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 Transactions per second Methodology

## 1. Overview

Transactions per second (TPS) measures the average number of transactions processed per second on the Hyperliquid HyperEVM blockchain on a daily basis. This metric provides insight into network throughput and usage patterns by dividing the total daily transaction count by the number of seconds in a day (86,400). The calculation tracks all transaction activity on the HyperEVM chain and presents it as a daily average throughput metric.

## 2. Data sources

- **HyperEVM blockchain transactions**: Raw transaction records from the Hyperliquid HyperEVM blockchain containing transaction hashes, block timestamps, sender and receiver addresses, and gas usage metrics
- **Time boundary definitions**: Standard daily time boundaries and conversion factors (86,400 seconds per day)
- **Chain availability data**: Configuration data that excludes periods of known network outages or maintenance

## 3. Step-by-step calculation

### Component A: Raw transaction extraction
- **Purpose**: Extract all HyperEVM blockchain transactions for processing
- **Logic**: Select all transaction records from HyperEVM blockchain data, including essential fields like `block_timestamp`, `block_number`, `transaction_hash`, `from_address`, and `to_address`. The data is filtered to include only transactions from June 1, 2025 onwards. Gas-related metrics like `receipt_gas_used` and `receipt_effective_gas_price` are also captured and processed with appropriate decimal conversions.
- **Key fields**: `block_timestamp` for temporal grouping, `transaction_hash` as unique identifier, address fields for transaction participants, and gas metrics for network resource tracking

### Component B: Daily transaction aggregation
- **Purpose**: Count total transactions per day on the HyperEVM blockchain
- **Logic**: Group all transactions by day using timestamp truncation to daily boundaries. For each day, count all transactions using a simple count aggregation. The grouping includes `timestamp` (truncated to day), `chain_id` (set to 'hyperevm'), and `product_id` (also set to 'hyperevm'). This creates daily transaction count totals for the HyperEVM network.
- **Key fields**: `timestamp` truncated to day boundaries, `transaction_count` as the daily total, `chain_id` and `product_id` both set to 'hyperevm'

### Component C: TPS calculation
- **Purpose**: Convert daily transaction counts into average transactions per second
- **Logic**: Take the daily transaction count and divide by 86,400 (the number of seconds in a day) using safe division to handle any edge cases. This calculation provides the average transactions per second for each day, representing the network's daily throughput capacity.
- **Key fields**: `transactions_per_second` calculated as `transaction_count / 86400`

### Final aggregation
- **Combining components**: The transaction counts flow directly from the daily aggregation component to the TPS calculation component without additional joining
- **Currency conversion**: No currency conversion required as this is a count-based metric
- **Time aggregation**: Data is aggregated to daily boundaries using timestamp truncation, with each day representing a complete 24-hour period
- **Final calculation**: The final TPS value is calculated by dividing the total daily transaction count by 86,400 seconds, then processed through a finalization macro that validates the schema, ensures no data gaps exist, and fills any missing days with zero values. Chain availability filters are applied to exclude data during known network outages or maintenance periods.

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

Average confirmed user transactions added per second.

HyperliquidHYPE

Transactions per second

Transactions per second

Competitive landscape

Chain breakdown