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 Transaction count Methodology

## 1. Overview

The Hyperliquid transaction count metric measures the daily number of transactions processed on Hyperliquid's HyperEVM chain. This metric provides insight into network activity and adoption by counting all transaction execution events that occur on the blockchain each day. The calculation uses a straightforward aggregation approach that counts every transaction record within daily time boundaries.

## 2. Data sources

The metric relies on the following raw data sources:

- **HyperEVM transaction records**: Complete transaction data from Hyperliquid's HyperEVM blockchain, including block timestamps, transaction hashes, sender and receiver addresses, gas usage, and execution details
- **Chain availability configuration**: Metadata indicating when the HyperEVM chain was operational and should be included in metric calculations

## 3. Step-by-step calculation

### Component A: Transaction data preparation

- **Purpose**: Clean and standardize raw HyperEVM transaction data for metric calculation
- **Logic**: Raw transaction records from the HyperEVM blockchain are processed to extract relevant fields. The `block_timestamp` field provides the timing for daily aggregation, while `transaction_hash` serves as the unique identifier for counting. Address fields (`from_address` and `to_address`) are preserved along with gas-related metrics. The `effective_gas_price` is converted from wei to ETH units by dividing by 10^18. All records are standardized with a consistent chain identifier of 'hyperevm' and assigned a placeholder token address.
- **Key fields**: `block_timestamp` for daily grouping, `transaction_hash` for unique transaction identification, `from_address` and `to_address` for transaction participants, `gas_used` and `effective_gas_price` for gas metrics

### Component B: Daily transaction aggregation

- **Purpose**: Group transactions by day and count the total number per day
- **Logic**: Transaction records are filtered to include only data from June 1, 2025 onwards, establishing the metric's historical baseline. For incremental processing, an additional lookback period is applied to recalculate recent days and handle any late-arriving data. Transactions are grouped by truncating the `block_timestamp` to day-level granularity. A simple count aggregation calculates the total number of transactions for each day. The result includes standardized identifiers setting both `chain_id` and `product_id` to 'hyperevm' with a `timestamp_grain` of 'day'.
- **Key fields**: `timestamp` (day-truncated), `transaction_count` (daily count), `chain_id` and `product_id` (both set to 'hyperevm')

### Final aggregation

- **Combining components**: The daily transaction counts flow directly from the aggregation step without requiring additional joins or combinations
- **Currency conversion**: Not applicable for transaction count metrics
- **Time aggregation**: Daily boundaries are established by truncating timestamps to the day level, ensuring consistent 24-hour periods
- **Final calculation**: The metric value represents the total count of unique transactions that occurred on each day within the HyperEVM chain. Schema validation ensures proper data structure, date gap filling with zeros handles any missing days, and chain availability filtering excludes periods when the chain was not operational, resulting in a complete daily time series of transaction counts.

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

Confirmed transactions added to the blockchain.

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