# Hyperliquid Spot Revenue Methodology

## 1. Overview

Revenue is defined as the portion of fees that is retained by the protocol, as determined by its take rate. For Hyperliquid Spot, revenue is calculated as the net portion of trading fees retained after subtracting pass-through fees. Total fees paid by traders are adjusted by deducting builder-code tips and deployer cuts, which are distributed directly to external frontends and asset deployers. The remaining net fees are retained by the protocol to support its operations and protocol-run vaults. This metric is utilized to assess the financial performance and organic earnings generated specifically by Hyperliquid Spot trading activity on the HyperCore network.

## 2. Data sources

- **Blockchain events**: Node fill and trade events from HyperCore, covering the HyperCore chain

## 3. Step-by-step calculation

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

- **Purpose**: Identify and extract Hyperliquid Spot trading activity and associated fees.
- **Logic**: Node fill and trade events are parsed from HyperCore. Hyperliquid Spot transactions are filtered by identifying assets that start with the `@` prefix or contain a `/` character. For each identified Hyperliquid Spot fill, the total fee, builder fee, and deployer fee are extracted. If the transaction occurred before the on-chain emission of builder and deployer fees, these values are treated as null.
- **Key fields**: `coin`, `fee`, `builder_fee`, `deployer_fee`, `fee_token`

### Component B: Fee component separation and deployer fee fallback

- **Purpose**: Separate the total fee into protocol revenue and pass-through components, applying fallback logic where necessary.
- **Logic**: The total fee paid by the trader is decomposed into three components: the protocol take, the builder fee, and the deployer fee. For transactions occurring before deployer fees were explicitly emitted on-chain, the deployer cut is estimated using a fallback calculation. In this fallback, a deployer fee multiplier, which is derived from the asset's deployer prefix scale, is applied to the total fee. If the deployer is not listed in the static configurations, a default scale of 1.0 is applied, resulting in a 50% multiplier. For native Hyperliquid Spot assets, the deployer fee is set to zero.
- **Key fields**: `builder_fee`, `deployer_fee`, `deployer_fee_multiplier`

### Component C: Asset pricing and USD normalization

- **Purpose**: Determine daily exchange rates for fee assets and normalize all fee components to USD.
- **Logic**: Daily end-of-day prices for each asset are determined by extracting the last recorded price from node fill and trade events for each day. All asset amounts are normalized by decimal precision before conversion. For fees denominated in USD stablecoins, a conversion factor of 1 is applied. For other assets, the daily fee components are multiplied by the derived end-of-day USD price of the respective asset.
- **Key fields**: `price`, `eod_price_usd`, `usd_factor`

### Component D: Revenue aggregation

- **Purpose**: Calculate the final daily net revenue for Hyperliquid Spot.
- **Logic**: The USD-normalized fee components are aggregated by day. Net revenue for Hyperliquid Spot is calculated by subtracting the daily builder fees and deployer fees from the total fees. The final daily revenue values are zero-filled for any days with missing data to ensure a continuous time series.
- **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

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

Revenue

Revenue

Chain breakdown