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

# Hyperliquid Active users (monthly) Methodology

## 1. Overview

Active users (monthly) measures the number of unique addresses that make a revenue-generating transaction with Hyperliquid, covering Hyperliquid Perps, Hyperliquid Spot, Hyperliquid Outcome Markets, and HyperEVM. Active users (monthly) are measured over a 30-day rolling window. Distinct user addresses are aggregated from trading activities (fills and trades) on HyperCore and transaction activities on HyperEVM to provide comprehensive coverage of monthly platform engagement.

## 2. Data sources

- **Blockchain events**: `node_fills` and `node_trades` events from HyperCore, and transactions from HyperEVM, covering HyperCore and HyperEVM

## 3. Step-by-step calculation

### Component A: HyperCore fills user extraction

- **Purpose**: Identifies active users (monthly) based on completed fills on HyperCore
- **Logic**: Unique trader addresses are extracted per 30-day window from HyperCore `node_fills` events, including both standard fills and fills without block numbers. The product is determined by the coin prefix: asset names starting with `#` are classified as Hyperliquid Outcome Markets, asset names starting with `@` or containing `/` are classified as Hyperliquid Spot, and all other assets are classified as Hyperliquid Perps. Monthly boundaries are established by truncating `block_timestamp` to the month level. Users are classified as 'Trader' type on the 'HyperCore' chain. Duplicate addresses are removed to ensure each trader is counted once per 30-day window per product.
- **Key fields**: `block_timestamp`, `trader_address`, `coin`, `product_id`

### Component B: HyperCore trades user extraction

- **Purpose**: Identifies active users (monthly) based on trade events on HyperCore
- **Logic**: Unique trader addresses are extracted per 30-day window from HyperCore `node_trades` events, filtered to include only data from March 23, 2025 onwards. The product is determined by the coin prefix: asset names starting with `#` are classified as Hyperliquid Outcome Markets, asset names starting with `@` or containing `/` are classified as Hyperliquid Spot, and all other assets are classified as Hyperliquid Perps. Monthly boundaries are established by truncating `block_timestamp` to the month level. Users are classified as 'Trader' type on the 'HyperCore' chain. Duplicate addresses are removed to ensure each trader is counted once per 30-day window per product.
- **Key fields**: `block_timestamp`, `trader_address`, `coin`, `product_id`

### Component C: HyperEVM transaction user extraction

- **Purpose**: Identifies active users (monthly) based on blockchain transaction activity on HyperEVM
- **Logic**: Unique transaction sender addresses are extracted per 30-day window from HyperEVM transaction data. Monthly boundaries are established by truncating `block_timestamp` to the month level. Users are classified as 'Transaction sender' type for the HyperEVM product on the 'HyperEVM' chain. Duplicate addresses are removed to ensure each sender is counted once per 30-day window.
- **Key fields**: `block_timestamp`, `user_address`, `user_type`

### Component D: Final aggregation and filtering

- **Purpose**: Combines all user sources and applies final filters
- **Logic**: All extracted user records from fills, trades, and transactions are combined. A filter is applied to include only data from June 1, 2025 onwards to ensure consistency. Chain availability filters are applied to ensure data completeness. The final active users (monthly) count is calculated by aggregating unique user addresses segmented by chain, user type, and product.
- **Key fields**: `timestamp`, `chain`, `user_type`, `product_id`, `user_mau`

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

Unique revenue-generating users over a rolling 30-day window.

HyperliquidHYPE

Active users (monthly)

Active users (monthly)

Competitive landscape

Chain breakdown