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

Holdstation DeFutures is a non-custodial perpetual exchange protocol built on zkSync Era. Holdstation DeFutures was founded by Hoai Nam and Trung Banh, and launched in 2023.

HOLD tokenholders own and govern the protocol. They currently take a cut of the total trading fees paid by traders (revenue). Holdstation's investors include ViaBTC Capital, Kryber, K300 Ventures, etc.

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# Holdstation Notional trading volume Methodology

## 1. Overview

Holdstation notional trading volume measures the total leveraged exposure across all perpetual trading positions executed on the Holdstation DeFutures protocol. This metric captures the full economic exposure of trades by multiplying the actual position size by the leverage multiplier, providing insight into the total risk and capital efficiency of the platform. The calculation aggregates both market orders and limit orders executed on zkSync Era, converted to USD and aggregated daily.

## 2. Data sources

- **Blockchain events**: Parsed smart contract events from the Holdstation DeFutures protocol on zkSync Era blockchain, specifically `HSTradingCallbacks_LimitExecuted_event` and `HSTradingCallbacks_MarketExecuted_event`
- **Transaction data**: zkSync Era transaction records containing the execution details of perpetual trading positions
- **External data**: End-of-day USDC price feeds for USD conversion and token metadata for decimal precision correction
- **Data types**: Smart contract event logs capturing trade executions, end-of-day token price feeds, and token specification metadata

## 3. Step-by-step calculation

### Component A: Trade execution event collection
- **Purpose**: Capture all perpetual trading position executions on Holdstation DeFutures
- **Logic**: Extract events from the HSTradingCallbacks contract on zkSync Era for both limit orders (`LimitExecuted` events) and market orders (`MarketExecuted` events). Each event represents the opening or closing of a leveraged trading position. Filter events to include trader address, pair index, leverage amount, and position size in USDC. All trades are denominated in USDC with the token address hardcoded to the zkSync Era USDC contract address
- **Key fields**: `trader` address for position owner, `pairIndex` for trading pair identification, `leverage` amount as multiplier, `positionSizeUsdc` as base position size, and event metadata including block timestamp and transaction hash

### Component B: Notional volume calculation  
- **Purpose**: Calculate the total leveraged exposure for each trading position
- **Logic**: For each trade execution event, multiply the position amount by the leverage amount to determine the notional trading volume. This represents the full economic exposure of the position rather than just the collateral posted. Apply timestamp truncation to daily boundaries for aggregation. Enrich data with business classification metadata including perpetual trading business line, derivatives market sector, and holdstationv1 product identifier
- **Key fields**: `notional_trading_volume` calculated as position amount multiplied by leverage amount, daily `timestamp` boundaries, and business classification fields for data categorization

### Final aggregation
- **Combining components**: Aggregate all individual trade notional volumes by day, summing across all trading pairs and trader addresses
- **Currency conversion**: Apply decimal corrections based on USDC token specifications, then convert to USD using end-of-day price feeds for consistent valuation
- **Time aggregation**: Group data by daily timestamp boundaries, applying zero-fill strategy for missing periods to maintain complete time series
- **Final calculation**: Sum all leveraged position exposures (position amount × leverage multiplier) executed within each day, converted to USD and properly formatted with correct decimal precision, filtered by chain availability to ensure data completeness

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

Total USD value of derivative contracts executed on the protocol.

HoldstationHOLD

Notional trading volume

Notional trading volume

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