# dreamcash MSFT Open interest Methodology

## 1. Overview

This page covers the MSFT market (`cash:MSFT`) on dreamcash, one of the markets deployed under the `cash` namespace on Hyperliquid HyperCore. The calculation is identical across all dreamcash markets; the figures on this page are scoped to the MSFT market.

The total USD notional value of all open positions on the dreamcash derivatives protocol at a point in time is measured by open interest. It is utilized as a leading indicator of speculative activity and capital at risk, complementary to trading volume. Positions that have already been closed or liquidated within the period are excluded from open interest. Calculations are performed across various perpetual markets, including crypto assets, stocks, commodities, ETFs, and indices. Market liquidity and risk exposure within the protocol are gauged through the analysis of open interest.

## 2. Data sources

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

## 3. Step-by-step calculation

### Component A: Net position change tracking

- **Purpose**: Daily net changes in position size for each trader and market are calculated.
- **Logic**: `node_fills` events are parsed where the asset identifier carries the protocol's prefix. For each transaction, the net change in position size is calculated by summing the sizes, where buy sides are treated as positive values and sell sides are treated as negative values. This net change is aggregated daily per trader and market.
- **Key fields**: `block_timestamp`, `account_address` (trader address), `coin` (market identifier), `side`, `size`

### Component B: Running position and open interest unit calculation

- **Purpose**: The total outstanding open interest units per market are determined.
- **Logic**: A cumulative sum of the daily net changes is calculated over time to reconstruct the running position for each trader and market. These running positions are forward-filled across days to ensure inactive days do not reset the position. The total open interest units for each market are calculated by summing the absolute values of all active trader positions and dividing by two to represent one-sided open interest.
- **Key fields**: `timestamp`, `trader_address`, `market_id`, `net_change`, `running_position`

### Component C: Mark price extraction

- **Purpose**: The daily valuation price for each perpetual market is determined.
- **Logic**: The daily mark price is extracted as the latest observed fill price from the `node_fills` events for each asset. Because the settlement is executed in stablecoins, these prices represent the USD value directly. For days with no trading activity, the mark prices are forward-filled from the most recent available day.
- **Key fields**: `block_timestamp`, `coin`, `price`

### Component D: Valuation and aggregation

- **Purpose**: Open interest units are converted to USD and aggregated by product.
- **Logic**: The daily open interest units for each market are multiplied by the corresponding end-of-day mark price to calculate the USD notional value. Market identifiers are mapped to canonical product names, including `cash:BTC`, `cash:ETH`, `AMZN Perpetual`, `GOLD Perpetual`, and other supported perpetual assets. The final values are aggregated by day, chain, and product, with a forward-fill strategy applied to maintain historical open interest on days without new events.
- **Key fields**: `oi_units`, `eod_price_usd`, `product_id`, `open_interest`

## Comparability note (one-sided convention)
One-sided open interest is reported by Token Terminal, where each matched contract is counted only once. Approximately twice the figures reported on this platform are displayed by sources that report two-sided open interest, where both the long and short sides of every contract are counted.

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

Total USD notional value of all open positions on a derivatives protocol at a point in time.

Open interest

Derivative markets

dreamcash earns a deployer share of trading fees on the perpetual markets it has deployed under Hyperliquid's HIP-3 framework. Markets execute on Hyperliquid's HyperCore L1 order book; it does not operate its own matching engine. The default HIP-3 fee split allocates 50% of each user-paid fee to Hyperliquid and 50% to the deployer; deployerFeeScale is 1.0, so the standard split applies.

dreamcash offers USDC-settled perpetual contracts on US equities (NVDA, TSLA, AMZN, MSFT, META, GOOGL, INTC, HOOD), indices (USA500, EWY, KWEB), and commodities (gold, silver, WTI). All 15 markets are deployed under the HIP-3 `cash` namespace and execute on Hyperliquid's HyperCore order book.

dreamcash is a HIP-3 (builder-deployed perpetuals) deployer on Hyperliquid, deployed by wallet 0xffa8198c62adb1e811629bd54c9b646d726deef7. dreamcash is operated as a private company; no token has been issued.

MSFT PerpetualMSFT

Open interest

Open interest