<!-- https://zunder-design-preview.pages.dev/docs/tools/live-market · Markdown version of the page -->

# Live market

Hyperliquid's public trades, judged by your rules and anonymised, in your browser. What is sampled, how traders are anonymised, and the request budget.

The live market section takes public trades from Hyperliquid as they happen, looks up the trader behind a sample of them, and shows what Guard would have said, with a [heat score](https://zunder-design-preview.pages.dev/docs/methods/heat-score). Nobody is named.

## Read the interface

[Open the live market](https://zunder-design-preview.pages.dev/#live). These annotations follow the workspace’s reading order.

1. **Market river.** Each plotted sample represents a public trade judged against the selected rules, rather than the full market.
2. **Rules.** Change a rule to explore its effect on the sampled decisions, without sending any order.
3. **Decision breakdown.** Read allow, resize and refuse alongside their reasons. A refusal describes risk under the rules, not whether a trade will win.
4. **Anonymised trader tag.** Tags group samples during this page visit. They are not an identity or a persistent account ranking.

## What it does

```text
WebSocket trades (BTC, ETH, SOL, HYPE, XRP, DOGE, SUI, AVAX)
  → sample the taker of each order
  → look up that trader's public state (within the request budget)
  → judge the trade with the WebAssembly engine, under your rules
  → heat score → anonymise → show
```

## Sampling

- One taker order that sweeps several resting orders arrives as several trades. They are added up into one sample.
- Only the **taker** is sampled: the maker is most often a market maker, and the taker is the one who decided to trade now.
- Market makers are skipped: an address in more than 40 trades within a minute, or with 100 or more open orders.
- Trades under 100 USD are not sampled.
- At most 32 samples wait. A sample older than 10 s is dropped, because the trader's state would no longer describe the trade.

## Anonymisation

Addresses never reach the page. Each one becomes a tag such as `#3fa1`: the first four hex digits of SHA-256 of a random salt and the address. The salt is drawn once per page load, so a trader keeps the same tag while the page is open and gets a new one after a reload. Amounts are rounded to two significant figures, prices to four, times to the second.

What this does and does not do: [Anonymisation](https://zunder-design-preview.pages.dev/docs/methods/anonymisation).

## Request budget

Hyperliquid allows 1,200 request weight per minute per IP. The page uses at most **600**, half, because you may have other Hyperliquid tools open on the same connection. Details: [Request budget](https://zunder-design-preview.pages.dev/docs/methods/request-budget).

## What it is not

- Not a list of good or bad traders. A refused trade can be a winning one; the rules judge risk, not outcome.
- Not complete. It samples; most trades are never looked up.
