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 Average fees per user (AFPU) Methodology

## 1. Overview

Average fees per user (AFPU) is calculated to measure the fees paid per active user over a fixed 24-hour window. Total daily fees are divided by active users (daily) to reflect how much an individual user pays for the services of Hyperliquid on a daily basis. Fee and user activity data are aggregated across Hyperliquid Perps, Hyperliquid Spot, Hyperliquid Outcome Markets, HyperEVM, and USDC Reserve Income. This metric is utilized to evaluate the average economic contribution of each active participant to the ecosystem.

## 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: HyperCore trading fee extraction

- **Purpose**: Extract trading fees from HyperCore fills
- **Logic**: Trading fills are parsed to extract the total fee paid by the trader. This fee is structured to include the protocol take, builder fees, and deployer fees. For HIP-3 deployer markets (identified by the `<deployer>:<ticker>` prefix), the deployer fee is resolved using on-chain data or estimated using a scale multiplier before the on-chain emission date. All fee components are normalized by decimal precision and converted to USD using end-of-day asset prices.
- **Key fields**: `fee`, `builder_fee`, `deployer_fee`, `fee_token`

### Component B: HyperEVM gas fee calculation

- **Purpose**: Calculate gas fees paid for transactions on HyperEVM
- **Logic**: Transactions on HyperEVM are parsed to extract gas used and effective gas price. The gas fee is calculated by multiplying gas used by the effective gas price. The resulting gas fees are normalized by decimal precision and converted to USD.
- **Key fields**: `gas_used`, `effective_gas_price`, `gas_fee`

### Component C: USDC Reserve Income yield tracking

- **Purpose**: Calculate the gross yield generated from backing USDC reserves
- **Logic**: Daily USDC balances of the treasury and technical deployer addresses on HyperEVM are tracked using ERC-20 token transfers. The gross reserve yield is calculated by multiplying the total backing USDC balance by the daily reference rate (the effective federal funds rate published by the New York Fed) and dividing by 365.
- **Key fields**: `backing_balance`, `reference_rate`, `gross_reserve_yield`

### Component D: Daily active user aggregation

- **Purpose**: Aggregate active users (daily) across all products
- **Logic**: Distinct active users are identified daily. For HyperCore, traders are identified from fills and trades, and categorized into Hyperliquid Perps, Hyperliquid Spot, or Hyperliquid Outcome Markets based on the asset prefix. For HyperEVM, transaction senders are identified. These distinct users are aggregated to determine the total active users (daily) for the project.
- **Key fields**: `trader_address`, `user_address`, `user_dau`

### Component E: Average fees per user calculation

- **Purpose**: Calculate the final average fees per user
- **Logic**: Total daily fees from all components (HyperCore trading fees, HyperEVM gas fees, and USDC Reserve Income gross yield) are summed. This total fee value is divided by the total active users (daily) to compute the average fees per user.
- **Key fields**: `fees`, `user_dau`, `afpu`

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

HyperliquidHYPE

Average fees per user (AFPU)

Average fees per user (AFPU)

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