HYPEGAUGE / THE METHOD
KNOW WHAT
YOU ARE MEASURING.
A practical guide to the book, the price and the cost of holding. Follow a calculation all the way from a public snapshot to a saved measurement.
01. Start with what is visible.
HypeGauge reads public Hyperliquid perpetual-market data for HYPE, BTC, ETH and SOL. The execution estimate uses a level-two order book: price and available size aggregated at each returned level.
A buy walks the asks, from the lowest available offer upward. A sell walks the bids, from the highest bid downward. The top of the book gives a best bid and ask; their midpoint is the reference price.
spread, in bps = (best ask − best bid) / mid × 10,000
One basis point is one hundredth of a percent. A spread of 5 bps is 0.05%. A smaller spread does not, by itself, imply enough depth for a larger order.
- Price
- Where is the market currently marked?
- Liquidity
- How much size is visible near that price?
- Coverage
- How much of this request can the snapshot explain?
02. Walk the actual returned levels.
Your input is a USD notional. HypeGauge converts that input to a base-asset quantity at the snapshot midpoint, then consumes the available size at each level in price order.
weighted average = Σ(price × filled size) / Σ(filled size)
buy impact = (weighted average / mid − 1) × 10,000 bps
sell impact = (1 − weighted average / mid) × 10,000 bps
The displayed impact includes crossing the spread and walking available depth. It excludes trading fees, latency, later book changes and activity outside this hypothetical fill. The input is reference exposure rather than a strict spending cap: a hypothetical buy can cost slightly more than the USD input.
A $1,000 buy. Three price levels.
Best bid $99.90 · best ask $100.10 · midpoint $100.00. A $1,000 input requests 10 units.
| Ask price | Available | Filled | Fill value |
|---|---|---|---|
| $100.10 | 3 units | 3 units | $300.30 |
| $100.20 | 4 units | 4 units | $400.80 |
| $100.40 | 5 units | 3 units | $301.20 |
| Total | 12 units | 10 units | $1,002.30 |
If the request grew to 20 units and these were the only returned asks, visible coverage would be 60%. The other 8 units would stay unmeasured.
03. Respect the edge of the book.
The public snapshot contains up to 20 levels per side. Those are observed levels, not a complete picture of all available or future liquidity.
If the requested size exceeds the returned levels, the calculation stops. It reports partial coverage, the visible filled quantity and the uncovered remainder. The average and impact then describe only the observed portion. HypeGauge never invents additional levels to complete a result.
The depth displayed within 50 bps sums only returned orders in that price band. A shallow returned price range may end before the full band. “Visible only” is part of the measurement, not a footnote.
Size ladder
Each row measures a separate hypothetical request against the same snapshot. Rows do not consume liquidity from one another. A jump in impact shows where that request reaches another returned level.
Market comparison
Compare equal USD notional and the same side. Check each snapshot time and coverage before comparing impact. A market with partial coverage cannot be ranked as cheaper on its displayed average alone.
Readings refresh while the page is visible. The main order-book view targets a 30-second interval. Failed requests preserve the last successful reading and identify it as older data. An unavailable source is not replaced with fabricated live values.
04. Keep funding in context.
Funding is separate from execution impact. Hyperliquid settles funding hourly. Positive funding means longs pay shorts; a negative rate reverses that direction. The public market context supplies the current hourly indication.
long cost = scenario amount
short cost = −scenario amount
The horizon calculation holds the entered USD notional and current rate constant. For an illustrative $10,000 notional at +0.001% per hour, a long would pay $0.10 over one hour or $2.40 over 24 hours under that assumption; a short would receive the same amounts.
Actual settlement uses position size and the oracle price at settlement. Both the notional and the rate can change. A multi-hour scenario is a sensitivity calculation, not a forecast or a payment quote. Open interest is displayed in base-asset units.
Read the protocol funding method05. A notebook you control.
Saved measurements live in this browser’s local storage. They are not a trading account, signed instruction or onchain record. Clearing browser storage removes them; exporting a JSON file lets you keep a separate copy.
Exports include the coin, side, input size, observed book time, weighted fill, coverage and measurement assumptions. Reopening a saved plan starts a fresh measurement; the old snapshot remains a historical note.
No wallet connection is required. HypeGauge does not request private keys, custody funds or submit transactions.
06. Follow the source.
HypeGauge is independent and is not affiliated with or endorsed by Hyperliquid. Data and protocol definitions come from these public sources.
07. A repeatable research routine.
Use the views together. A single number is more useful when its reference price, size and timestamp travel with it.
- 01
Read the snapshot
Start in Depth. Note the timestamp, spread, visible bid and ask depth. Check whether the source has refreshed and whether the book spans the full displayed depth band.
Open Depth - 02
Change one variable
Keep the market and side fixed, then compare sizes. Watch for impact increasing and coverage dropping. Return to the same size before switching to another market.
Open size scenarios - 03
Separate price from carrying cost
Use Price context for recent observed range and volume. Then use Funding to inspect direction and the constant-rate horizon for your notional.
Open Funding - 04
Keep the evidence
Save a measurement with its book timestamp. Return later to make a fresh reading, then compare the old observation with the new one. Export the record if you need it outside this browser.
Open notebook
08. The vocabulary, unpacked.
Short definitions for the numbers that appear throughout the instrument.
Basis point bps
One basis point is 0.01%. Multiply a percentage by 100 to express it in basis points: 0.25% equals 25 bps. This makes small price differences easier to compare.
Midpoint reference
The average of the best bid and best ask in the same snapshot. It is a reference between the two sides, not necessarily an executable price.
Spread crossing cost
The distance between the best bid and ask. An order that immediately buys takes an ask; an order that immediately sells takes a bid.
Weighted fill VWAP
The sum of each filled price multiplied by its filled quantity, divided by total filled quantity. Larger fills contribute more weight than smaller fills.
Depth and imbalance visible size
Depth sums available size at returned prices. Bid share describes the split of that visible liquidity between buying and selling interest. Resting orders can change or be cancelled; the split does not predict the next price move.
Mark and oracle price context
These are distinct reference prices supplied by the venue. They are not the current best ask or bid. HypeGauge uses the book midpoint for its execution estimate and displays the supplied references separately.
Open interest outstanding positions
A venue measure of outstanding perpetual positions. HypeGauge shows the supplied base-asset quantity, so an HYPE count and a BTC count are different units and should not be compared as dollars.
Partial coverage measurement limit
The requested quantity is larger than the returned book can fill. The displayed impact belongs only to the observed filled portion. The rest has no estimated execution price.