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 Notional trading volume Methodology

## 1. Overview

Notional trading volume is measured as the total value of perpetual swap contracts executed on Felix Exchange products, such as `flx:TSLA` and `flx:NVDA`. This metric is utilized as a primary indicator of protocol adoption and liquidity, as trading fees are typically calculated as a percentage of the total value of executed trades. TradeXYZ Perps is operated as a dedicated ecosystem within the Hyperliquid infrastructure, with all transactions settled on the HyperCore blockchain.

## 2. Data sources

- **Blockchain events**: Fill and trade data from HyperCore, covering the HyperCore chain
- **External data**: End-of-day price feeds derived from on-chain mark prices

## 3. Step-by-step calculation

### Component A: Felix Exchange Perps trade identification

- **Purpose**: Identify trades specifically attributed to the Felix Exchange ecosystem
- **Logic**: Transactions are filtered from HyperCore fill and trade data by identifying assets that carry the `flx:` prefix in the `coin` field. This prefix is used to signify markets registered under the Felix Exchange namespace according to the HIP-3 specification.
- **Key fields**: `coin`, `block_timestamp`

### Component B: Taker-side fill extraction

- **Purpose**: Ensure each matched trade is counted only once to prevent internal double-counting
- **Logic**: Fills are filtered to include only those where the `crossed` field is set to `true`. The taker side of every transaction is identified by this field, ensuring that the volume represents the actual value of matched orders rather than the sum of both the maker and taker sides of the same trade.
- **Key fields**: `crossed`, `size`

### Component C: Asset pricing and USD normalization

- **Purpose**: Determine the USD value of traded assets at the time of execution
- **Logic**: End-of-day mark prices are established by identifying the latest fill price for each asset across both fill and trade data within a UTC day. Because Felix Exchange Perps markets are USDH-settled, the on-chain fill prices are utilized directly as USD values without requiring external price-feed joins.
- **Key fields**: `price`, `token`

### Component D: Notional volume aggregation

- **Purpose**: Calculate the total daily value of all trades in USD
- **Logic**: Daily notional volume is calculated by multiplying the total size of taker-side fills by the corresponding end-of-day mark price for each asset. These values are summed across all registered markets to produce the total daily protocol volume. Data is aggregated with a daily granularity using UTC day boundaries.
- **Key fields**: `size`, `eod_price_usd`

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

Total USD value of derivative contracts executed on the protocol.

Felix

Notional trading volume

Notional trading volume

Competitive landscape

Chain breakdown