What is a stop-loss?

An order that closes a position automatically when the price moves against it to a set level, limiting the loss.

A stop-loss waits until the price reaches its trigger, then closes the position, usually with a market order. It caps the loss before the position comes close to its liquidation price.

Stop-losses of many traders gather just beyond obvious levels. When the price gets there, they fire one after another and speed up the move — much like liquidations.

On HyperScan

On Hyperliquid trigger orders are public, so HyperScan shows the stop-losses of whales on the liquidation map.