Guides for working with the record

Start a workflow, check a measurement, or learn through a recorded example.

New to order books and liquidity? Start with crypto market microstructure, explained, then explore a worked example.

Getting started

• Getting startedLive Binance and Hyperliquid market microstructure with native per-symbol BBO, ultra-high-definition heatmaps and liquidation intelligence, plus 90-day Binance replay and deterministic research by browser, API or MCP.
• Terminal overviewHow the live Binance and Hyperliquid terminal reads: watchlist, ultra-high-definition depth heatmap, real-time chart, DOM, large-trade tape, stats strip and status bar.

Concepts

• Crypto microstructureHow order books, trades, spreads and liquidity shape crypto prices. Read a real replay, understand the limits and turn observations into testable questions.
• Base ratesOne habit separates counted evidence from a good story: ask "out of how many chances?"
• MFE and MAE"It went up 5%" can mean two completely different things. These two numbers keep them apart.
• Understanding VPINUse bucket imbalance to form a research question, without inferring trader intent.
• Order flowRead aggressor-side trades without inferring trader identity or intent.
• Book imbalanceUse displayed bid and ask size as an observation to test.
• Percentiles and P-chipsDistinguish a counted position in the record from a transformed feature value.
• FundingRead the rate, settlement interval and timing before comparing funding observations.
• Open interestSeparate outstanding positions, USD valuation and the unresolved Research velocity contract.
• LiquidationsSeparate published forced closures, inferred pressure and observed coverage.
• The recorded marketWhat EdgeDepth actually is: a minute-by-minute record you can interrogate, not a crystal ball.
• Outcome distributionsCompare outcome sizes, counts and baselines before interpreting a setup.

Research

• Research workflowHow EdgeDepth turns a market move into a counted answer on recorded Binance microstructure. Hyperliquid historical and cross-exchange research are not released yet.
• Building a questionChoose observable conditions, confirm their exact definitions, and inspect the scope before running.
• Research limitsUnderstand what the query contract protects and what still requires research judgment.
• Start from a momentPoint at a market and a minute instead of describing it: the panel reads every versioned feature as-of that bucket and proposes editable chips. Compare up to eight moments for what they honestly share.
• Live alertsArm any verified result as a standing definition: the same frozen features and edge rules run on live data, and every fire carries its observed values and a replay link.
• Browser, API and MCPChoose a client for the same research contract, and use the canonical setup documentation.
• Selection biasKeep hypothesis discovery separate from evaluation, even when results are reproducible.

Reading the terminal

• Trade bubblesWhere trade bubbles live in the EdgeDepth terminal: large prints on candles (free) and every trade in real-time mode (Pro on live, open in replay).
• Liquidation heatmapDistinguish a modeled pressure field from covered positions and published forced liquidations.
• DOM and tapeReading Binance and Hyperliquid BBO, ladder and tape as one order-flow column: native symbol-specific top of book, depth bars, grouping and large-trade highlights.
• VPIN in the terminalInspect the gauge alongside trades, while keeping live and Research calculations distinct.
• Positioning indicatorsRead OI, funding, account ratios and published liquidation totals with their units and limits.

Replay & events

• Start a replayRight-click any chart → Start Replay: the transport bar, scrubbing, chapter marks, speeds, and the 90-day window.
• Repeatable replayUnderstand which inputs make a replay repeatable and what repeatability cannot prove.
• Using the archiveHow events get named and archived, the seven categories, severity ticks, and why archived events outlive the 90-day window.

Lessons & practice

• Guided lessonsHow to learn from recorded examples and find currently published courses.