Liquidity heatmap
A liquidity heatmap is a chart layer that shows resting limit orders in the order book at each price over time, brighter where more size is waiting.
It shows where buyers and sellers have parked orders, so you can see the levels price has to trade through. On Markov the heatmap sits under the candles, from Hyperliquid's order book read live in your browser and recorded once a minute by Markov's collector; paid plans see up to 30 days of it on 1h and 4h charts.
Resting liquidity
Resting liquidity is the size sitting in limit orders on the order book, waiting to be filled at a set price.
Large resting orders can slow price or make it react, but they can also be pulled before price arrives, so they are context, not a promise. Markov shows resting liquidity as it was recorded and marks any minute it wasn't recorded instead of filling it in.
Order book
An order book is the live list of an exchange's open buy (bid) and sell (ask) limit orders, grouped by price.
The best bid and best ask set the spread; the depth behind them is the resting liquidity. Markov reads the Hyperliquid order book for every chart, and adds the Binance, Bybit and Lighter books to Liquidity ahead on the Elite plan.
Liquidation
A liquidation is the forced closing of a leveraged futures position because its margin fell below the exchange's maintenance requirement.
A long liquidation is a forced sell and a short liquidation is a forced buy, so clusters of liquidations can accelerate a move. Markov shows realized liquidations from Binance and Bybit: longs marked below the bar, shorts above. Binance reports at most one liquidation per symbol per second, so its totals are a floor.
Liquidation map (realized vs projected)
A realized liquidation map plots liquidations that actually happened by price and time; a projected one estimates where leveraged positions might be liquidated.
Projected liquidation levels are a model built on assumptions about leverage and entry prices. Markov only shows realized liquidations, with their source, and does not draw projected liquidation levels.
Whale print
A whale print is a single large taker trade above a size threshold, shown where and when it hit the market.
On Markov whale prints come from Hyperliquid's trade stream, with thresholds per coin: $100k for BTC and ETH, $50k for SOL and HYPE, $25k for XRP, DOGE, SUI and BNB. Each print shows its side, size and price.
Taker flow
Taker flow is the volume of trades that crossed the spread to buy or sell immediately, split into aggressive buys and aggressive sells.
It shows who was in a hurry. Markov's flow pane sums whale taker buys and sells per bar from its recorded archive.
Funding rate
The funding rate is a periodic payment between longs and shorts on a perpetual future that keeps its price close to the spot price; when it is positive, longs pay shorts.
Persistently high positive funding means longs are crowded and paying to stay in; negative funding means the opposite. Markov shows funding from Binance (falling back to Hyperliquid where Binance is refused), and annualizes it as a straight-line estimate that assumes the current rate holds.
Open interest
Open interest is the total number (or value) of futures contracts still open: every long has a matching short.
Rising open interest with rising price means new positions are being opened into the move; falling open interest means positions are closing. Markov shows open interest as a pane under the chart, from Hyperliquid and Binance.
Perpetual futures (perps)
Perpetual futures are futures contracts with no expiry date, held open as long as margin allows and tied to spot through the funding rate.
Most crypto derivatives volume trades in perps on venues such as Binance, Bybit and Hyperliquid, which is why their liquidations, funding and open interest matter for price.
Gamma exposure (GEX)
Gamma exposure estimates how much options dealers must buy or sell the underlying to stay hedged as price moves.
When dealers are long gamma their hedging tends to dampen moves; when short gamma it tends to amplify them. GEX is modeled, not measured: it depends on assumptions about who holds which options. Markov's options walls for BTC and ETH come from Derive's option chains and are labelled modeled.
Gamma flip
The gamma flip is the modeled price where dealers' aggregate gamma changes sign, from dampening moves to amplifying them.
It is a regime boundary, not a target or a signal. Markov draws modeled levels dashed and measured ones solid, so the difference is visible on the chart.
Call wall and put wall
The call wall and put wall are the strikes with the largest modeled call and put gamma, often read as levels where dealer hedging concentrates.
They are modeled from options open interest, which is reported end of day, so intraday they are an estimate.
Market regime
A market regime is the kind of day the market is having, for example trending and expanding versus range-bound and pinned.
Markov's free Regime Compass indicator on TradingView turns volatility rank, path efficiency and return persistence into one regime score, and Markov's strategies only trade when that read agrees.
Opening range
The opening range is the high and low a market sets in the first minutes of a session, often used as a reference for breakouts.
Markov's Session Map draws the opening range with the prior day, overnight and initial balance levels; the Opening Range strategy trades breaks of it when the regime agrees.
VWAP
VWAP (volume-weighted average price) is the average price traded over a period, weighted by volume.
Traders use it as a fair-value reference for the session. Markov's Session Map draws an anchored VWAP; the planned VWAP Fade strategy fades stretched moves back to session VWAP while the regime reads compression.
Measured vs modeled
A measured number was observed directly from a source; a modeled number was calculated from assumptions.
Markov labels every number with its source and says whether it is measured or modeled: liquidations and order books are measured; gamma levels are modeled and drawn dashed.
Not recorded
On Markov, “not recorded” marks a stretch where a data source was down or unreachable, so there is no data rather than a guess.
Gaps are hatched on the chart instead of being filled in or smoothed over, so you always know what the picture is built from.
Every number on Markov names its source and freshness; the methodology lists how each one is made. Markov provides research tools and education, not financial advice.