PRODUCT CROSS-MARKET LIQUIDITY + ORDER FLOW
OPERATING SINCE 2020
LATEST UPDATE 2026.08
01 / THE AUCTION

THE CANDLE SHOWS THE OUTCOME.
TAPESURF SHOWS THE AUCTION.

Depth, trades, liquidations, funding, and open interest from 13 supported crypto venues – live, recorded, and made legible for order flow.

OPEN TAPESURF
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TapeSurf workstation showing market depth and executed volume CANDLES ONLY DEPTH + EXECUTED VOLUME INSIDE CANDLES
Candles-only view of a Bitcoin market CANDLES ONLY
TapeSurf depth and executed-volume view DEPTH + EXECUTED VOLUME INSIDE CANDLES
FIG. 01 / WHAT THE CANDLE LEAVES OUT.
02 / THE READ

THE CHART ISN’T THE POINT.
WHAT IT REVEALS IS.

The wall disappeared.
The footprint shows it didn’t trade.

Historical BTC order-book heatmap. Annotation 1 marks where the bright wall ends; annotation 2 highlights the footprint showing the wall was pulled. HEATMAP / ORDER BOOK
FIG. 02 / HISTORICAL ORDER-BOOK HEATMAP + FOOTPRINT

The heatmap records the wall disappearing. The footprint shows no corresponding execution at that price: pulled, not filled.

A heatmap can’t map positions it can’t see.

Hyperliquid Bitcoin position-based liquidation heatmap HYPERLIQUID BTC LIQUIDATION HEATMAP POSITION-BASED LIQUIDATION HEATMAP
FIG. 03 / POSITION-BASED LIQUIDATION HEATMAP

Centralized venues do not publish positions and their liquidation prices. Maps built solely from public CEX data are therefore estimates.

On Hyperliquid, both are public. TapeSurf maps those provided levels.

HOW LIQUIDATION HEATMAPS WORK →
03 / THE INSTRUMENT

CRYPTO IS NOT ONE MARKET.

Across supported venues, Bitcoin trades through 150+ spot, perpetual, and dated futures markets.

Inspect one market, compare two, or aggregate compatible markets.

Coinbase BTCUSD spot liquidity heatmap
Binance BTCUSDT spot liquidity heatmap
BINANCE BTCUSDT · SPOT COINBASE BTCUSD · SPOT
FIG. 04 / THE SAME ASSET. TWO VENUES. TWO BOOKS. DRAG TO COMPARE ↔
Order book columns shown venue by venue
Aggregated total market depth
FIG. 05 / THE SAME FIVE BOOKS, VENUE BY VENUE OR AGGREGATED
04 / THE RECORD

WHAT THE CHART CAN REVEAL
STARTS WITH WHAT WAS RECORDED.

OPERATING SCOPE
MARKETS 10,016
ASSETS 1,673
VENUES 13
INSTRUMENTS SPOT · PERPETUALS · DATED FUTURES
NEW LISTINGS ADDED AUTOMATICALLY WHEN LISTED
SUPPORTED VENUES / 13
CRYPTO / 1,311 ASSETS · 8,582 MARKETS
CRYPTO VENUES TRADE MORE THAN CRYPTO.
TOKENIZED STOCKS / 324 ASSETS · 1,311 MARKETS
COMMODITIES + INDICES / 30 ASSETS · 95 MARKETS
MARKET DIRECTORY →
WHAT IS RECORDED
EXCHANGE FEEDS

ORDER-BOOK UPDATES · EXECUTED TRADES · LIQUIDATION EVENTS
FUNDING · OPEN INTEREST

PUBLIC ON-CHAIN STATE

HYPERLIQUID POSITIONS · PROVIDED LIQUIDATION PRICES
TAKE-PROFIT · STOP-LOSS ORDERS

HISTORY + LIMITS
AVAILABILITY VARIES BY VENUE + INSTRUMENT
HISTORY FROM FIRST CAPTURE · NO PRE-CAPTURE BACKFILL
BOOK DEPTH VENUE-SUPPLIED
FEEDS SINGLE OR AGGREGATED
05 / IN USE

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SEE THE AUCTION BEHIND THE CANDLE.

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