How this works

Where the data comes from

We capture Lighter's public trade feed continuously, on our own. Every fill on Lighter names the two accounts on it and carries each side's position and entry before the fill. Replaying the fills in order gives every account's position in every perp market at any hour since Aug 28, 2026, when our capture became complete.

Lighter's API shows one account's positions if you already know the account. It has no list of who trades, no history and no flow. The capture gives all three: many accounts seen so far, positions at every hour, and every fill.

What is shown

• Size tiers. Each open position is placed in a tier by its size in that market, at the current price: under $10k, $10k to $100k, $100k to $1M, and over $1M.
• The LLP. Lighter's own liquidity pool account is the counterparty on a large share of fills, so it gets its own line instead of a tier, and it is left out of the account counts and the underwater view.
• Accounts long. The share of accounts with an open position in a market that are long.
• Underwater. A long is in loss when its average entry is above the current price; a short when its entry is below it. The current price is the last traded price at the top of the hour.
• Taker flow. The US dollar value of fills where the aggressor bought, minus where it sold. Liquidations and auto-deleveraging are shown separately, by the side that was closed.
• Spot markets and markets Lighter lists as inactive are not shown. Perps only.

How accurate it is

Chain check. Every fill carries the account's position before it, straight from the venue. Before applying a fill we compare that number with the position we rebuilt from the account's previous fill. Over the whole history, a very small share of fills disagree; in the last 24 hours, -. A disagreement means we missed a fill, and the venue's number heals it at the account's next fill.

Coverage. Every hour we compare the rebuilt long and short size in each market with the open interest Lighter reports. Right now the rebuilt long side covers - of reported open interest across the markets shown. The gap is accounts that opened positions before Aug 28 and have not traded since, so we have never seen them. It shows as "Not seen since Aug 28" on each market page and shrinks as those accounts trade.

Hour boundaries. Each snapshot is the state after every fill of the hour, published a few minutes after the hour closes. Fills that reach our capture late are healed at the account's next fill.

What it is not

It is a picture of positioning, not a signal. Nothing here is a forecast or financial advice. No individual account is identified anywhere on this site.