# HyENA XPL Notional trading volume Methodology

## 1. Overview

This page covers the XPL market (`hyna:XPL`) 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 XPL market.

Notional trading volume is measured as the total value of perpetual swap contracts executed on HyENA products, such as `hyna:BTC` and `hyna:ETH`. This metric is utilized as a primary indicator of protocol adoption and liquidity, as trading fees are typically calculated as a percentage of the total value of executed trades. TradeXYZ Perps is operated as a dedicated ecosystem within the Hyperliquid infrastructure, with all transactions settled on the HyperCore blockchain.

## 2. Data sources

- **Blockchain events**: Fill and trade data from HyperCore, covering the HyperCore chain
- **External data**: End-of-day price feeds derived from on-chain mark prices

## 3. Step-by-step calculation

### Component A: HyENA Perps trade identification

- **Purpose**: Identify trades specifically attributed to the HyENA ecosystem
- **Logic**: Transactions are filtered from HyperCore fill and trade data by identifying assets that carry the `hyna:` prefix in the `coin` field. This prefix is used to signify markets registered under the HyENA namespace according to the HIP-3 specification.
- **Key fields**: `coin`, `block_timestamp`

### Component B: Taker-side fill extraction

- **Purpose**: Ensure each matched trade is counted only once to prevent internal double-counting
- **Logic**: Fills are filtered to include only those where the `crossed` field is set to `true`. The taker side of every transaction is identified by this field, ensuring that the volume represents the actual value of matched orders rather than the sum of both the maker and taker sides of the same trade.
- **Key fields**: `crossed`, `size`

### Component C: Asset pricing and USD normalization

- **Purpose**: Determine the USD value of traded assets at the time of execution
- **Logic**: End-of-day mark prices are established by identifying the latest fill price for each asset across both fill and trade data within a UTC day. Because HyENA Perps markets are USDE-settled, the on-chain fill prices are utilized directly as USD values without requiring external price-feed joins.
- **Key fields**: `price`, `token`

### Component D: Notional volume aggregation

- **Purpose**: Calculate the total daily value of all trades in USD
- **Logic**: Daily notional volume is calculated by multiplying the total size of taker-side fills by the corresponding end-of-day mark price for each asset. These values are summed across all registered markets to produce the total daily protocol volume. Data is aggregated with a daily granularity using UTC day boundaries.
- **Key fields**: `size`, `eod_price_usd`

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

Total USD value of derivative contracts executed on the protocol.

Notional trading volume

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.

XPL PerpetualXPL

Notional trading volume

Notional trading volume