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 Average transaction fee Methodology

## 1. Overview

Average transaction fee measures the average fee paid by users per transaction on HyperEVM. The typical cost of executing transactions on the network is reflected by this metric, which is utilized to evaluate the economic throughput and cost-efficiency of HyperEVM. Insights into network utilization and user behavior are provided by analyzing the relationship between total gas fees and transaction volume.

## 2. Data sources

- **Blockchain events**: Transactions on HyperEVM, covering HyperEVM
- **External data**: End-of-day price feeds for the native gas asset

## 3. Step-by-step calculation

### Component A: HyperEVM transaction fee calculation

- **Purpose**: Calculate the total gas fees paid for transactions on HyperEVM
- **Logic**: Gas fees are calculated for each transaction on HyperEVM by multiplying the gas used by the effective gas price. These transaction-level gas fees are then aggregated daily. The daily gas fees are normalized by decimal precision and converted to USD using end-of-day price feeds for the native gas asset.
- **Key fields**: `gas_used`, `effective_gas_price`, `block_timestamp`

### Component B: HyperEVM transaction count aggregation

- **Purpose**: Count the total number of transactions executed on HyperEVM daily
- **Logic**: Transactions on HyperEVM are filtered to include those occurring on or after June 1, 2025. The total number of transactions is aggregated on a daily basis.
- **Key fields**: `block_timestamp`

### Component C: Average transaction fee calculation

- **Purpose**: Compute the daily average transaction fee
- **Logic**: The total daily gas fees in USD are divided by the total daily transaction count. A safe division is applied to prevent division-by-zero errors. The resulting daily average transaction fee is finalized with zero-filling for any days without activity.
- **Key fields**: `fees`, `transaction_count`

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

HyperliquidHYPE

Average transaction fee

Average transaction fee

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