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 Active users (monthly) Methodology

## 1. Overview

Active users (monthly) measures the number of unique addresses that execute revenue-generating trades on Felix Exchange products, such as `flx:TSLA` and `flx:NVDA`. This metric captures both makers and takers participating in perpetual swap markets deployed via the Felix Exchange protocol. User activity is identified through trade fill events on the Hyperliquid blockchain, specifically targeting markets registered under the Felix Exchange namespace.

## 2. Data sources

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

## 3. Step-by-step calculation

### Component A: Trade fill extraction

- **Purpose**: Identify all trading activity occurring on Felix Exchange-deployed markets
- **Logic**: Trade fill data is parsed from HyperCore contracts on the Hyperliquid blockchain. Markets are filtered to include only those where the asset symbol carries the `flx:` prefix, which signifies a market deployed by the Felix Exchange protocol. Trader addresses are extracted from the account fields of these fill events, capturing participants on both the maker and taker sides of every matched trade.
- **Key fields**: `account_address` (trader identification), `coin` (market identification), `block_timestamp` (timing)

### Component B: Monthly unique address aggregation

- **Purpose**: Calculate the total count of unique participants per 30-day window
- **Logic**: The extracted trader addresses are aggregated and deduplicated to determine the number of unique active users. This count is calculated over 30-day rolling windows. Monthly granularity is maintained using UTC day boundaries.
- **Key fields**: `trader_address` (unique identifier), `block_timestamp` (temporal grouping)

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

Unique revenue-generating users over a rolling 30-day window.

Felix

Active users (monthly)

Active users (monthly)

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