Estimated liquidation levels across exchanges, built from open-interest changes, price action and taker flow on our own data — brighter cells mark price zones where more leveraged positions would be liquidated. These are model estimates (leverage cohorts at 10x/25x/50x/100x), not exchange-published figures; dollar values are estimated notional at risk, anchored to open interest. Updates every minute.
The heatmap maps estimated NEAR liquidation levels around the current price of $1.62, built from open-interest changes and price action across exchanges and anchored to open interest. Cluster sizes are model estimates — upper bounds, not exchange-published figures.
NEAR's leveraged market is a rotation trade: flow arrives when its ecosystem narrative — most recently AI — is in favor, and recedes when attention moves on. The heatmap reflects that cadence, cycling between dense periods where zones stack quickly and quiet stretches where old structure slowly decays without being replaced.
During hot phases NEAR behaves like a high-beta alt, and its liquidation zones deserve the same respect: crowded longs chasing a narrative rally build thick shelves beneath price that turn ordinary pullbacks into sharp flushes. The map's time dimension helps date the crowd — recently built zones near price are the ones most likely to matter this week.
Follow the time axis: zones extend rightward from when the underlying positions were opened. Structure that began building recently reflects the current crowd; long-standing shelves may be partially closed already.
Leveraged open interest left the market, and cleared or closed positions take their estimated liquidation levels with them. The map only ever shows inventory believed to still be open.
Yes — switching the window rescales the grid but uses the same underlying model. Longer windows reveal older cohorts at wider leverage spacing; short windows focus on the freshest positioning.