# Hyperliquid Perps Revenue Methodology

## 1. Overview

Revenue measures the portion of transaction fees retained by the protocol from trading activity on Hyperliquid Perps. Total fees paid by traders are adjusted by deducting pass-through components that are not retained by the protocol. Deductions are made for builder-code tips allocated to frontends and deployer cuts allocated to ecosystem developers under the HIP-3 framework. The remaining net amount is classified as protocol revenue, representing the core earnings generated from perpetual contract trading.

## 2. Data sources

- **Blockchain events**: Node fill events and deployer fee configurations from HyperCore
- **External data**: End-of-day asset prices derived from platform trade and fill events

## 3. Step-by-step calculation

### Component A: Fee and pass-through extraction

- **Purpose**: Extract raw trading fees and identify pass-through components from trade fills
- **Logic**: Node fill events are parsed from HyperCore to extract the total fee paid by the trader, the builder fee, and the deployer fee. The product ID is filtered to isolate Hyperliquid Perps by excluding assets prefixed with symbols designating Hyperliquid Spot or Hyperliquid Outcome Markets. For each fill, the total fee, builder fee (representing frontend tips), and deployer fee (representing ecosystem developer cuts) are identified.
- **Key fields**: `fee`, `builder_fee`, `deployer_fee`, `coin`, `fee_token`

### Component B: Deployer fee resolution

- **Purpose**: Estimate deployer fees for historical transactions where the explicit fee was not emitted on-chain
- **Logic**: For historical fill events where the deployer fee is null, the fee is estimated using the deployer prefix extracted from the asset name. The deployer fee is calculated by multiplying the total fee by a deployer fee multiplier, which is derived from the on-chain deployer fee scale. If the deployer is not explicitly listed in the configuration, a default scale is applied to determine the multiplier. For native perpetual markets without a deployer prefix, the deployer fee is set to zero.
- **Key fields**: `deployer_fee`, `coin`, `deployer_fee_multiplier`

### Component C: USD conversion and revenue aggregation

- **Purpose**: Normalize all fee components to USD and calculate net protocol revenue
- **Logic**: Fee components denominated in stablecoins are valued at a 1:1 ratio, while components denominated in other assets are multiplied by end-of-day asset prices derived from platform trade and fill events. Net revenue is calculated by subtracting the USD-denominated builder fees and deployer fees from the total USD-denominated fees. The resulting net revenue values are aggregated daily using UTC boundaries.
- **Key fields**: `fees`, `builder_fees`, `deployer_fees`, `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

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

Revenue

Revenue

Chain breakdown