# Axiom Perps Revenue Methodology

## 1. Overview

The Revenue metric represents the portion of trading fees that is retained by Axiom Perps. This metric is utilized to demonstrate the protocol's earnings from its perpetual trading integration before any operating expenses or token incentives are deducted. For Axiom Perps, revenue is generated through builder fee attributions that are paid by Hyperliquid to the designated Axiom builder account. Because no cashback or supply-side distributions are allocated to traders for Axiom Perps, all collected fees are fully retained as protocol revenue.

## 2. Data sources

- **Blockchain events**: `node_fills` events from Hypercore nodes, covering Hypercore

## 3. Step-by-step calculation

### Component A: Axiom Perps fee extraction

- **Purpose**: Extract builder fees generated by Axiom Perps trading activity on Hyperliquid.
- **Logic**: Fill events are parsed from Hypercore `node_fills` records. Trades are filtered to isolate transactions executed through the Axiom application by matching the builder address to the designated Axiom builder account. Transactions are further filtered to include only those occurring on or after the Axiom Perps launch date. The builder fee is extracted from these trades, specifically targeting transactions settled in the USDC asset.
- **Key fields**: `block_timestamp`, `builder_fee`, `fee_token`, `trader_address`

### Component B: Axiom Perps daily fee aggregation

- **Purpose**: Aggregate extracted fees to a daily granularity.
- **Logic**: The block timestamps of the filtered fill events are truncated to day granularity. The extracted builder fees are summed for each day to calculate the total daily fees generated by Axiom Perps.
- **Key fields**: `timestamp`, `fees`

### Component C: Axiom Perps revenue calculation

- **Purpose**: Determine the final protocol revenue by accounting for supply-side distributions.
- **Logic**: Supply-side fees, defined as cashback returned to traders, are evaluated. Since cashback mechanisms are not implemented for Axiom Perps, supply-side fees are set to zero. Protocol revenue is calculated by subtracting these supply-side fees from the total daily fees, which results in the full retention of the generated builder fees as protocol revenue.
- **Key fields**: `fees`, `fees_supply_side`, `revenue`

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

fees * take_rate (illustrative — revenue is observed directly per project, not derived from take_rate)

Fee revenue retained after supply-side payouts. Before cost of revenue (e.g. L2 DA fees) and before operating expenses.

Axiom Perps

Revenue

Revenue

Chain breakdown