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 revenue per user (ARPU) Methodology

## 1. Overview

Average revenue per user (ARPU) is calculated as the revenue generated per active user over a fixed 24-hour window for Felix Exchange Perps. The protocol's ability to monetize individual traders on a daily basis is reflected by this metric. Revenue is derived from the 50% share of user-paid trading fees allocated to Felix Exchange as a HIP-3 deployer on Hyperliquid, while the user base is comprised of unique addresses participating in trades on Felix Exchange-deployed markets.

## 2. Data sources

- **Revenue**: Derived from the Revenue metric
- **Active users (daily)**: Derived from the Active users (daily) metric
- **Blockchain events**: fills from Hyperliquid HyperCore, covering HyperCore
- **External data**: Asset metadata for fee-token identification

## 3. Step-by-step calculation

### Component A: Felix Exchange Perps trade identification

- **Purpose**: Trading activity occurring on Felix Exchange-deployed perpetual markets is identified.
- **Logic**: Fills are filtered from Hyperliquid HyperCore records where the market identifier contains the `flx:` prefix. This namespacing identifies markets registered under the Felix Exchange deployer wallet. Data is aggregated from both legacy and current fill records to ensure full historical coverage.
- **Key fields**: `coin`, `trader_address`, `fee`, `fee_token`

### Component B: Revenue calculation

- **Purpose**: The daily protocol revenue retained by Felix Exchange is determined.
- **Logic**: User-paid fees are extracted from identified fills. Because fees are paid in USDH, amounts are treated as USD-denominated without additional price conversion. Protocol revenue is calculated by applying a 50% allocation to the total user-paid fees, representing the standard HIP-3 deployer share.
- **Key fields**: `fee`, `fee_token`

### Component C: Active user tracking

- **Purpose**: The daily unique participant count for Felix Exchange Perps is calculated.
- **Logic**: active users (daily) are identified by extracting the unique set of trader addresses that appear on either the maker or taker side of a matched trade. These addresses are aggregated daily to provide the denominator for the ARPU calculation.
- **Key fields**: `trader_address`

### Component D: Final ARPU derivation

- **Purpose**: The average revenue generated per individual user is calculated.
- **Logic**: Total daily revenue is divided by the count of active users (daily). The calculation is performed at a daily granularity using UTC day boundaries. In instances where no activity is recorded, the value is zero-filled to maintain data continuity.
- **Key fields**: `revenue`, `user_dau`

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

Felix

Average revenue per user (ARPU)

Average revenue per user (ARPU)

Competitive landscape