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.

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dreamcash

# dreamcash Average fees per user (AFPU) Methodology

## 1. Overview

Average fees per user (AFPU) is used to measure the average daily transaction fees paid by individual traders on dreamcash products, such as `cash:USA500` and `cash:TSLA`. It is calculated as total daily fees divided by active users (daily), and is used to provide a metric for the average cost of service per participant. This value is utilized to evaluate the unit economics and user-level monetization of the platform across dreamcash-deployed markets on HyperCore.

## 2. Data sources

- **Fees**: Derived from the Fees metric
- **Active users (daily)**: Derived from the Active users (daily) metric

## 3. Step-by-step calculation

### Component A: dreamcash Perps fee extraction

- **Purpose**: Capture the total value of user-paid trading fees
- **Logic**: Perpetual trading data is parsed from `node_fills` events on HyperCore contracts. TradeXYZ-specific markets are identified using the `cash:` namespace prefix. User-paid fees are extracted from the `fee` field, which represents the actual amount paid by the trader. Since all fees are settled in USDT0, values are treated as USD-denominated and amounts are normalized by decimal precision.
- **Key fields**: `fee` (fee amount), `fee_token` (asset identification), `coin` (market identification)

### Component B: Active user identification

- **Purpose**: Identify the daily count of unique participants
- **Logic**: Unique active users are identified by extracting distinct `account_address` values from trade events. Both maker and taker participants are included in the daily count to ensure the full scope of platform activity is captured.
- **Key fields**: `account_address` (user identification), `block_timestamp` (timing)

### Component C: Average fees per user calculation

- **Purpose**: Calculate the final daily average per participant
- **Logic**: Total daily fees are divided by the count of unique active users (daily). The resulting value is used to represent the average fee contribution per user over a 24-hour window. Daily granularity is maintained using UTC day boundaries.
- **Key fields**: `fees` (numerator), `user_dau` (denominator)

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

dreamcash

Average fees per user (AFPU)

Average fees per user (AFPU)

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