The full upstream README, mirrored here for reference. Install config, tool schemas, adoption signals, and an original overview live on the Market Depth Lab listing page.
Read-only Hyperliquid and cross-exchange market research for AI agents.
🌐 Project website and live dashboards: marketdepthlab.com
Every MCP result points back to Market Depth Lab, where the public dashboards, methodology and related research live.
Market Depth Lab MCP gives Claude, Codex, Cursor and other MCP clients nine structured tools for public Hyperliquid and cross-exchange market data. It does not request a private key, wallet signature, exchange login or permission to trade.
Independent open-source software. Not affiliated with or endorsed by Hyperliquid. Research information only; not financial advice.
structuredContent.| Tool | What it answers |
|---|---|
list_active_hyperliquid_twaps | Which public TWAP schedules are active, and what is their estimated current notional? |
analyze_hyperliquid_wallet | What positions, balances, orders, leverage and PnL are visible for this public address? |
calculate_hyperliquid_fees | What would the estimated fee be for this notional, role and fee tier? |
get_hype_market_snapshot | What is HYPE worth now, and how do spot and perps compare? |
hyperliquid_summarize_large_trader_positions | How is the monitored large-trader cohort positioned by market? |
hyperliquid_list_top_position_holders | Which monitored addresses have the largest positions in one market? |
hyperliquid_list_funding_rates | Who pays funding now, and what is the exact trailing-24h sum for the returned markets? |
scan_cross_exchange_funding_spreads | Where is the largest normalized funding difference across Binance USD-M, OKX and Hyperliquid, after a user-supplied cost estimate? |
scan_cross_exchange_perp_price_spreads | Where do current perpetual best bids and asks diverge across venues, after fee estimates and a visible top-of-book capacity check? |
The three concepts are deliberately separate:
hyperliquid_list_funding_rates describes the current Hyperliquid main
and HIP-3 funding universe, including exact trailing-24h sums for the
returned page.scan_cross_exchange_funding_spreads normalizes one-hour and eight-hour
settlement intervals, then compares a lower-funding long leg with a
higher-funding short leg. Its annualized number is a comparison, not a
forecast.scan_cross_exchange_perp_price_spreads compares public top-of-book
quotes. It reports both entry-fee and round-trip-fee views, plus the
smaller visible notional on the selected bid/ask levels. OKX contract
counts are converted with the public instrument ctVal before notional
is calculated.The scanners are original TypeScript implementations informed by the read-only monitoring workflow used in Market Depth Lab's local research. They do not vendor or modify the reference Python projects.
Neither scanner places orders. A row is a screening candidate, not proof of executable or risk-free arbitrage. Funding can change; REST snapshots are not simultaneous; Binance/OKX normally settle in USDT while Hyperliquid main perps settle in USDC; and deeper-book slippage, transfers, margin, liquidation, venue access and close-out prices remain outside the estimate.
The public package is
market-depth-lab-mcp-server.
Use this configuration in an MCP client that supports local stdio servers:
npx downloads the published package and starts the local read-only MCP
process. No exchange login, wallet connection or API key is required.
Use the absolute path to dist/index.js in your MCP client:
Use the source checkout when you want to review or modify the implementation; use the npm configuration above for the shortest installation path.
| Capability | Data path |
|---|---|
| HYPE, wallet and Hyperliquid funding | Your local MCP process → public Hyperliquid info API |
| Cross-exchange funding spreads | Your local MCP process → public Binance USD-M, OKX and Hyperliquid market-data APIs |
| Cross-exchange price spreads | Your local MCP process → public Binance USD-M and OKX book-ticker APIs plus Hyperliquid l2Book |
| Active TWAPs | Your local MCP process → public HypurrScan endpoint, plus Hyperliquid price references |
| Large positions and top holders | Your local MCP process → Market Depth Lab's rolling read-only position index |
| Fee calculator | Runs locally; no network request |
The server has no analytics or telemetry. A wallet address submitted to
analyze_hyperliquid_wallet is sent directly from your machine to the public
Hyperliquid API. Position-index calls use
https://data.marketdepthlab.com/v1/positions/latest.
Public exchange endpoints can be unavailable in some regions. Both
cross-exchange tools expose per-venue available, partial or unavailable
coverage and their error messages. They never silently claim that a
two-venue or three-venue comparison was complete.
Market Depth Lab rotates through a monitored pool of public addresses. The index is useful for cohort-level market structure, but it is:
Every position tool reports the snapshot time, age, monitored-address count, staleness state and coverage boundary.
All variables are optional.
| Variable | Default | Purpose |
|---|---|---|
MDL_POSITION_INDEX_URL | https://data.marketdepthlab.com/v1/positions/latest | Remote read-only position index |
MDL_POSITION_INDEX_PATH | unset | Load a local JSON snapshot instead of the remote index |
MDL_MAX_SNAPSHOT_AGE_HOURS | 24 | Mark a position snapshot stale after this age |
MDL_REJECT_STALE | false | Return an error instead of labeled stale data |
MDL_HTTP_TIMEOUT_MS | 15000 | Per-request network timeout |
When MDL_POSITION_INDEX_PATH is set, the two position tools do not make a
network request. Other live-data tools still use public upstream APIs.
The test suite performs an in-memory MCP handshake, verifies the nine tool definitions and calls the local fee tool through the protocol. Live upstream smoke tests should be run before each release, but are intentionally excluded from deterministic CI.