# Hyperliquid Outcome Markets Notional trading volume Methodology

## 1. Overview

Notional trading volume is measured as the total value of derivative contracts executed on Hyperliquid Outcome Markets. This metric is utilized to evaluate trading activity and liquidity within the prediction markets hosted on the platform. For Hyperliquid Outcome Markets, each contract is treated as a prediction share that settles to $0 or $1, meaning the face value of each contract is valued at $1. Consequently, the notional trading volume is calculated as equivalent to the total number of contracts traded. This metric is used as a key indicator of user engagement and the platform's capacity to generate transaction fees.

## 2. Data sources

- **Blockchain events**: Fill events from `node_fills` and `node_fills_without_block_number` tables, covering HyperCore

## 3. Step-by-step calculation

### Component A: Hyperliquid Outcome Markets fill extraction

- **Purpose**: To extract and filter trading fills specifically for Hyperliquid Outcome Markets
- **Logic**: Fill events are parsed from the `node_fills` and `node_fills_without_block_number` tables on HyperCore. Outcome market transactions are identified by filtering for assets where the symbol is prefixed with a hash character (`#`). To isolate actual trading volume and exclude non-trade events (such as settlement payouts or split, merge, and negate mint-burn transformations), only events where the trade direction is classified as 'Buy' or 'Sell' and the crossed flag is set to true are retained.
- **Key fields**: `coin` (asset identifier), `size` (contract quantity), `direction` (trade action), `crossed` (execution status)

### Component B: Contracts traded aggregation

- **Purpose**: To aggregate the total number of contracts traded per market
- **Logic**: The sizes of all valid buy and sell fills are summed daily for each outcome market. Amounts are normalized by decimal precision. This aggregated sum is defined as the total number of contracts traded.
- **Key fields**: `size` (contract quantity)

### Component C: Notional volume calculation and normalization

- **Purpose**: To calculate the final notional trading volume in USD
- **Logic**: Because prediction shares that settle to either $0 or $1 are utilized by Hyperliquid Outcome Markets, each contract is treated as having a face value of $1. The notional trading volume is therefore calculated as directly equivalent to the total number of contracts traded (contracts traded multiplied by $1). The resulting values are aggregated by day and mapped to the HyperCore chain. Daily boundaries are defined using UTC time.
- **Key fields**: `notional_trading_volume` (calculated value)

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

Total USD value of derivative contracts executed on the protocol.

Notional trading volume

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

Notional trading volume

Notional trading volume

Chain breakdown