Does Markov show a liquidation heatmap?
It is built from open interest and assumptions about traders' leverage and entry prices, so it shows likely liquidation zones, not real positions or orders. It is often confused with a liquidity heatmap, which plots limit orders that really are resting on the book. Markov does not draw projected liquidation levels: it shows the measured liquidity heatmap and the liquidations that actually happened, each with its source.
BTC liquidations, live → All markets →
Liquidation heatmap vs liquidity heatmap →
The data sources page says how every number is made, with its limits. Markov provides research tools and education, not financial advice.