Guide
SpaceX liquidation heatmap explained
A SpaceX liquidation heatmap marks the prices where leveraged positions on the SpaceX perpetual would be closed by force: bright bands below the price are longs, bright bands above it are shorts. Ours is not a guess from open interest. It adds up the liquidation prices of real, public open positions. This guide explains how the map is built, how far each leverage sits from the entry, what is different about a pre-IPO market, and how to read the map next to the order book.
What the map shows
SpaceX perpetual futures let traders hold positions much larger than their margin. If the price moves against a position by roughly one divided by its leverage, the position is closed with a market order: a liquidation. A long is closed by selling, a short by buying back. The heatmap shows where those forced orders would hit the market:
- Below the price (green on our map): longs that would be sold if SpaceX falls there.
- Above the price (violet): shorts that would be bought back if SpaceX rises there.
- Brightness: the dollar value of the positions with a liquidation price at that level. Brighter means more.
Where SpaceX positions get liquidated
The distance to a liquidation depends almost entirely on leverage. For a position opened at $150, with the same leverage steps as the map's filter:
| Leverage | Move that liquidates | Long opened at 150.00 | Short opened at 150.00 |
|---|---|---|---|
| 2× | 47.5 % | 78.75 | 221.25 |
| 3× | 30.8 % | 103.75 | 196.25 |
| 5× | 17.5 % | 123.75 | 176.25 |
| 10× | 7.5 % | 138.75 | 161.25 |
| 20× | 2.5 % | 146.25 | 153.75 |
Simplified: entry × (1 − 1/leverage + maintenance margin) for a long, entry × (1 + 1/leverage − maintenance margin) for a short, with an assumed 2.5 % maintenance margin and no fees or added margin. Real liquidation prices differ a little, which is why the map uses the price reported for each position. $150 is a round example, not a price level.
A pre-IPO price can move a long way on a single headline, so on this market even the bands from low leverage can be reached faster than on a large listed stock.
How our SpaceX heatmap is built
- Swiftedge follows public open positions on on-chain SpaceX perpetual futures, each with the liquidation price the exchange reports for it. Nothing is assumed about leverage: it is read from the positions.
- Every 5 minutes the positions are added up by liquidation price: longs below the price, shorts above.
- A position that is closed or liquidated leaves the map. One column is kept every 15 minutes, for up to seven days.
- The live page compares what the map had waiting at the prices the market reached with the liquidations that really happened, and prints the score next to a baseline, so you can judge the map yourself.
This is part of the market, not all of it: positions Swiftedge does not follow, and positions on other venues, are not on the map, so every total is a lower bound. The leverage mix of the positions on the map is printed on the live page and changes as traders open and close positions.
What is different about SpaceX
- No session, no anchor. SpaceX shares are not listed, so there is no exchange open, close or share price behind the perpetual. It trades around the clock, and bands can be reached at any hour.
- News at any hour. Launch results, reports of a funding round or share sale at a new valuation, and reports about a possible listing can move the price on a weekday night or a Sunday.
- A thinner book. When a band of forced orders is triggered, there may be little resting liquidity to absorb it. Check what is really resting there in the SpaceX order book heatmap.
How to read it
- Bands are forced orders waiting to happen, not orders in the book. Nothing rests in the order book at a liquidation price until it is triggered. To see the orders that are really there, use the SpaceX order book heatmap; the difference is explained in liquidation heatmap vs order book heatmap.
- Watch the real liquidations next to it. The Liquidations indicator in SpaceX Depth draws every real liquidation on the live chart, so you can see which bands were hit.
- Check funding, open interest and positioning. Rising open interest with high funding means new leveraged longs, which is what fills the bands below the price: SpaceX funding rate, SpaceX open interest and SpaceX Positioning.
See where SpaceX liquidations sit right now.The live map is rebuilt every 5 minutes from public open positions and checked against real liquidations. Free, no sign-up.
Open the SpaceX liquidation heatmapCommon questions
Is there a free SpaceX liquidation heatmap?
Yes. The Swiftedge SpaceX liquidation heatmap is free, needs no sign-up and is rebuilt every 5 minutes from the liquidation prices of public open positions.
How accurate is the SpaceX liquidation heatmap?
It shows real positions, but only part of the market, so the totals are a lower bound. The live page compares the map with the liquidations that really happened and prints the score next to a baseline.
Why do bands disappear?
A band shrinks or disappears when the positions behind it are closed, have margin added or are liquidated. When price trades through a band, the positions there are usually liquidated, so they leave the map.
Does SpaceX move to the brightest band?
The map shows where forced orders could appear, not where the price will go. We do not claim bands act as magnets, and nothing on this page is a forecast or advice.
Where can I see real SpaceX liquidations?
Live on the chart in SpaceX Depth with the Liquidations indicator, next to the order book heatmap and the trades.
Why can SpaceX liquidations come at any hour?
There is no exchange session behind the pre-IPO perpetual, and news about SpaceX can come at any time, also at weekends.
Is the SpaceX perpetual a SpaceX share?
No. SpaceX is a private company and its shares are not listed. The perpetual gives no ownership of the company.