# Felix Exchange PALLADIUM Trade count Methodology

## 1. Overview

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

Trade count measures the total number of trades executed on Felix Exchange products, such as `flx:TSLA` and `flx:NVDA`. The frequency of user activity and market liquidity for assets traded through the project is reflected by this metric. All trades are executed on the HyperCore infrastructure and are identified through specific market namespacing.

## 2. Data sources

- **Blockchain events**: `node_fills` data from HyperCore, covering Hyperliquid

## 3. Step-by-step calculation

### Component A: Trade identification and filtering

- **Purpose**: Isolate Felix Exchange-specific trades and prevent double-counting of transaction sides
- **Logic**: Fill records are parsed from HyperCore data. Markets are identified by filtering for the `flx:` prefix within the asset identifier field, which denotes Felix Exchange-attributed markets under the HIP-3 namespacing standard. To prevent the double-counting of trades, which are recorded for both the maker and taker sides in the underlying data, the dataset is filtered to include only the taker side where the `crossed` attribute is true.
- **Key fields**: `coin` (market identification), `crossed` (side identification)

### Component B: Daily aggregation

- **Purpose**: Generate daily trade totals
- **Logic**: The identified trade events are summed to produce a total count. Results are grouped by day using the block timestamp. A zero-filling strategy is applied to ensure data continuity for days with no recorded trading activity.
- **Key fields**: `block_timestamp` (timing)

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

Number of trades executed on a decentralized exchange.

Trade count

Derivative markets

Felix issues feUSD and USDhl and deploys perpetual markets under the flx namespace on Hyperliquid's HyperCore order book.

Felix combines stablecoin issuance with USDC-settled perpetual contracts on equities, commodities, indices, and crypto.

Felix is a protocol and product suite on Hyperliquid that spans stablecoins and HIP-3 perpetual markets.

PALLADIUM PerpetualPALLADIUM

Trade count

Trade count

Chain breakdown