# Hyperliquid Spot Fees Methodology

## 1. Overview

Fees for Hyperliquid Spot are measured as the total value paid by users to execute trades. These fees are paid by traders on the HyperCore chain to facilitate asset swaps and liquidity provision. This metric is utilized to analyze the economic activity, trading volume, and overall value generation of the Hyperliquid Spot platform. The total fee paid by a user is composed of the protocol take, builder fees, and deployer fees.

## 2. Data sources

- **Blockchain events**: `node_fills`, `node_fills_without_block_number`, and `node_trades` records from HyperCore, covering the HyperCore chain
- **Static configuration**: HIP-3 deployer fee scales and multipliers for deployer-owned assets

## 3. Step-by-step calculation

### Component A: Hyperliquid Spot trade fill extraction and product filtering

- **Purpose**: To isolate and extract trade fill records specifically for Hyperliquid Spot.
- **Logic**: Trade fill records are parsed from `node_fills` and `node_fills_without_block_number` on HyperCore. To isolate Hyperliquid Spot activity, records are filtered based on the asset identifier. Only records where the asset identifier starts with `@` or contains a `/` are classified as Hyperliquid Spot. For each filtered record, the total fee, builder fee, and deployer fee are extracted.
- **Key fields**: `block_timestamp`, `coin`, `fee`, `fee_token`, `builder_fee`, `deployer_fee`

### Component B: Asset price derivation

- **Purpose**: To determine the end-of-day USD price for each fee asset.
- **Logic**: Asset prices are derived daily by combining price data from `node_fills` and `node_trades` records on HyperCore. For each asset, the latest recorded price on a given day is selected as the end-of-day USD price. If the fee asset is USDC or USD, the price is set to a constant value of 1.
- **Key fields**: `block_timestamp`, `coin`, `price`

### Component C: Fee component allocation and USD normalization

- **Purpose**: To calculate the final USD-denominated fees for Hyperliquid Spot.
- **Logic**: The extracted fee components are aggregated daily. If a deployer fee is not explicitly emitted on-chain, it is estimated using the HIP-3 deployer fee scale multiplier based on the asset's deployer prefix; otherwise, the on-chain emitted deployer fee is used. The total fees, builder fees, and deployer fees are normalized by multiplying the asset amounts by their respective end-of-day USD prices. The final daily fees for Hyperliquid Spot are then aggregated by summing these USD-denominated values.
- **Key fields**: `timestamp`, `fee`, `builder_fee`, `deployer_fee`, `eod_price_usd`

*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

Exchanges (DEX)

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 Spot

Fees

Fees

Chain breakdown