We study the moduli space of rank 2 instanton sheaves on $p3$ in terms of representations of a quiver consisting of 3 vertices and 4 arrows between two pairs of vertices. Aiming at an alternative compactification for the moduli space of instanton sheaves, we show that for each rank 2 instanton sheaf, there is a stability parameter $theta$ for which the corresponding quiver representation is $theta$-stable (in the sense of King), and that the space of stability parameters has a non trivial wall-and-chamber decomposition. Looking more closely at instantons of low charge, we prove that there are stability parameters with respect to which every representation corresponding to a rank 2 instanton sheaf of charge 2 is stable, and provide a complete description of the wall-and-chamber decomposition for representation corresponding to a rank 2 instanton sheaf of charge 1.
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