What a ETH order book wall is
The order book lists every resting limit order by price: bids below, asks above. Most prices hold ordinary size. A wall is a level holding much more than its neighbours, which price has to trade through, or which can make it stall.
Ether's perps are usually second only to Bitcoin's in open interest. It is one of the two coins, with BTC, where Markov also models options dealer gamma, because Derive, the options venue Markov reads, lists options for BTC and ETH only.
How Markov finds a wall
Markov reads Hyperliquid's ETH order book at three significant figures, about 20 price buckets a side. A bucket counts as a wall when it is:
- within ±2% of the mid price,
- at least 3× the median bucket in that band, both sides pooled,
- and at least $1M for ETH, so a thin book doesn't produce small "walls".
Walls can vanish
A wall is displayed size, not intent. Orders can be pulled before price reaches them, and some are placed to be seen. It is also one venue's book, not the whole market's. On the chart, the liquidity heatmap shows how long a ETH wall has held, which says more than its size alone. Paid plans add the Binance and OKX books (Pro) and the Bybit and Lighter books (Elite) to a "Liquidity ahead" view.
How to read it
Treat a ETH wall as a place to watch, not a level to trust. Price often slows into large resting size, and a wall that holds while being hit says something different from one that is pulled as price approaches. Markov shows both, but it doesn't say which way to trade them.
Defined in the glossary: resting liquidity, order book, liquidity heatmap. The methodology says how every number is made, with its limits. Markov provides research tools and education, not financial advice.