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Exchanges (DEX)

Axiom Trade

# Axiom Trade Notional trading volume Methodology

## 1. Overview

Notional trading volume measures the total value of derivative contracts executed on Axiom Trade, specifically through Axiom Perps. The aggregate value of perpetual contract fills routed through the Axiom Trade builder address on the Hyperliquid platform is represented by this metric. Because trading fees are paid by users on each executed trade, a strong correlation is maintained between this metric and the protocol's capacity to generate fees and revenue.

## 2. Data sources

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

## 3. Step-by-step calculation

### Component A: Axiom Perps fill extraction

- **Purpose**: Extract perpetual contract fill events routed through the Axiom Trade builder address
- **Logic**: `node_fills` events are parsed from Hypercore. Fills are filtered to include only those where the builder address matches the designated Axiom Trade builder address, and the block timestamp is on or after the Axiom Perps launch date.
- **Key fields**: `block_timestamp`, `size`, `price`, `builder`

### Component B: Notional volume calculation and aggregation

- **Purpose**: Calculate the USD-denominated notional trading volume and aggregate by day
- **Logic**: For each filtered fill event, the trade size is multiplied by the fill price to determine the notional value. These values are aggregated daily by truncating the block timestamp to day granularity. Missing days are zero-filled to ensure a continuous time series.
- **Key fields**: `size`, `price`, `block_timestamp`

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

Total USD value of derivative contracts executed on the protocol.

Axiom Trade

Notional trading volume

Notional trading volume

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