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.

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# Hyperliquid Active addresses (daily) Methodology

## 1. Overview

Active addresses (daily) is measured as the number of unique addresses that performed any activity on the Hyperliquid protocol within a 24-hour period. For Hyperliquid, trading activity across Hyperliquid Perps, Hyperliquid Spot, and Hyperliquid Outcome Markets on HyperCore, as well as transaction activity on the HyperEVM blockchain, are included. Unique user addresses are treated as equivalent to active addresses, providing insight into daily user engagement across Hyperliquid's multi-chain ecosystem.

## 2. Data sources

- **Blockchain events**: Trade execution and trade order records from HyperCore, and transaction records from HyperEVM, covering the Hyperliquid network

## 3. Step-by-step calculation

### Component A: HyperCore trading activity extraction

- **Purpose**: Unique trader addresses are identified from trading activity across Hyperliquid Perps, Hyperliquid Spot, and Hyperliquid Outcome Markets
- **Logic**: `trader_address` (mapped from `account_address`) is extracted from both node fills and node trades data sources. Completed trade executions are captured by node fills, while all trade orders are captured by node trades. Timestamps are truncated to daily boundaries using the `block_timestamp` field. Each record is classified as 'Trader' user type on the 'HyperCore' chain, with the product category assigned based on the asset's prefix: '#' prefixes are mapped to Hyperliquid Outcome Markets, '@' prefixes or '/' characters are mapped to Hyperliquid Spot, and all other assets are mapped to Hyperliquid Perps.
- **Key fields**: `trader_address` (the unique address identifier), `block_timestamp` (for daily aggregation), trade execution and order details

### Component B: HyperEVM blockchain activity extraction
- **Purpose**: Unique addresses that sent transactions on the HyperEVM blockchain are identified
- **Logic**: `user_address` (mapped from `from_address`) is extracted from HyperEVM transaction records. All transaction senders are classified as 'Transaction sender' user type under the 'HyperEVM' product category. Timestamps are truncated to daily boundaries for consistent aggregation with HyperCore trading data.
- **Key fields**: `user_address` (transaction sender), `block_timestamp` (for daily aggregation), transaction metadata

### Component C: Daily user aggregation

- **Purpose**: All user activity sources are combined and distinct counting is performed by day
- **Logic**: HyperCore traders and HyperEVM users are combined into a single dataset. A deduplication operation is applied to user addresses within each day to count unique active users (daily). Data is filtered to include only activity from June 1, 2025 onwards. Separate tracking is maintained by chain (HyperCore vs HyperEVM), user type, and product ID.
- **Key fields**: `timestamp` (daily boundary), `user_dau` (unique user address), dimensional attributes for breakdowns

### Component D: Dimensional breakdowns and aggregation

- **Purpose**: Scalable distinct counting is performed with multiple reporting dimensions
- **Logic**: Distinct counting is performed across multiple reporting dimensions. Four dimensional views are created: project-level totals, chain-level breakdowns, user type breakdowns, and product ID breakdowns. Counts are merged across dimensions to maintain accuracy for large datasets.
- **Key fields**: dimensional grouping fields, `user_dau` (extracted distinct count)

### Final aggregation

- **Combining components**: Only the 'chain' and 'project_dbt_tag' dimensional views are selected from the aggregation results for the final active addresses daily metric. Overall protocol-level active address counts are provided by the 'project_dbt_tag' dimension, while breakdowns between HyperCore (Hyperliquid Perps, Hyperliquid Spot, and Hyperliquid Outcome Markets) and HyperEVM activity are shown by the 'chain' dimension.
- **Currency conversion**: No currency conversion is required as this is a count-based metric
- **Time aggregation**: Daily boundaries are maintained throughout the calculation using timestamp truncation to day granularity
- **Final calculation**: The distinct count of unique addresses that performed any activity (trading or blockchain transactions) on Hyperliquid within each 24-hour period is represented by the metric value. A complete time series is maintained for all days.

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

Unique active addresses over a fixed 24-hour window.

HyperliquidHYPE

Active addresses (daily)

Active addresses (daily)

Competitive landscape

Chain breakdown