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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Derivative exchanges

# HMX Active users (daily) Methodology

## 1. Overview

Daily Active Users (DAU) for HMX measures the number of unique trader addresses that execute perpetual derivative trades on the HMX protocol each day. This metric counts distinct users who perform position increase or decrease actions, providing insight into daily trading activity and user engagement on the platform. The calculation focuses exclusively on actual trading activity rather than passive interactions.

## 2. Data sources

The metric relies on the following raw data sources:
- **Arbitrum blockchain event logs**: Parsed events from HMX's TradeService smart contract on Arbitrum
- **Trading events**: Specifically `LogIncreasePosition` and `LogDecreasePosition` events that capture when users open, modify, or close perpetual derivative positions
- **Transaction metadata**: Block timestamps and transaction hashes associated with each trading event

## 3. Step-by-step calculation

### Component A: User identification from trading events
- **Purpose**: Identifies unique trader addresses from HMX perpetual derivative trading activity
- **Logic**: Extracts user addresses from `LogIncreasePosition` and `LogDecreasePosition` events emitted by HMX's TradeService contract on Arbitrum. These events capture when traders increase or decrease their perpetual derivative positions. The `primaryAccount` parameter from each event identifies the trader's address. All identified addresses are classified as 'Trader' user type within the 'derivatives' market sector and 'perpetual' business segment.
- **Key fields**: `primaryAccount` (extracted as `user_address`), `block_timestamp`, `transaction_hash`, `chain` (set to 'arbitrum')

### Component B: Daily aggregation and deduplication
- **Purpose**: Counts distinct active users per calendar day
- **Logic**: Truncates block timestamps to daily boundaries using day-level precision. Groups all trading events by the truncated timestamp and counts distinct user addresses for each day. This ensures that a user who makes multiple trades in a single day is only counted once in the DAU metric.
- **Key fields**: `timestamp` (truncated to day), `user_address` (deduplicated), `timestamp_grain` (set to 'day')

### Final calculation
- **Combining components**: The user identification component feeds directly into the daily aggregation, where distinct user addresses are counted per day
- **Time aggregation**: Block timestamps are truncated to calendar day boundaries, creating daily buckets for user counting
- **Data quality filtering**: Chain availability filtering is applied to exclude dates where blockchain data coverage may be incomplete, ensuring accurate user counts
- **Final calculation**: For each calendar day, the metric counts the number of distinct trader addresses that executed at least one position increase or decrease transaction on HMX's perpetual derivative platform

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

Unique revenue-generating users over a fixed 24-hour window.

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Active users (daily)

Active users (daily)

Competitive landscape

Chain breakdown