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.

twitter

website

github

discord

Derivative exchanges

Felix

# Felix Exchange 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 Felix Exchange products, such as `flx:TSLA` and `flx:NVDA`. 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 Felix Exchange-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: Felix Exchange 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 `flx:` 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 USDH, 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.*

Felix

Average fees per user (AFPU)

Average fees per user (AFPU)

Competitive landscape