# Hyperliquid Perps Fees Methodology

## 1. Overview

Fees for Hyperliquid Perps are measured as the total value paid by traders to execute perpetual contract transactions on the HyperCore layer. These fees are paid by market participants to execute orders, open or close positions, and settle trades. The total fee paid by a trader is composed of the protocol take, builder fees paid to front-end interfaces, and deployer fees paid to creators of specific perpetual markets under the HIP-3 framework. This metric is utilized to evaluate the overall economic activity and fee-generation capacity of the perpetual trading platform.

## 2. Data sources

- **Blockchain events**: `node_fills` and `node_trades` events from HyperCore, covering the HyperCore chain

## 3. Step-by-step calculation

### Component A: Perpetual trade fill extraction

- **Purpose**: Extract raw trade fills and identify perpetual market transactions.
- **Logic**: `node_fills` and `node_fills_without_block_number` events are parsed from HyperCore. Transactions are filtered to isolate perpetual contracts by excluding assets prefixed with `#` (representing Hyperliquid Outcome Markets) or `@` and those containing `/` (representing Hyperliquid Spot). For each perpetual trade fill, the total fee, fee asset, builder fee, and deployer fee are extracted.
- **Key fields**: `fee`, `fee_token`, `builder_fee`, `deployer_fee`, `coin`

### Component B: Deployer fee allocation

- **Purpose**: Determine the fee share allocated to asset deployers under the HIP-3 framework.
- **Logic**: For perpetual markets created by third-party deployers (identified by a `<deployer>:<ticker>` format in the asset name), the deployer fee is extracted directly from the event. For historical events where the deployer fee was not explicitly emitted on-chain (prior to March 21, 2026), the deployer fee is estimated by applying a deployer fee multiplier to the total fee. This multiplier is calculated as `scale / (1 + scale)` based on the on-chain deployer fee scale, with a default multiplier of 0.5 applied for unlisted deployers, and is set to 0 for native perpetual markets.
- **Key fields**: `deployer_fee`, `fee`, `coin`

### Component C: Asset pricing and USD normalization

- **Purpose**: Calculate end-of-day asset prices and normalize fee values to USD.
- **Logic**: End-of-day prices for non-stablecoin fee assets are determined by taking the last recorded price from `node_fills` and `node_trades` events for each day. Fees denominated in USD stablecoins (such as USDC or USD) are assigned a conversion factor of 1, while other fee assets are multiplied by their respective end-of-day USD price. Amounts are normalized by decimal precision.
- **Key fields**: `price`, `fee_token`, `eod_price_usd`

### Component D: Daily aggregation

- **Purpose**: Aggregate perpetual trading fees into daily totals.
- **Logic**: The USD-denominated total fees, builder fees, and deployer fees are aggregated by day and product ID. These daily totals are then integrated into the broader Hyperliquid ecosystem metrics with daily granularity using UTC day boundaries.
- **Key fields**: `fees`, `builder_fees`, `deployer_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

Derivative exchanges

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 Perps

Fees

Fees

Chain breakdown