# Axiom Perps Notional trading volume Methodology

## 1. Overview

Notional trading volume measures the total value of derivative contracts executed on Axiom Perps. This metric is used to evaluate the overall trading activity and liquidity of the platform, which directly correlates with its capacity to generate fees and revenue. Trading volume is captured from perpetual contract fills executed through the Axiom Trade builder address on the Hypercore chain.

## 2. Data sources

- **Blockchain events**: `node_fills` events from Hypercore contracts, covering the Hypercore chain

## 3. Step-by-step calculation

### Component A: Axiom Perps trade execution tracking

- **Purpose**: Identify and extract perpetual contract fills executed through Axiom Perps
- **Logic**: `node_fills` events are parsed from Hypercore contracts. Trades are filtered to include only those where the builder address matches the designated Axiom Trade builder address. Transactions are also filtered to ensure they occurred on or after the Axiom Perps launch date.
- **Key fields**: `block_timestamp`, `builder`

### Component B: Axiom Perps volume calculation

- **Purpose**: Calculate the USD value of executed trades
- **Logic**: For each filtered fill event, the trade size is multiplied by the execution price to determine the notional value of the transaction. These individual trade values are then aggregated by day to calculate the total daily notional trading volume.
- **Key fields**: `size`, `price`

### Component C: Standardization and zero-filling

- **Purpose**: Ensure data integrity and continuous daily time series
- **Logic**: The aggregated daily volume is cast to a standardized decimal format. Missing days in the time series are filled with zero values to ensure a continuous daily record.
- **Key fields**: `notional_trading_volume`

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Total USD value of derivative contracts executed on the protocol.

Notional trading volume

Axiom Perps

Notional trading volume

Notional trading volume

Chain breakdown