# Hyperliquid Outcome Markets Fees Methodology

## 1. Overview

Fees measures the total value paid by users to trade on Hyperliquid Outcome Markets. Transaction fees are incurred by traders during the execution and filling of orders within prediction markets. The economic value generated by the prediction market product is quantified by this metric. All fee transactions are denominated in the designated fee asset and converted to USD.

## 2. Data sources

- **Blockchain events**: `node_fills`, `node_fills_without_block_number`, and `node_trades` events on HyperCore

## 3. Step-by-step calculation

### Component A: Outcome Markets trade identification

- **Purpose**: The identification and filtering of transactions belonging to Hyperliquid Outcome Markets.
- **Logic**: Fills and trades are parsed from `node_fills`, `node_fills_without_block_number`, and `node_trades` events. Transactions are classified as Hyperliquid Outcome Markets if the `#` prefix is detected at the start of the asset identifier (the `coin` field).
- **Key fields**: `coin`, `product_id`, `fee`, `fee_token`

### Component B: Fee component extraction

- **Purpose**: The extraction of the total fee paid by the trader.
- **Logic**: The total fee is extracted from the `fee` field of the filtered fill events. Builder fees and deployer fees are also extracted from the `builder_fee` and `deployer_fee` fields, though deployer fees are resolved to zero for native outcome markets since no deployer prefix is present.
- **Key fields**: `fee`, `builder_fee`, `deployer_fee`

### Component C: Asset pricing and USD conversion

- **Purpose**: The determination of the USD value of the collected fees.
- **Logic**: End-of-day prices for fee assets are derived from the last price recorded in `node_fills` or `node_trades` events for each asset on a given day. For fees denominated in USD or USDC, a conversion factor of 1 is applied. For other assets, the daily fee amount is multiplied by the derived end-of-day USD price.
- **Key fields**: `price`, `block_timestamp`, `fee_token`

### Component D: Daily aggregation

- **Purpose**: The aggregation of fees to produce daily totals.
- **Logic**: USD-denominated fees are summed by day for the Hyperliquid Outcome Markets product. Missing days are filled with zeros to ensure a continuous daily time series starting from June 1, 2025.
- **Key fields**: `timestamp`, `fees`

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

Total value users pay to use a protocol (gross fees, user-paid fees).

Fees

Prediction markets

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.

Hyperliquid Outcome Markets

Fees

Fees

Chain breakdown