# Hyperliquid Perps Notional trading volume Methodology

## 1. Overview

Notional trading volume is defined as the total value of derivative contracts executed on Hyperliquid Perps. The aggregate dollar value of all perpetual contract trades processed by the platform is captured, serving as a key indicator of liquidity and trading activity. Since trading fees are paid on each transaction, a direct correlation is maintained between notional trading volume and the protocol's capacity to generate fees and revenue. The volume is calculated using taker-only trade executions to prevent double-counting of crossed orders.

## 2. Data sources

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

## 3. Step-by-step calculation

### Component A: Hyperliquid Perps trade and fill extraction

- **Purpose**: Raw trade and fill records are captured from HyperCore.
- **Logic**: `node_fills` (including those without block numbers) and `node_trades` events from HyperCore are parsed. For each event, the asset identifier, execution price, trade size, and block timestamp are extracted.
- **Key fields**: `block_timestamp`, `size`, `price`, `coin`

### Component B: Hyperliquid Perps end-of-day price determination

- **Purpose**: The daily closing price for each asset is determined.
- **Logic**: Price data from both trade and fill events are combined. For each asset, the last recorded price of each UTC day is selected as the end-of-day price.
- **Key fields**: `block_timestamp`, `coin`, `price`

### Component C: Hyperliquid Perps taker volume aggregation

- **Purpose**: Taker-only trade sizes are aggregated to prevent double-counting.
- **Logic**: Extracted fill events are filtered to include only crossed trades where the crossed attribute is true. Hyperliquid Spot markets (identified by `@` or `/`) and Hyperliquid Outcome Markets (identified by `#`) are excluded to isolate perpetual contracts. Trade sizes are summed by asset and day.
- **Key fields**: `size`, `coin`, `crossed`, `product_id`

### Component D: Hyperliquid Perps notional volume calculation and aggregation

- **Purpose**: The USD value of the trading volume is calculated and aggregated at the protocol level.
- **Logic**: The aggregated daily trade size for each perpetual asset is multiplied by its corresponding end-of-day price. The builder for each market is identified based on the asset prefix: if the identifier starts with `#`, the builder is classified as unknown; if a colon is present, the prefix before the colon is extracted as the builder; otherwise, the builder is designated as hyperliquid. Calculated volumes are summed across all perpetual markets to produce the daily notional trading volume for Hyperliquid Perps, starting from June 1, 2025.
- **Key fields**: `size`, `price`, `coin`

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

Total USD value of derivative contracts executed on the protocol.

Notional trading volume

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

Notional trading volume

Notional trading volume

Chain breakdown