Liquidity providers deposit funds into HMX and receive trading fees from traders (supply-side fees).

HMX is a non-custodial exchange for perpetual contracts built on Arbitrum. HMX was founded by Shu Wei, Rockman, and Taoree and was launched in 2022.

HMX tokenholders own and govern the protocol. They currently take a cut of the total trading fees paid by traders (revenue). HMX's investors include Coral DeFi, Compound Capital Partners, Cryptomind, etc.

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# HMX Treasury (net) Methodology

## 1. Overview

The HMX treasury net metric measures the total USD value of tokens held across HMX's treasury addresses on the Arbitrum blockchain. This metric answers the question "What is the current market value of all tokens held in HMX treasury wallets?" The calculation tracks token balances in real-time by processing blockchain transfer events, maintaining running balances, and converting to USD using end-of-day price feeds.

## 2. Data sources

- **Arbitrum blockchain events**: Parsed `Transfer` events from ERC20 token contracts on Arbitrum
- **Token metadata**: Token symbol and decimal information for proper balance calculations
- **End-of-day price feeds**: Daily USD price data for tokens held in treasury addresses
- **Chain availability data**: Configuration data defining which chains are available for specific time periods

## 3. Step-by-step calculation

### Component A: Treasury balance tracking
- **Purpose**: Track token balance changes for HMX treasury addresses
- **Logic**: Process all `Transfer` events on Arbitrum blockchain where the treasury addresses (0x24d53494dc9e260a6b2ddb0b40c1ed222471779c and 0xa3dc2f156a6fc94bfe7fd9fea2fa6c6cb8db6c3f) are either sender or receiver. Calculate net balance changes by adding incoming transfers and subtracting outgoing transfers. Exclude transactions involving token address 0x83d6c8c06ac276465e4c92e7ac8c23740f435140 from the treasury calculation.
- **Key fields**: `timestamp`, `account_address`, `token_address`, `balance` (net change amount), `token_symbol`

### Component B: Cumulative balance calculation  
- **Purpose**: Convert balance changes into running token balances
- **Logic**: Use window functions to calculate cumulative sums of balance changes, partitioned by timestamp grain, chain, account address, and token address. This creates a running total showing the actual token balance at each point in time for each token in each treasury address.
- **Key fields**: `balance` (cumulative total), partitioned by `timestamp_grain`, `chain_id`, `account_address`, `token_address`

### Component C: Data continuity and forward-filling
- **Purpose**: Ensure continuous daily data points for consistent metric calculation
- **Logic**: Apply forward-filling logic to propagate the last known balance forward for any missing dates. This ensures that each token-address combination has a balance value for every day, using the most recent known balance when no transactions occurred.
- **Key fields**: All dimensions maintained with forward-filled `balance` values

### Component D: USD conversion
- **Purpose**: Convert token balances to USD values
- **Logic**: Join forward-filled token balances with end-of-day price feeds, matching on timestamp, chain, and token address. Multiply each token balance by its corresponding USD price to get the USD value. Filter to include only positive balances and ensure price data uses daily granularity.
- **Key fields**: `amount` (balance multiplied by `price_usd`)

### Final aggregation
- **Combining components**: Sum all USD values across all tokens and treasury addresses to create a single daily treasury net value
- **Currency conversion**: USD conversion uses end-of-day price feeds matched by timestamp, chain, and token address
- **Time aggregation**: Daily values are calculated with forward-filling to maintain continuous time series
- **Final calculation**: The treasury net value equals the sum of all positive token balances multiplied by their respective end-of-day USD prices, aggregated across all HMX treasury addresses on Arbitrum, excluding the specified token address

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

Total value of a project's treasury excluding its native token.

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Treasury (net)

Treasury (net)

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Chain breakdown