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.

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HyENA

# HyENA Fees Methodology

## 1. Overview

Fees measures the total value paid by users to trade on HyENA products, such as `hyna:BTC` and `hyna:ETH`. These fees are generated through perpetual swap trading activity on markets deployed via the Hyperliquid HIP-3 framework. This metric reflects the total economic value paid by traders before any revenue-sharing or protocol distributions occur.

## 2. Data sources

- **Blockchain events**: `node_fills` records from Hyperliquid HyperCore
- **Fee token filter**: `fee_token = 'USDE'` (the sole quote and collateral asset for HIP-3 perps today)

## 3. Step-by-step calculation

### Component A: HyENA market identification

- **Purpose**: Filter HyperCore fills to HyENA-deployed markets only
- **Logic**: Fills are filtered by the `hyna:` prefix on the `coin` field, the permanent on-chain namespace assigned to HyENA at HIP-3 deployment. This isolates the 24 registered markets without depending on any off-chain registry.

### Component B: Gross fee aggregation

- **Purpose**: Sum user-paid fees per market per day in USD
- **Logic**: The user-paid fee for each fill is taken directly from the `fee` field of `node_fills`. The chain records the value as recorded on-chain, so no manual adjustment is required. Fills are restricted to `fee_token = 'USDE'`; values are treated as USD-equivalent without price conversion. Sums are computed per `(timestamp, market_id, token_symbol)` in the breakdown, then aggregated to the daily project metric.

### Component C: Daily normalization

- **Purpose**: Emit a single daily-grain row with zero-fill for days without trading
- **Logic**: The metric is sourced from `hyena_breakdowns_fees` so per-market values and the daily total stay in sync by construction. `fill_zeros` populates any day in the date spine that has no fills, ensuring continuous daily coverage from the launch date forward.

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

Total value users pay to use a protocol (gross fees, user-paid fees).

HyENA

Fees

Fees

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