Edge or Not

Ethena liquidation heatmap & map model

Brighter bands = more leveraged ENA positions would be liquidated if price reached that level. Last 7 days, one column per hour, updated every 5 minutes.

Updated 22 Oct 2026, 01:40 UTC
lessmore estimated liquidations— price

ENA key liquidation levels now

Snapshot 22 Oct 2026, 01:40 UTC. Ethena at 0.2125. Biggest modeled cluster above price: 0.2298 (+8.13%, about $371K of short liquidations). Biggest below: 0.1995 (-6.09%, about $268K of long liquidations). Within 5% of price the model holds $1.2M of longs below and $807K of shorts above.

Within 5% of price: $1.2M longs below · $807K shorts above

Biggest clusters above price shorts would be liquidated

PriceDistanceEst. size
0.2311+8.78%$233K
0.2298+8.13%$371K
0.2291+7.80%$295K
0.2277+7.16%$225K
0.2263+6.52%$220K

Biggest clusters below price longs would be liquidated

PriceDistanceEst. size
0.2020-4.95%$247K
0.2001-5.80%$183K
0.1995-6.09%$268K
0.1972-7.21%$186K
0.1960-7.76%$194K

ENA on Edge or Not: liquidation heatmap · liquidations · liquidity heatmap · open interest · funding rate

This is an estimate, not real stop orders. Exchanges do not publish where positions get liquidated. The map assumes how new open interest was split between longs and shorts and between leverage levels. Use it as a picture of where leverage might sit, not as a forecast. Does price actually go there? See our test.

How the map is built

New to liquidation maps? Read how to read a liquidation heatmap - with a live example and the common mistakes.

  1. Every 5 minutes we read Binance open interest, candles and taker buy/sell volume for ENAUSDT perpetual.
  2. When open interest grows, the new positions are placed at the bar's average price; the long/short split follows that bar's taker buying vs selling.
  3. Each side is spread over 10x, 25x, 50x and 100x leverage (35/30/20/15%) with 0.4% maintenance margin, giving a liquidation price per level.
  4. When open interest falls, all open estimates shrink proportionally. When price trades through a level, that level is removed - it has been liquidated.

Liquidation map, liquidation heatmap, liquidity heatmap

The names get mixed up. A liquidation map usually shows the estimated liquidation volume per price level right now (the "Key levels" tables above); a liquidation heatmap shows the same estimate over time, as on the chart. Both are models. A liquidity heatmap, strictly, is a map of real resting orders in the order book - see the ENA liquidity heatmap - although many sites use the term for liquidation maps too.

Liquidation heatmap vs order book heatmap

A liquidation heatmap is a model of where forced orders could appear. An order book heatmap shows real limit orders resting in the book right now. They answer different questions; looking at both is more honest than trusting either alone.

FAQ

Is this the same as CoinGlass liquidation heatmap?

Same idea, independent build. Every liquidation heatmap is a model with assumptions; we publish ours in full above.

Does price move toward liquidation clusters?

That is the popular claim. In our pre-registered test on the first 30 days of data, price reached the bigger cluster first 55.2% of the time across 105 events - inside the range a coin flip produces. A forward test is running. Full result.

How often is it updated?

Data every 5 minutes; the chart shows one column per hour.