Stop clusters versus order-book depth on Hyperliquid
Mid -
Spread -
Book levels -
Stops vs book -
Stop size on its own is not a signal. A large cluster sitting on deep resting liquidity is absorbed; the same size sitting in a hole is a squeeze. Both sides below are read from one walk of one node state file, so they share a timestamp exactly — no alignment window, no interpolation. Rows where stops outweigh the book by 1.5× or more are marked.
Resting book depth
Stop triggers
Stops outweigh book
Loading ladder…