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How EdgeDepth works
Short, factual docs on reading the terminal, replaying the recorded market and searching crypto and TradFi microstructure. Learn what each instrument computes, what the research grammar permits, and how the browser, public API and MCP surfaces stay on the same deterministic contract.
Getting started
- What is EdgeDepth Live Binance and Hyperliquid market microstructure with native per-symbol BBO, ultra-high-definition heatmaps and liquidation intelligence, plus 30-day Binance replay and deterministic research by browser, API or MCP.
- The terminal at a glance How 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
- Base rates: ask "out of how many chances?" One habit separates counted evidence from a good story: ask "out of how many chances?"
- MFE and MAE: high-water marks, not closes "It went up 5%" can mean two completely different things. These two numbers keep them apart.
- VPIN: when one side seems to know something A number that rises when one side of the market seems to know something.
- Order flow: the tape behind the candles Price is the scoreboard. The tape is the game.
- Book imbalance: a tilted order book, read with care What a tilted order book means, and the trap in taking it at face value.
- Percentiles and the P-chip 0.94 means nothing until you know it beats 94% of that market's own history.
- Funding: the market's scheduled argument about money Every 8 hours, perp traders pay each other. The clock changes behavior.
- Open interest: did anyone stay in? Volume says people traded. Open interest says whether they stayed.
- Liquidations: forced exits, and why they cluster Forced exits move markets, and they cluster, because leverage clusters.
- The record: counted, never forecast What EdgeDepth actually is: a minute-by-minute record you can interrogate, not a crystal ball.
- Reading a distribution: learn to spot a coin flip One chart shape tells you whether a setup means anything: learn to spot a coin flip.
Research
- How Research works How EdgeDepth searches recorded Binance microstructure today, while backfilling a full Hyperliquid research layer and implementing venue-labeled cross-exchange studies.
- What you can ask The closed 33-feature library behind Research: flow, book, open interest, positioning, liquidations, returns, volatility and candle formations, plus windows and sequences.
- What it refuses to tell you The refusals built into EdgeDepth Research: what the query grammar makes impossible to ask, why absence is reported instead of coerced, and why a verified zero is a finding.
- From a moment Point 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.
- How live alerts work Arm 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.
- Research from the browser, API and MCP One deterministic research engine, three client surfaces: run it directly in the browser, call the public REST API, or connect a read-only AI agent through EdgeDepth MCP.
- Selection bias in trading research Selection bias is why most crypto and TradFi trading research does not survive a fresh dataset: cherry-picked examples, missing denominators, and outcomes used as filters. Here is how it happens, and how EdgeDepth makes the common forms impossible to express.
Reading the terminal
- The liquidation heatmap The Binance and Hyperliquid liquidation display: a universal pressure field, modeled levels, covered real Hyperliquid positions, a profile and confirmed forced-liquidation bubbles.
- DOM ladder & time and sales Reading 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 · flow toxicity What the VPIN gauge approximates, how to read high and low readings, and how it pairs with the liquidation map.
- Open interest, funding & liquidations The positioning context on every chart: open interest, funding with countdown, long/short ratio, and 24h liquidation totals.
Replay & events
- Starting a replay Right-click any chart → Start Replay: the transport bar, scrubbing, chapter marks, speeds, and the 30-day window.
- Determinism, explained Why EdgeDepth replays are bit-exact (same ticks, same frames, every run) and why that matters for study.
- The event archive How events get named and archived, the seven categories, severity ticks, and why archived events outlive the 30-day window.