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.

twitter

website

github

discord

etherscan

Derivative exchanges

Hyperliquid

# Hyperliquid Trading volume Methodology

## 1. Overview

Trading volume is measured as the total value of trades executed on Hyperliquid Spot and Hyperliquid Outcome Markets. This metric is utilized as a key indicator of market activity and liquidity within the Hyperliquid ecosystem. Since trading activity is the primary driver of fee generation, volume is used to assess the protocol's economic throughput and its ability to facilitate asset exchange on HyperCore.

## 2. Data sources

- **Blockchain events**: Node fill and trade events from HyperCore node services, covering HyperCore
- **External data**: End-of-day price feeds for traded assets

## 3. Step-by-step calculation

### Component A: Hyperliquid Spot and Hyperliquid Outcome Markets trade identification

- **Purpose**: Identify and isolate valid Hyperliquid Spot and Hyperliquid Outcome Markets trades from the HyperCore chain.
- **Logic**: Trade data is retrieved from node fill events from HyperCore node services. To prevent double-counting, records are filtered to include only those where the `crossed` flag is true. Hyperliquid Spot markets are identified as assets with symbols containing the `@` prefix or the legacy `PURR/USDC` pair. Hyperliquid Outcome Markets are identified by the `#` prefix, and are further filtered to include only order-book fills where the direction is 'Buy' or 'Sell' to exclude non-trade events such as settlement payouts and mint-burn transforms. Perpetual contracts are excluded from this calculation.
- **Key fields**: `size` (trade quantity), `coin` (asset identifier), `crossed` (execution flag), `direction` (trade direction), `price` (execution price).

### Component B: Asset valuation and USD conversion

- **Purpose**: Convert raw trade quantities into a standardized USD value.
- **Logic**: For Hyperliquid Spot, daily trade sizes are aggregated and multiplied by end-of-day price feeds, which are derived from the last recorded trade price for each asset on a given day. For Hyperliquid Outcome Markets, trading volume is calculated per fill as the product of size and execution price, as outcome prices drift to 0 or 1 intraday and the quote is already USD-pegged. Hyperliquid Spot asset identifiers are mapped to their underlying base symbols using a Hyperliquid Spot market mapping table, with a fallback to the raw market identifier applied for outcome markets and unmapped Hyperliquid Spot markets. All amounts are normalized by decimal precision to ensure accurate valuation across different asset types.
- **Key fields**: `size`, `price`, `eod_price_usd`, `market_id`, `token_symbol`, `traded_value`.

### Component C: Final aggregation and normalization

- **Purpose**: Consolidate daily totals and ensure data continuity.
- **Logic**: Valued trade amounts are summed by day to produce the total daily volume for Hyperliquid Spot and Hyperliquid Outcome Markets. The resulting time series is processed to ensure all dates are represented, with a zero-fill strategy applied to any days where no trading activity was recorded. The final values are restricted to data recorded from June 1, 2025, onwards.

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

Total value of spot trades executed on the exchange.

HyperliquidHYPE

Trading volume

Trading volume

Competitive landscape

Chain breakdown