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 Bridge deposits Methodology

## 1. Overview

Bridge deposits for Hyperliquid represents the total USD value of tokens held in Hyperliquid's bridge contracts on Arbitrum. This metric tracks the amount of user funds that have been deposited into Hyperliquid's bridging infrastructure but not yet processed or withdrawn. The calculation involves monitoring token balances across specific bridge contract addresses and converting these balances to USD values using end-of-day price feeds.

## 2. Data sources

- **Arbitrum blockchain events**: Parsed ERC-20 `Transfer` events from Arbitrum to track token movements into and out of bridge contracts
- **Token balance data**: Calculated balances for tokens held in specific bridge contract addresses over time
- **Token metadata**: Token decimal information and contract addresses for proper amount calculations
- **External price data**: End-of-day token price feeds for USD conversion
- **Chain availability data**: Arbitrum chain availability status for data quality filtering

## 3. Step-by-step calculation

### Component A: Bridge address identification
- **Purpose**: Define the specific contract addresses that hold bridged tokens for Hyperliquid
- **Logic**: Two specific Arbitrum contract addresses are identified as Hyperliquid bridge deposit holders: `0xc67e9efdb8a66a4b91b1f3731c75f500130373a4` and `0x2df1c51e09aecf9cacb7bc98cb1742757f163df7`. These addresses act as custodial wallets where user tokens are held during the bridging process.
- **Key fields**: `account_addresses` containing the bridge contract addresses on Arbitrum

### Component B: Portfolio balance calculation  
- **Purpose**: Calculate the total token balances held across all bridge addresses over time
- **Logic**: The system tracks token balances by parsing `Transfer` events on Arbitrum to monitor tokens flowing into and out of the specified bridge addresses. For each token contract, the system maintains running balances by adding incoming transfers and subtracting outgoing transfers for each bridge address. This creates a time series of token holdings for each address and token combination.
- **Key fields**: `balance` representing the token amount held, `timestamp` for time tracking, `chain` identifying Arbitrum network

### Component C: Data filtering and aggregation
- **Purpose**: Filter data to relevant time period and aggregate across all bridge addresses
- **Logic**: Only data from June 1, 2025 onwards is included in the calculation. Token balances are summed across both bridge addresses and all token types held by those addresses to create a total bridge deposits value for each timestamp. Business categorization fields are added to classify this as blockchain L2 market sector data.
- **Key fields**: `bridge_deposits` as the aggregated balance amount, `chain_id` for network identification, `market_sector_id` and `business_segment_id` for categorization

### Final aggregation
- **Combining components**: Token balances from both bridge addresses are summed together to create a total bridge deposits amount for each time period
- **Currency conversion**: Token amounts are converted to USD using end-of-day price feeds, with proper decimal adjustment based on each token's decimal configuration
- **Time aggregation**: Data is aggregated to daily boundaries using timestamp grain standardization
- **Final calculation**: The final metric represents the total USD value of all tokens held across Hyperliquid's bridge contracts at each daily timestamp, with forward-fill strategy applied to handle missing data points and chain availability filtering applied to ensure data quality

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

Value of assets held in a project's bridge contracts.

HyperliquidHYPE

Bridge deposits

Bridge deposits

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Chain breakdown