes. |
| 4. 24h liquidation bars | From the Binance force-order feed (the same source as the liquidation indicator): liquidations over the last 24 hours, times average price, bucketed by price, then divided by a fixed Binance market-share assumption of 0.3 to extrapolate. |
Each level's liquidation amount on the map is derived from the leverage distribution, the coin's last 72 hours of price and volume, and Binance open interest. It does not mean that many positions on an exchange will be liquidated at that price. Once a later hourly close crosses a level, the model zeroes it (intrabar highs and lows are ignored), though real positions may have added margin or closed long before.
Because every coin shares the same leverage distribution, you cannot read "traders are bullish on this coin" from the long and short areas of a single coin's map. When two coins' maps look different, the difference comes from their price paths, volume and open interest, not from two groups of traders holding different views.
Map Change takes the map snapshots closest to now, 1 hour ago, 8 hours ago and 24 hours ago, subtracts them bucket by bucket, and keeps only positive differences, drawn as 0–1h, 1–8h and 8–24h. It shows new estimated liquidation exposure, not liquidations that happened and not individual new positions. Some small caps get a snapshot only about every 30 minutes, so period edges can be off by tens of minutes.
Because only positive differences are kept, exposure that shrinks in the model, such as levels zeroed after price crosses them, never shows up in Map Change. Re-projecting the coin's price, volume and open interest, and rolling the 72-hour window forward, can also make a level look "new" when no one opened a position there.
No official strategy uses the Liquidation Map, and Blave has not backtested any way of using it, so this section gives no strategy code. Here is how to read each element on the chart:
| Element | How to read it |
|---|---|
| Below / above the current price | Below is estimated long liquidation exposure, triggered only if price falls there; above is shorts, triggered only if price rises there. The amounts are Binance open interest allocated by the model, not actual position sizes. |
| Cumulative line | Sums longs downward and shorts upward from the current price: the estimated exposure price passes on its way to a level. It is an estimate, not a promise that this much gets liquidated there. |
| A tall bar at one level | The model places share × that hour's volume relative to each bar's close, so levels pile up where the last 72 hours had heavy volume, where the leverage distribution already puts a large share at that distance, or where price lingered nearby. It reflects the shared leverage distribution and the coin's price and volume, not a group of traders deliberately positioned there. |
| 24h liquidation bars | Real liquidations, not the model: Binance liquidations over the last 24 hours, bucketed by the 5-minute average price at the time and divided by a fixed 0.3 share assumption. With a fixed assumption on top of a sampled feed, read their relative position, not the exact dollar amount. |
The By Exchange page uses a different source: public liquidation feeds from six exchanges, USDT and USDC linear perpetuals only, with coin-margined and delivery contracts excluded. It adds up what it receives with no multiplier. Each exchange pushes by different rules, so it counts liquidations received, not all liquidations:
| Exchange | Price basis | Feed |
|---|---|---|
| Binance | Average fill price | At most one per symbol per second, sampled |
| Bybit | Bankruptcy price | Complete |
| OKX | Bankruptcy price | Sampled, rules undisclosed |
| HTX | Bankruptcy price | Complete, not stated officially |
| Gate | Undefined | Aggregated per second |
| Bitfinex | Undefined | Complete, not stated officially |
With different price bases, amounts across exchanges add up only approximately. Even for Binance, this page and the 24h summary on the map page will not match, because they use different sources and conversions.
| Page | What it shows | Access |
|---|---|---|
| Liquidation Map | A cumulative line, estimated liquidations at each price level, and Binance's 24h liquidation bars. The price range defaults to 0.7× to 1.3× the current price and can be adjusted. | Pro |
| Liquidation Map Change | New estimated liquidation exposure in three periods: 0–1h, 1–8h and 8–24h. | Pro |
| By Exchange | Long and short liquidation totals across six exchanges over 1, 4, 12 or 24 hours, plus a coin × exchange matrix. Go here for dollar amounts. | Public |
All three endpoints sit under /liquidation/. The two map endpoints take symbol plus optional price_min and price_max, defaulting to 0.7× to 1.3× the current price; get_exchanges takes no symbol.
| Endpoint | What it returns |
|---|---|
get_map | 200 price buckets in labels, the reference price price, estimated oi_value (USD) and cumsum, plus buy_liq (short liquidations) and sell_liq (long liquidations) under liquidation.24h, both already divided by 0.3. |
get_map_change | Three periods, hist_0_1h, hist_1_8h and hist_8_24h: model snapshot differences with only positives kept, not actual liquidations. |
get_exchanges | Long and short liquidation totals across six exchanges, plus a coin × exchange matrix. hours takes 1–168 and top_n 1–50; out-of-range values return 400. |
