Replication Data Package — Liquidation-Aware Market Making Under On-Chain Transparency: Evidence from the Hyperliquid October 10, 2025 Liquidation Cascade

This dataset is the replication data package for the doctoral thesis "Liquidation-Aware Market Making Under On-Chain Transparency: Evidence from the Hyperliquid October 10, 2025 Liquidation Cascade" (SUSS DBA, 2026). It contains the derived analytical panels, appendix-specific intermediate results, and reproduction figures/tables needed to verify all empirical findings reported in the dissertation (Chapter 4-5, Appendix A-F). The raw on-chain JSONL and L2 order book snapshots used as inputs are archived separately at Zenodo DOI 10.5281/zenodo.18759045. Binance USDⓂ-M Perpetual data used for cross-exchange comparison (Appendix E) is publicly available via Binance Vision at https://data.binance.vision/. Key contents:- Main analysis panels (parquet): 116,037 coin-minute observations covering 9 perpetual contracts (BTC, ETH, SOL, XRP, BNB, DOGE, AVAX, LINK, HYPE) over the 2025-10-07 to 2025-10-15 window- VPIN (Volume-synchronized Probability of Informed Trading) flow toxicity panels for both Hyperliquid and Binance- Multi-event replication panels: 2025-11-21 BLS event and 2026-01-30 yen-carry trade unwind- Hyperliquid platform-wide (100+ coins) hourly and daily liquidation extracts- Appendix-specific intermediate results: 51 placebo tests, GM model calibration grid, robustness grids, cross-exchange DDD, multi-event TWFE comparisons The headline empirical finding (H3 transparency amplification = 3.94×) can be reproduced from `panels/panel_minute_HL_main_event.parquet` using a standard two-way fixed effects regression. See README.md for a quick-start Python example. License: CC-BY 4.0. Please cite both this dataset and the source raw data archive (10.5281/zenodo.18759045) when reusing.