Liquidation clusters

A cluster is a price bucket of the liquidation levels that holds a large share of the coin’s mapped liquidation notional. If the price reaches it, many forced orders would be triggered at the same level.

In one sentence: A price level where a lot of positions would be liquidated at once. Price reaching it can trigger a cascade of forced orders.

Formula

big cluster (coin pages) = bucket USD ≥ 5 % of the coin’s mapped notional and ≥ $250,000
scoreboard cluster = one of the 3 largest buckets within ± 15 % of the mark, each ≥ $5M
distance = (near edge of the bucket − mark) ÷ mark

• On the liquidation levels, a bucket counts as a big cluster on the coin pages when it holds at least 5 % of the coin’s mapped notional and at least $250,000.
• For the scoreboard, every 15 minutes the 3 largest buckets within ±15 % of the mark that hold at least $5M each are recorded, with their distance from the mark.

• Distance tells how far the price would have to move; size tells how much would be liquidated there.
• Long clusters sit below the price, short clusters above it.
• Whether clusters actually get reached is measured publicly in the cluster hit rate.

• Treating a cluster as fixed. It is rebuilt from the newest polls; positions that add margin or close leave it.
• Mixing the two thresholds. The coin pages mark clusters from $250,000 and 5 % of the coin’s notional, the scoreboard records only clusters of $5M or more.

• GET /api/v1/liqmap/{coin}

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