Squelch watches every trade on 37 of Hyperliquid's most-traded perp markets and messages you when one is bigger than 99% of that pair's own recent trades, plus funding-rate extremes and open-interest spikes. No code, no websocket scripts to run yourself.
Captured 2026-10-09 at 9:46 PM CDT from Hyperliquid's live trade feed with Squelch's own detector and message format.
A $100K trade is routine on BTC and enormous on a small-cap perp. So Squelch doesn't use one dollar cutoff for everything. It keeps a rolling history of each pair's recent trades and only alerts when a trade lands in the top 1% for that pair, with a $100K floor so tiny markets don't spam you. Each pair then waits 30 minutes before it can alert again.
Large trades: aggressive buys and sells that stand out against the pair's own history.
Funding-rate extremes: when funding stretches far from normal, a sign one side is crowded. See an example.
Open-interest spikes: sudden jumps in open positions. See an example.
You pick which alerts you want. Large trades are the busiest feed, so you can switch them off any time with /alerts hltrades off and keep the rest.
A large trade tells you someone moved size, not which way price goes next. One side of a big fill can be a hedge, a close or a market maker. Use it as a heads-up, not a signal. Not financial advice.
Squelch also covers whale moves on Bitcoin, stablecoin mints, liquidation clusters, new exchange listings and early exchange news. You only get what you switch on.
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