# HyperEVM Revenue Methodology

## 1. Overview

Revenue measures the portion of fees that HyperEVM retains from its operations. For HyperEVM, revenue is calculated as the total gas fees paid by users to execute transactions on the network. Because no pass-through fees or external revenue-sharing agreements are applied to HyperEVM gas fees, 100% of the collected fees are retained as protocol revenue. This metric is utilized to assess the economic viability and self-sustainability of the HyperEVM execution environment.

## 2. Data sources

- **Blockchain events**: Transaction execution data from HyperEVM, covering HyperEVM
- **External data**: End-of-day price feeds for the native gas asset

## 3. Step-by-step calculation

### Component A: Gas fee extraction

- **Purpose**: Extract gas consumption and pricing details for each transaction on HyperEVM
- **Logic**: Transaction execution data is parsed to retrieve the gas used and the effective gas price for each transaction. The gas fee for each transaction is calculated by multiplying the gas used by the effective gas price. The effective gas price is normalized by decimal precision to convert the value from wei to the native asset denomination.
- **Key fields**: `gas_used`, `effective_gas_price`, `token_address`

### Component B: Daily aggregation and USD conversion

- **Purpose**: Aggregate gas fees daily and convert the values to USD
- **Logic**: Gas fees are aggregated by day using UTC boundaries. The daily native gas fees are then multiplied by the end-of-day price of the native gas asset to determine the daily fee volume in USD.
- **Key fields**: `block_timestamp`, `gas_fee`, `price_usd`

### Component C: Revenue determination

- **Purpose**: Calculate the final revenue retained by the protocol
- **Logic**: Because no pass-through fees, builder tips, or deployer cuts are applied to HyperEVM, the protocol revenue is set equal to 100% of the aggregated daily gas fees in USD. The final daily revenue values are mapped to the HyperEVM product and chain identifiers.
- **Key fields**: `fees`, `revenue`

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

fees * take_rate (illustrative — revenue is observed directly per project, not derived from take_rate)

Fee revenue retained after supply-side payouts. Before cost of revenue (e.g. L2 DA fees) and before operating expenses.

Revenue

Blockchains (L1)

Hyperliquid generates revenue through on-chain perpetual futures and spot trading, facilitated by its HyperCore execution layer. Every order, trade, and liquidation occurs on-chain with one-block finality, enabling ultra-low latency and transparent trading. Liquidity providers and market makers earn supply-side fees from bid-ask spreads and transaction rebates, while network participants can earn governance and staking rewards via the HYPE token.

Hyperliquid is a layer-one (L1) blockchain purpose-built for trading and decentralized finance. It combines: HyperCore, the high-performance trading engine powering perpetuals, spot markets, and oracles; HyperEVM, a fully compatible smart contract layer enabling developers to build DeFi applications such as lending, vaults, governance, bridges, and stablecoins directly on-chain. Its consensus mechanism, HyperBFT, is a custom algorithm inspired by HotStuff, optimized for throughput (200k+ orders/sec) and deterministic finality. The HYPE token underpins the network, granting holders rights to participate in governance, staking, and securing the protocol — effectively letting users own a share of the Hyperliquid ecosystem.

HYPE tokenholders own, govern, and secure the Hyperliquid network through on-chain governance. The Hyper Foundation oversees community governance and ecosystem growth, ensuring decentralization and alignment of incentives across traders, builders, and validators. Hyperliquid’s investors include Tioga Capital Partners, Collab+Currency, Infinite Capital (San Juan), Optimista Capital, and RockawayX, all holding minority venture capital positions.

HyperEVM

Revenue

Revenue

Chain breakdown