What is an order book?

The list of all buy and sell limit orders for a market, sorted by price.

Buy orders (bids) are below the price, sell orders (asks) are above. The gap between the best bid and the best ask is the spread; the total size of orders near the price is the depth of the market.

Hyperliquid runs a fully on-chain order book on HyperCore: every limit order, cancellation and trade is recorded on the blockchain.

On HyperScan

HyperScan uses order book depth to estimate how strongly large orders and liquidations can move the price.