# Hyperliquid Notional trading volume Methodology

## 1. Overview

Notional trading volume measures the total value of contracts executed on Hyperliquid Perps and Hyperliquid Outcome Markets. Since users pay trading fees on each trade, this metric tends to correlate with the project's ability to generate fees and revenue. This metric is calculated using taker-only trade fills to prevent double-counting of matched orders.

## 2. Data sources

- **Blockchain events**: `node_fills`, `node_fills_without_block_number`, and `node_trades` events from HyperCore, covering HyperCore

## 3. Step-by-step calculation

### Component A: End-of-day asset price determination

- **Purpose**: Determine the daily closing price for each asset traded on Hyperliquid Perps.
- **Logic**: Trade and fill prices are extracted from `node_fills`, `node_fills_without_block_number`, and `node_trades` events on HyperCore. The last recorded price for each asset on a given day (UTC) is selected as the end-of-day price.
- **Key fields**: `block_timestamp`, `coin` (asset identification), `price`

### Component B: Taker-only fill volume aggregation

- **Purpose**: Aggregate the total size of executed perpetual and outcome market contract trades while avoiding double-counting.
- **Logic**: Fill records are parsed from `node_fills` and `node_fills_without_block_number` events. Only records where the crossed flag is true (representing taker fills) are included to prevent double-counting of the same transaction. Hyperliquid Spot markets, identified by specific prefixes (such as `@`) or naming conventions (such as `/`), are excluded. For Hyperliquid Outcome Markets, identified by the `#` prefix, only fills with a direction of 'Buy' or 'Sell' are included to exclude non-trade events. The remaining contract sizes are aggregated daily by asset.
- **Key fields**: `block_timestamp`, `coin` (asset identification), `size`, `crossed`, `direction`

### Component C: Notional volume calculation and aggregation

- **Purpose**: Calculate the USD-denominated notional trading volume and aggregate it.
- **Logic**: For Hyperliquid Perps, the aggregated daily size for each asset is multiplied by its corresponding end-of-day price to calculate the USD-denominated volume. For Hyperliquid Outcome Markets, the notional trading volume is set equal to the number of contracts traded, reflecting a face value of $1 per contract. The resulting values are aggregated to produce the total daily notional trading volume. Missing days are zero-filled to ensure a continuous time series. The metric is filtered to include data starting from June 1, 2025.
- **Key fields**: `size`, `price`, `product_id`

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

Total USD value of derivative contracts executed on the protocol.

Notional trading volume

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

Notional trading volume

Notional trading volume

Competitive landscape

Chain breakdown