Lenders deposit assets into HyperLend and earn interest paid by borrowers (supply-side fees); the protocol keeps a share of that interest as revenue, set per reserve by the reserve factor.

HyperLend is a non-custodial lending protocol on HyperEVM. Core Pools are an Aave v3.2 friendly fork (pooled lending); Isolated Pools are a FraxLend v3 fork (isolated pair markets).

HPL tokenholders own and govern HyperLend, the credit and liquidity layer for the Hyperliquid ecosystem.

twitter

website

github

discord

Lending

HyperLend

# HyperLend Active loans Methodology

## 1. Overview

Active loans measures the total value of outstanding variable debt lent out to borrowers on HyperLend. The portion of deposited assets that borrowers are actively paying interest on is tracked, which tends to correlate with the lending project's ability to generate revenue. The metric is focused on HyperLend Core, a lending pool operating on the HyperEVM network.

## 2. Data sources

- **Blockchain events**: `ReserveInitialized` events from `LendingPoolConfigurator` contracts, and `Mint` and `Burn` events from `VToken` contracts, covering HyperEVM
- **External data**: End-of-day price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: Market identification

- **Purpose**: Identify active lending reserves and map underlying assets to debt tokens
- **Logic**: `ReserveInitialized` events from `LendingPoolConfigurator` contracts are parsed to map each underlying asset to its corresponding variable debt token (`vToken`) and interest-bearing deposit token (`aToken`) addresses. This mapping is utilized to establish a registry of active lending markets for HyperLend Core.
- **Key fields**: `underlying_token_address`, `atoken_address`, `vtoken_address`

### Component B: Debt change extraction

- **Purpose**: Capture borrow and repayment actions that modify outstanding debt
- **Logic**: `Mint` and `Burn` events from `VToken` contracts are parsed to track changes in variable debt. For borrow events (`Mint`), the principal borrowed is calculated by subtracting the accrued interest balance increase from the event value. For repayment events (`Burn`), the total repaid amount is calculated by adding the accrued interest balance increase to the event value. The liquidity index is also extracted from each event and normalized.
- **Key fields**: `value`, `balance_increase`, `index_value`

### Component C: Outstanding debt accumulation

- **Purpose**: Calculate the cumulative outstanding debt in underlying asset units
- **Logic**: Net debt changes (positive for borrows, negative for repayments) are scaled by the liquidity index at the time of the transaction to determine the scaled debt. These scaled values are accumulated chronologically to maintain a running balance of scaled outstanding debt. This running scaled balance is then multiplied by the current liquidity index to express the total outstanding debt in terms of the underlying asset.
- **Key fields**: `amount`, `index_value`

### Component D: Decimal normalization and USD conversion

- **Purpose**: Standardize outstanding debt values and convert them to USD
- **Logic**: Outstanding debt balances are normalized by the decimal precision of each underlying asset. Daily deltas of these normalized balances are calculated, aggregated, and accumulated over time. Missing days are filled forward to maintain a continuous daily time series. Finally, the daily asset balances are multiplied by end-of-day price feeds to determine the active loans value in USD.
- **Key fields**: `active_loans`, `price_usd`

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

Value of loans currently outstanding to borrowers.

HyperLendHPL

Active loans

Active loans

Competitive landscape