# Hyperliquid Fees Methodology

## 1. Overview

The total economic value paid by users to interact with the Hyperliquid ecosystem is measured by Fees. This metric includes trading fees paid by users on Hyperliquid Perps, Hyperliquid Spot, and Hyperliquid Outcome Markets, transaction gas fees paid on HyperEVM, and the gross yield generated on the USDC backing HyperCore under the Aligned Quote Asset V2 framework. These fees represent the total cost of utilizing the platform's trading and execution infrastructure, as well as the yield generated from reserve assets managed in partnership with Coinbase and Circle.

## 2. Data sources

- **Blockchain events**: Transaction data and ERC-20 `Transfer` events from HyperEVM, and order fill events from HyperCore, covering HyperCore and HyperEVM
- **External data**: Effective federal funds rate from the Federal Reserve Bank of New York and end-of-day asset price feeds

## 3. Step-by-step calculation

### Component A: Hyperliquid Perps, Hyperliquid Spot, and Hyperliquid Outcome Markets fee extraction

- **Purpose**: Extract trading fees paid by users across HyperCore trading products.
- **Logic**: Order fill events are parsed from HyperCore. The product type is determined by the asset prefix: assets starting with `#` are classified as Hyperliquid Outcome Markets, assets starting with `@` or containing `/` are classified as Hyperliquid Spot, and all other assets are classified as Hyperliquid Perps. The total fee paid by the trader is extracted from the fee field. For historical data prior to the on-chain emission of deployer fees, the deployer fee component is estimated using the HIP-3 deployer fee scale multiplier, while native markets assign a zero value to this component.
- **Key fields**: `fee`, `fee_token`, `coin`, `builder_fee`, `deployer_fee`

### Component B: HyperEVM transaction fee calculation

- **Purpose**: Calculate gas fees paid for transactions executed on HyperEVM.
- **Logic**: Transaction receipts are parsed from HyperEVM. Gas fees are calculated by multiplying the gas used by the effective gas price.
- **Key fields**: `receipt_gas_used`, `receipt_effective_gas_price`

### Component C: USDC Reserve Income yield calculation

- **Purpose**: Calculate the gross yield generated on the USDC backing HyperCore.
- **Logic**: ERC-20 `Transfer` events for USDC on HyperEVM are parsed to track the daily balances of the treasury deployer (managed by Coinbase) and the technical deployer (managed by Circle). Daily balances are calculated by aggregating net transfers (transfers in minus transfers out) and applying a fill-forward method for days without transfers. The total backing balance is calculated as the sum of both deployer balances. Gross reserve yield is calculated by multiplying the total backing balance by the daily reference rate published by the Federal Reserve Bank of New York, divided by 365.
- **Key fields**: `value`, `from_address`, `to_address`, `rate_percentage`

### Component D: USD conversion and aggregation

- **Purpose**: Normalize all fee components to USD and aggregate them.
- **Logic**: Trading fees, gas fees, and reserve yields are normalized by decimal precision. Trading fees denominated in assets other than USD or USDC are converted to USD using end-of-day asset prices derived from HyperCore fills and trades. All fee components are aggregated daily using UTC boundaries.

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

Total value users pay to use a protocol (gross fees, user-paid fees).

Fees

Hyperliquid

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.

HyperliquidHYPE

Fees

Fees

Competitive landscape

Chain breakdown