# Active users (monthly) Methodology

## 1. Overview

Active users (monthly) measures the number of unique addresses that perform revenue-generating actions on Hyperliquid Perps. This metric reflects the unique trader base engaging with the perpetual exchange by executing trades or having orders filled. It serves as a primary indicator of user adoption and platform engagement for the Hyperliquid Perps product.

## 2. Data sources

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

## 3. Step-by-step calculation

### Component A: Perpetual fill activity extraction

- **Purpose**: Identify unique users whose orders have been successfully executed on the Hyperliquid Perps order book.
- **Logic**: Trader addresses are extracted from `node_fills` and `node_fills_without_block_number` records on HyperCore. Perpetual contracts are isolated by excluding assets with names starting with `#` or `@`, or containing `/`. Unique addresses are identified from the account fields associated with each fill event.

### Component B: Trade execution tracking

- **Purpose**: Capture active participants initiating trades within the perpetual exchange environment.
- **Logic**: User activity is parsed from `node_trades` records on HyperCore. Perpetual contracts are isolated by excluding assets with names starting with `#` or `@`, or containing `/`. Trader addresses are isolated from each trade record to ensure all unique participants in the trading lifecycle are captured, regardless of whether the activity is recorded as a trade or a fill in the underlying node data.

### Component C: Deduplication and monthly aggregation

- **Purpose**: Calculate the final count of unique active users (monthly) by combining all activity signals.
- **Logic**: Trader addresses identified from both fills and trades are consolidated. Unique addresses are deduplicated within 30-day rolling windows. The final metric is calculated as the count of distinct addresses per 30-day window, ensuring each user is only counted once per 30-day window regardless of their transaction frequency or the specific type of trading activity performed.

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

Unique revenue-generating users over a rolling 30-day window.

Active users (monthly)

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

Active users (monthly)

Active users (monthly)

Chain breakdown