Position X-Ray

Reverse-engineer where whale positions were opened by working backwards from liquidation levels — see the hidden entry prices behind the numbers.

What is Position X-Ray?

Position X-Ray takes liquidation level data and works backwards to estimate where positions were originally opened. Every liquidation price corresponds to an entry price at a given leverage level. By mapping liquidation levels back to their probable entries, Position X-Ray reveals clusters of positions that were opened at specific price ranges.

The math is straightforward. For a long position, the relationship between entry price and liquidation price depends on leverage: a 10x long entered at $100,000 liquidates around $90,000. By looking at the liquidation volume at $90,000 and knowing it could represent 10x longs, we can estimate that approximately that volume was entered around $100,000. The tool runs this calculation across standard leverage brackets (5x, 10x, 20x, 50x) for every liquidation level to build a complete picture.

The result is a heatmap of estimated position entries — showing you where the big money entered the market, at what leverage, and how much volume sits at each entry zone. This is information that no exchange publishes directly.

Key Concepts

• Entry Price Estimation: Calculated from liquidation price and leverage using the formula: Long entry ≈ liq_price / (1 - 1/leverage), Short entry ≈ liq_price / (1 + 1/leverage)
• Leverage Brackets: Standard leverage levels (5x, 10x, 20x, 50x) used to estimate the range of possible entry prices for each liquidation level
• Position Clusters: Price zones where many positions appear to have been opened — these represent significant market commitment at specific levels
• Volume Distribution: The estimated USD value of positions at each entry price, broken down by direction (long/short)

How to Use Position X-Ray

1. Open Position X-Ray from the sidebar or Terminal workspace
2. Select a symbol to analyze
3. The display shows two panels — estimated long entries (green) and short entries (red)
4. Use the leverage filter to focus on specific leverage brackets
5. Hover over bars to see detailed volume estimates at each entry price
6. The largest clusters indicate where the most capital entered the market

What to Look For

• Bullish signals: A large cluster of long entries near or below the current price with low leverage (5-10x) suggests strong conviction buying that is unlikely to be liquidated easily. Many short entries clustered just above current price are fuel for a short squeeze.
• Bearish signals: Heavy long entry clusters at prices above current market with high leverage (20-50x) are vulnerable positions. A concentration of shorts entered well above current price with low leverage suggests confident bearish positioning.
• Key patterns: When position entry clusters align with known support or resistance levels, it confirms those levels are meaningful. Gaps in the entry distribution (price zones with very few position entries) indicate areas where the market moved quickly without building positions.
• Combine with: Cascade Simulator to model what happens if those positions get liquidated, Liquidation Levels overlay on the chart for real-time monitoring, Whale Radar for tracking new large position openings

Data Source

Tips

• Focus on the largest volume clusters — these represent the most significant positioning and will create the biggest market impact if tested
• Low-leverage position clusters are stronger support/resistance because they need a much larger move to be liquidated
• The tool shows estimates, not exact positions — real entries are distributed across leverage levels, so treat the output as a probability map rather than precise data
• Compare position entry clusters over time to see how market participants are repositioning