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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Derivative exchanges

HyENA

# HyENA Supply-side fees Methodology

## 1. Overview

Supply-side fees measures the portion of user-paid trading fees that does not accrue to HyENA. This bucket combines two components, both routed by Hyperliquid HyperCore atomically at trade time:

- Hyperliquid's protocol share (50% of the user-paid fee under the HIP-3 default split with `deployerFeeScale = 1.0`), routed to the Assistance Fund and HLP
- Voluntary discounts and builder fees routed to third-party defi builders and referrers via the HyperCore builder-codes mechanism

Both flow to counterparties other than HyENA before the deployer is credited, which is the qualifying test for supply-side classification on a derivatives exchange.

## 2. Data sources

- **Derived**: `fees − revenue`. Computed directly from the two adjacent metrics in this project.

## 3. Step-by-step calculation

### Component A: Component decomposition

- **Purpose**: Surface the two adjacent metrics as positive and negative contributors
- **Logic**: Daily rows from `hyena_metrics_fees` (positive) and `hyena_metrics_revenue` (negative) are unioned. Both inputs are already daily-grain, USD-denominated, and zero-filled across the date spine.

### Component B: Daily aggregation

- **Purpose**: Reduce to one row per day per chain and product
- **Logic**: The unioned components are summed by `(timestamp, timestamp_grain, chain_id, product_id)`. The result equals `fees − revenue` by construction and holds the P&L identity `fees = revenue + fees_supply_side` to the cent.

### Component C: Daily normalization

- **Purpose**: Standard schema, zero-fill for days without trading
- **Logic**: `fill_zeros` populates any date-spine day without trading. Values are USD-equivalent (USDE throughout the underlying fee stream).

## 4. What this bucket includes vs excludes

Includes: Hyperliquid's atomic 50% share (routed to AF and HLP) and voluntary builder/referral payments routed to third-party defi builders.

Excludes: HyENA's own realized take (that is `revenue`).

The two components are not separated because both share the same accounting treatment: paid atomically before the deployer is credited, routed to counterparties that provide distinct services (matching engine for HL, order routing for builders). Separating them would require splitting the `node_fills.fee − deployer_fee` residual using on-chain `builder_fee` plus an inferred Hyperliquid share, which is not maintained here.

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

Portion of fees distributed to service providers or supply-side participants.

HyENA

Supply-side fees

Supply-side fees

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