How did the liquid levitate at 0:37 or at any one of those moments ?
The liquid levitates because the gauge pressure of the gas pushing up on the bottom surface of the liquid is equal to the weight of the fluid on average. This is essentially the same reason a hovercraft levitates.
I think it's because of vibrating the air in the vertical direction which causes it to apply a force on the liquid in the upward direction.
The purpose of the vibrations is simply to prevent droplets from forming. By preventing drops from forming the air cannot get around the liquid and let it fall. The shaking is what keeps the “hovercraft” intact.
Is there any mathematical model of this force so that we can find the exact frequency for this levitation ?
Yes, the full derivation of this phenomenon is here.
https://arxiv.org/abs/2003.04777
Note, in the derivation they find that inside the fluid is a location where gas bubbles above that line float up and gas bubbles below that line float down. As the lower bubbles float down they are compressed and get smaller. This gives them the requisite pressure to hold up the liquid after they leave the lower surface.