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.

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Felix

# Felix Exchange Fees Methodology

## 1. Overview

Fees measures the total value paid by users to trade on Felix Exchange products, such as `flx:TSLA` and `flx:NVDA`. These fees are generated through perpetual swap trading activity on markets deployed via the Hyperliquid HIP-3 framework. This metric reflects the total economic value paid by traders before any revenue-sharing or protocol distributions occur.

## 2. Data sources

- **Blockchain events**: `node_fills` records from Hyperliquid HyperCore
- **Fee token filter**: `fee_token = 'USDH'` (the sole quote and collateral asset for HIP-3 perps today)

## 3. Step-by-step calculation

### Component A: Felix Exchange market identification

- **Purpose**: Filter HyperCore fills to Felix Exchange-deployed markets only
- **Logic**: Fills are filtered by the `flx:` prefix on the `coin` field, the permanent on-chain namespace assigned to Felix Exchange at HIP-3 deployment. This isolates the 15 registered markets without depending on any off-chain registry.

### Component B: Gross fee aggregation

- **Purpose**: Sum user-paid fees per market per day in USD
- **Logic**: The user-paid fee for each fill is taken directly from the `fee` field of `node_fills`. The chain records the value as recorded on-chain, so no manual adjustment is required. Fills are restricted to `fee_token = 'USDH'`; values are treated as USD-equivalent without price conversion. Sums are computed per `(timestamp, market_id, token_symbol)` in the breakdown, then aggregated to the daily project metric.

### Component C: Daily normalization

- **Purpose**: Emit a single daily-grain row with zero-fill for days without trading
- **Logic**: The metric is sourced from `felix_breakdowns_fees` so per-market values and the daily total stay in sync by construction. `fill_zeros` populates any day in the date spine that has no fills, ensuring continuous daily coverage from the launch date forward.

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

Total value users pay to use a protocol (gross fees, user-paid fees).

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