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.

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# HyperLend Average fees per user (AFPU) Methodology

## 1. Overview

Average fees per user (AFPU) for HyperLend is calculated as the total daily fees divided by active users (daily) over a fixed 24-hour window. The daily cost incurred by an individual user for utilizing the protocol's lending, borrowing, flash loan, and liquidation services is reflected by this metric. Denominated in USD, the metric is utilized to analyze user monetization and protocol usage efficiency.

## 2. Data sources

- **Fees**: Derived from the Fees metric
- **Active users (daily)**: Derived from the Active users (daily) metric

## 3. Step-by-step calculation

### Component A: Daily active user identification

- **Purpose**: The identification and aggregation of active users (daily) of HyperLend.
- **Logic**: Interaction events are collected from `LendingPool` contracts, including `Supply`, `Borrow`, `Repay`, `Withdraw`, `FlashLoan`, and `LiquidationCall` events. To identify the true active user, each event is joined to the transaction data on the HyperEVM chain using the transaction hash. The transaction signer address (`user_address`) is extracted as the active user. For liquidations, the action is attributed to the liquidator. Active users (daily) are calculated by aggregating distinct user addresses per day.
- **Key fields**: `block_timestamp` (timing), `transaction_hash` (transaction identification), `user_address` (user address)

### Component B: Fee extraction and USD conversion

- **Purpose**: The calculation of total daily fees generated by HyperLend across interest, flash loans, and liquidations.
- **Logic**: Fees are aggregated from three distinct sources. First, borrower interest is reconstructed using daily changes in cumulative interest, which is calculated as the sum of minted treasury aAssets from `MintedToTreasury` events and still-accruing treasury balances from state reads of the pool. This interest is split into protocol revenue and supply-side fees using the reserve factor from `ReserveFactorChanged` events. Second, flash loan fees are extracted from the `premium` field of `FlashLoan` events. Third, liquidation protocol fees are captured from ERC-20 `Transfer` events of collateral aAssets from the liquidated user to the treasury, which are grossed up using the liquidation protocol fee factor from `LiquidationProtocolFeeChanged` events to determine the total liquidation fee. All fee components are normalized by decimal precision, converted to USD using end-of-day price feeds, and summed daily.
- **Key fields**: `block_timestamp` (timing), `amount` (fee quantities), `premium` (flash loan fee), `revenue` (liquidation protocol fee), `reserve_factor` (interest split factor), `liquidation_factor` (liquidation split factor)

### Component C: Average fees per user calculation

- **Purpose**: The calculation of the average fees paid per active user over a 24-hour window.
- **Logic**: The total daily fees in USD are divided by the active users (daily) for each day. If no activity or fees are recorded for a given day, the metric is filled with zero.
- **Key fields**: `fees` (total daily fees), `user_dau` (active users (daily)), `afpu` (average fees per user)

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

HyperLendHPL

Average fees per user (AFPU)

Average fees per user (AFPU)

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