# Hyperliquid Outcome Markets Trading volume Methodology

## 1. Overview

Trading volume is measured as the total value of trades executed on Hyperliquid Outcome Markets. The total dollar value of filled buy and sell orders for prediction and outcome assets is captured to represent user activity. Because trading fees are paid on these transactions, a strong correlation is maintained between this metric and the platform's capacity to generate fees and revenue. For Hyperliquid Outcome Markets, volume is calculated on a per-fill basis to avoid valuation biases associated with end-of-day asset prices.

## 2. Data sources

- **Blockchain events**: Node fill events from the L1 order-book, covering HyperCore

## 3. Step-by-step calculation

### Component A: Filter and extract outcome market fills

- **Purpose**: Extract trade execution data specifically for Hyperliquid Outcome Markets
- **Logic**: Node fill events are parsed from the HyperCore L1 order-book. Fills are filtered to isolate Hyperliquid Outcome Markets by identifying assets with a `#` prefix. Non-trade events (such as settlement payouts and split, merge, or negate mint-burn transformations) are excluded by filtering for rows where the transaction is marked as crossed and the trade direction is explicitly specified as either 'Buy' or 'Sell'.
- **Key fields**: `timestamp`, `coin` (asset identifier), `size` (contract quantity), `price` (execution price), `direction` (trade direction), `crossed` (execution status)

### Component B: Traded value calculation

- **Purpose**: Calculate the USD value of each trade fill
- **Logic**: For each qualified fill, the traded value is calculated by multiplying the contract size by the execution price. This per-fill calculation is utilized because outcome market assets frequently drift toward 0 or 1 intraday, making end-of-day valuations biased. Since the quote asset is already pegged to USD, no external exchange rate conversion is required.
- **Key fields**: `size`, `price`

### Component C: Aggregation and normalization

- **Purpose**: Aggregate trading volume to daily intervals
- **Logic**: Traded values are summed by day and asset. Asset symbols are resolved from the market identifiers. Any missing days in the time series are filled with zero values to ensure continuity. The final metric is aggregated to daily granularity using UTC day boundaries, with data available starting from June 1, 2025.
- **Key fields**: `timestamp`, `traded_value`

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

Total value of spot trades executed on the exchange.

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

Trading volume

Trading volume

Chain breakdown