# Hyperliquid Revenue Methodology

## 1. Overview

Revenue measures the portion of fees retained by the Hyperliquid protocol after subtracting pass-through fees. Earnings from Hyperliquid Perps, Hyperliquid Spot, Hyperliquid Outcome Markets, HyperEVM gas fees, and USDC Reserve Income are captured by this metric. Pass-through fees, including builder-code tips and HIP-3 deployer cuts, are excluded from the revenue calculation as they are distributed directly to external frontends and asset deployers. For USDC Reserve Income, revenue is earned under the Aligned Quote Asset framework (AQA V2) from yield paid by the treasury deployer (Coinbase) on the USDC backing HyperCore.

## 2. Data sources

- **Blockchain events**: Trade fill events from HyperCore, transaction execution data from HyperEVM, and ERC-20 `Transfer` events from HyperEVM, covering HyperCore and HyperEVM
- **External data**: End-of-day price feeds for assets, and effective federal funds rate data from the Federal Reserve Bank of New York

## 3. Step-by-step calculation

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

- **Purpose**: Extract total fees, builder fees, and deployer fees from HyperCore trade fills
- **Logic**: Trade fill events are parsed from HyperCore. For each fill, the total fee, builder fee, and deployer fee are extracted. If the deployer fee is not explicitly emitted (prior to March 21, 2026), it is estimated using the HIP-3 deployer fee scale multiplier based on the asset's deployer prefix, defaulting to a 50% multiplier for unknown deployers. Native markets (without a deployer prefix) are assigned a deployer fee of zero.
- **Key fields**: `fee`, `builder_fee`, `deployer_fee`, `asset`, `fee_asset`

### Component B: HyperEVM gas fee calculation

- **Purpose**: Calculate gas fees collected from transactions on HyperEVM
- **Logic**: Transaction execution data is parsed from HyperEVM. Gas fees are calculated by multiplying the gas used by the effective gas price.
- **Key fields**: `gas_used`, `effective_gas_price`

### Component C: USDC Reserve Income calculation

- **Purpose**: Calculate the protocol revenue generated from the USDC backing HyperCore under the Aligned Quote Asset framework (AQA V2)
- **Logic**: ERC-20 `Transfer` events for USDC on HyperEVM are parsed to track the daily end-of-day balances of the treasury deployer (Coinbase) and the technical deployer (Circle). The daily reference rate is obtained from the Federal Reserve Bank of New York effective federal funds rate. Protocol revenue is calculated by applying the Aligned Quote Asset (AQA) rate—which is the reference rate multiplied by a cost adjustment scalar of `0.85 * 487 / 480`—to the treasury deployer's balance, normalized by decimal precision and annualized daily.
- **Key fields**: `value`, `from_address`, `to_address`, `rate_percentage`

### Component D: USD conversion and revenue aggregation

- **Purpose**: Convert all fee and revenue components to USD and aggregate them to calculate final protocol revenue
- **Logic**: For HyperCore products (Hyperliquid Perps, Hyperliquid Spot, and Hyperliquid Outcome Markets), daily revenue is calculated as total fees minus builder fees and deployer fees, then converted to USD using end-of-day asset prices (with USD stablecoins valued at a factor of 1). For HyperEVM, gas fees are converted to USD and aggregated as revenue. For USDC Reserve Income, the calculated protocol revenue is aggregated directly. All components are summed by day and product to produce the final daily revenue metric.
- **Key fields**: `fees`, `builder_fees`, `deployer_fees`, `protocol_revenue`, `price_usd`

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

fees * take_rate (illustrative — revenue is observed directly per project, not derived from take_rate)

Fee revenue retained after supply-side payouts. Before cost of revenue (e.g. L2 DA fees) and before operating expenses.

Revenue

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

Revenue

Revenue

Competitive landscape

Chain breakdown