This a collection of extra documentation on the workings of Hyperliquid L1.

It is not exhaustive, rather it complements the Hyperliquid Docs.

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Orders

For order types and options see the hyperliquid docs

​
Market order fills

  • Sources:
    • datasteam - topic: hyperliquid.orders
    • datastream - topic: hyperliquid.fills
    • table: hyperliquid.raw.orders
  • status = ‘filled’
  • type = ‘market’

​
Limit order fills

  • Sources:
    • datasteam - topic: hyperliquid.orders
    • datastream - topic: hyperliquid.fills
    • table: hyperliquid.raw.orders
  • status = ‘filled’
  • type = ‘limit’

​
What are TWAP Orders?

TWAP stands for Time-Weighted Average Price.

It is an order which is divided into multiple suborders. A suborder is sent every 30 seconds during the course of the TWAP.

In hyperliquid TWAPs are executed automatically by the validators and as such they do not have a transaction hash, only the order to place a twap has a transaction hash. As such you will very often see trades and fills with 0x0000000000000000000000000000000000000000000000000000000000000000 as the transaction hash.

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Twap fills

  • Sources:
    • datastream - topic: hyperliquid.trades
    • datastream - topic: hyperliquid.fills
    • table: hyperliquid.raw.transactions
  • hash = ‘0x0000000000000000000000000000000000000000000000000000000000000000’

​
Twap Open

  • Sources:
    • datastream - topic: hyperliquid.transactions
    • table: hyperliquid.raw.transactions
  • action:type = ‘twapOrder’

​
Twap Cancel

  • Sources:
    • datastream - topic: hyperliquid.transactions
    • table: hyperliquid.raw.transactions
  • action:type = ‘twapCancel’

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Staking Activity

  • Sources:
    • datastream - topic: hyperliquid.misc_events
    • table: hyperliquid.raw.misc_events
  • look for inner: { CDeposit for deposits
  • look for inner: { CWithdrawal for withdrawals

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Liquidations

There are two types of liquidations in hyperliquid.

Market Liquidations -> This is when Hyperliquid places an order to sell (for longs) and buy (for shorts) a user’s position on the market.

HLP Vault Liquidations -> This is a last effort, when the above Market Liquidations fails, ie due to lack of liquidity. In this case the HLP Vault acquires the position, and takes the loss (if any).

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Market Liquidations

  • datastream - topic: hyperliquid.fills
  • table: hyperliquid.raw.fills
{
...
  "liquidation": {
    "liquidatedUser": "0x444591887598c8ce607e8315daa61ead3dc0e912",
    "markPx": "2.3725",
    "method": "market"
  },
...
}

​
HLP Vault Liquidations

  • datastream - topic: hyperliquid.misc_events
  • table: hyperliquid.raw.misc_events
{
  "time":"2025-0518T20:00:31.068266548",
  "hash":"0xce021d6212767dcea0740423b9523a02046c00c8f7ca73b17cb17f2d8138013f",
  "inner":{
    "LedgerUpdate":{
      "users":["0xa4cdf5ada61c413e68acfa80ffaaa23c98d1f940"],
      "delta":{
        "type":"liquidation",
...
}