# Hyperliquid Perps Open interest Methodology

## 1. Overview

Open interest measures the total USD notional value of all active, outstanding derivative contracts on Hyperliquid Perps at any given point in time. It is utilized as a key indicator of market liquidity, speculative activity, and capital at risk within the perpetual swap markets. By aggregating the absolute value of either all long or all short positions across all active markets, a comprehensive view of market participation is established. Positions that have been closed or liquidated are excluded, ensuring only active exposure is reflected.

## 2. Data sources

- **Blockchain events**: `node_fills` and `node_trades` events from HyperCore, covering HyperCore
- **External data**: End-of-day price feeds for perpetual assets

## 3. Step-by-step calculation

### Component A: Hyperliquid Perps position tracking

- **Purpose**: Determine the daily end-of-day signed position for each trader across all perpetual markets.
- **Logic**: `node_fills` events are parsed from HyperCore. Hyperliquid Spot (identified by assets containing `@` or `/`) and Hyperliquid Outcome Markets (identified by assets starting with `#`) are excluded to isolate perpetual contracts. For each fill, a signed size is calculated based on the trade side, where buy orders represent positive sizes and sell orders represent negative sizes. To prevent float64 ingestion round-off errors, position levels are rounded to 12 significant figures. A start node and a result node are generated for each fill to track position changes. The end-of-day position is identified as the positive balance remaining at the latest block timestamp of the day. In cases where same-instant forks occur (indicated by multiple indistinguishable top-block positions), the position is treated as flat (zero) to prevent carrying stale or incorrect balances forward.
- **Key fields**: `block_timestamp` (timing), `trader_address` (account identification), `coin` (market identification), `start_position` (initial position size), `size` (trade size), `side` (trade direction).

### Component B: Hyperliquid Perps market-level open interest calculation

- **Purpose**: Aggregate individual trader positions into market-level long and short open interest.
- **Logic**: Daily trader positions are filled forward across days with no trading activity to ensure continuous tracking. For each perpetual market, long open interest is calculated by summing all positive trader positions, and short open interest is calculated by summing the absolute values of all negative trader positions. One-sided open interest in native units is determined by taking the maximum (greatest) of the total long units or total short units. A tighter lower bound is provided by this one-sided methodology, and double-counting of the two-sided open interest reported by the venue is avoided.
- **Key fields**: `timestamp` (timing), `market_id` (market identification), `end_position` (trader position size), `long_units` (aggregate long positions), `short_units` (aggregate short positions).

### Component C: USD conversion and final aggregation

- **Purpose**: Convert native open interest values to USD and aggregate across all perpetual markets.
- **Logic**: End-of-day asset prices are derived from the latest trade or fill price recorded on each day. Native open interest units (as well as individual long and short units) are multiplied by these end-of-day USD prices to calculate the USD-denominated open interest. The market-level USD open interest values are then summed across all active perpetual markets to produce the daily headline open interest for the protocol. A final fill-forward operation is applied to ensure a continuous daily time series without gaps.
- **Key fields**: `timestamp` (timing), `open_interest` (USD open interest), `eod_price_usd` (asset price).

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

Total USD notional value of all open positions on a derivatives protocol at a point in time.

Open interest

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

Open interest

Open interest

Chain breakdown