# HyENA LTC Open interest Methodology

## 1. Overview

This page covers the LTC market (`hyna:LTC`) on HyENA, one of the markets deployed under the `hyna` namespace on Hyperliquid HyperCore. The calculation is identical across all HyENA markets; the figures on this page are scoped to the LTC market.

The total USD notional value of all open positions on HyENA at a point in time is measured by open interest. Speculative activity and capital at risk within the perpetual contracts offered by the protocol are indicated by this metric. Open positions are tracked continuously, while positions that have already been closed or liquidated within the period are excluded. Insights into market liquidity and leverage across various perpetual products are provided to institutional investors through this metric.

## 2. Data sources

- **Blockchain events**: Node fill events are parsed from the Hypercore chain, where trade executions, position sizes, and execution prices for perpetual contracts are recorded
- **External data**: End-of-day mark prices are derived directly from the latest on-chain trade fill prices for each perpetual market

## 3. Step-by-step calculation

### Component A: Net position change tracking

- **Purpose**: The daily net change in position size for each trader and market is calculated
- **Logic**: Node fill events on the Hypercore chain are filtered for assets carrying the protocol's prefix. For each trade, the net change in position size is determined based on the trade side, where the position is increased by buy trades and decreased by sell trades. These changes are aggregated daily for each unique combination of trader address and market.
- **Key fields**: `block_timestamp`, `trader_address`, `coin`, `side`, `size`

### Component B: Running position and open interest unit calculation

- **Purpose**: The total outstanding open interest in native units for each market is determined
- **Logic**: A cumulative sum of daily net changes is calculated over time to reconstruct the running position for each trader in each market. These running positions are forward-filled across days without trading activity to ensure active positions are preserved. To calculate total open interest units per market, the absolute values of all active trader positions are summed and divided by two, representing a one-sided accounting convention.
- **Key fields**: `running_position`, `oi_units`

### Component C: End-of-day price determination

- **Purpose**: The daily valuation price for each perpetual market is established
- **Logic**: The end-of-day mark price is identified as the price of the latest node fill event recorded for each asset on a given day. Because the contracts are settled in USDE, these prices are treated as USD values. For days with no trading activity, the mark prices are forward-filled from the most recent available day to maintain valuation consistency.
- **Key fields**: `price`, `block_timestamp`

### Component D: USD valuation and product aggregation

- **Purpose**: Open interest units are converted to USD and aggregated by product
- **Logic**: The daily open interest units for each market are multiplied by the corresponding end-of-day mark price to calculate the USD notional open interest. Market identifiers are normalized into alphanumeric product slugs to map them to canonical perpetual products, such as BTC Perpetual, ETH Perpetual, and SOL Perpetual. The final values are aggregated daily by product and chain, with a forward-fill strategy applied to handle days without updates.
- **Key fields**: `open_interest`, `product_id`

## Comparability note (one-sided convention)
A one-sided open interest convention is utilized by Token Terminal, meaning that each matched contract is counted only once (representing either the long side or the short side, but not both). It should be noted that figures approximately double the values reported on this platform are displayed by alternative data sources that report two-sided open interest.

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

Total USD notional value of all open positions on a derivatives protocol at a point in time.

Open interest

Derivative markets

HyENA earns a deployer share of trading fees on the perpetual markets it has deployed under Hyperliquid's HIP-3 framework. Markets execute on Hyperliquid's HyperCore L1 order book; it does not operate its own matching engine. HyENA's deployerFeeScale is 0.1111, so its deployer share of each user-paid fee is reduced versus the standard HIP-3 split. Revenue is read from the realized on-chain deployerFee field per fill rather than assumed.

HyENA offers USDC-settled perpetual contracts on crypto-native assets (BTC, ETH, SOL, BNB, XRP, DOGE, HYPE, FARTCOIN, PUMP, LINK, SUI, LTC, BCH, ADA, ...) plus gold, silver, and XMR. All 24 markets are deployed under the HIP-3 `hyna` namespace and execute on Hyperliquid's HyperCore order book.

HyENA is a HIP-3 (builder-deployed perpetuals) deployer on Hyperliquid, deployed by wallet 0x53e655101ea361537124ef814ad4e654b54d0637. HyENA is operated as a private company; no token has been issued.

LTC PerpetualLTC

Open interest

Open interest