# Hyperliquid Outcome Markets Revenue Methodology

## 1. Overview

Revenue is calculated as the portion of transaction fees retained by the protocol from trading activity on Hyperliquid Outcome Markets. User-directed front-end tips, known as builder fees, are subtracted from the total fees paid by traders to determine this metric. Direct financial sustainability and income generation of the outcome markets product are represented by this metric before operating expenses and incentives are deducted. All revenue generated from Hyperliquid Outcome Markets is retained by the protocol, as no deployer fees are allocated for native outcome assets.

## 2. Data sources

- **Blockchain events**: Trade fill events on HyperCore, covering the HyperCore chain
- **External data**: End-of-day price feeds for traded assets

## 3. Step-by-step calculation

### Component A: Hyperliquid Outcome Markets trade fill extraction

- **Purpose**: Extract trade fill events and filter for Hyperliquid Outcome Markets
- **Logic**: Trade fill events are parsed from HyperCore. Transactions are filtered to isolate Hyperliquid Outcome Markets by identifying assets where the symbol prefix begins with `#`. For each filtered trade fill, the total fee, builder fee, and deployer fee are extracted.
- **Key fields**: `coin`, `fee`, `builder_fee`, `deployer_fee`

### Component B: Fee component resolution and revenue calculation

- **Purpose**: Calculate the net protocol revenue by subtracting pass-through fees
- **Logic**: Net protocol revenue is calculated by subtracting builder fees and deployer fees from the total fee paid by the trader. For Hyperliquid Outcome Markets, deployer fees are set to zero because these are native markets without external deployers. Builder fees, which represent user-directed tips to front-end interfaces, are fully subtracted as they are not retained by the protocol.
- **Key fields**: `fee`, `builder_fee`, `deployer_fee`

### Component C: USD conversion and daily aggregation

- **Purpose**: Normalize revenue values to USD and aggregate them daily
- **Logic**: Fee assets are normalized by decimal precision. Daily end-of-day prices are determined from the last recorded trade price of each asset for each UTC day. Revenue amounts are multiplied by these end-of-day prices to convert them to USD. The USD-denominated revenue is then aggregated by day to produce the final daily revenue metric.
- **Key fields**: `block_timestamp`, `price`, `revenue`

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

fees * take_rate (illustrative — revenue is observed directly per project, not derived from take_rate)

Fee revenue retained after supply-side payouts. Before cost of revenue (e.g. L2 DA fees) and before operating expenses.

Revenue

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

Revenue

Revenue

Chain breakdown