# Active users (weekly) Methodology

## 1. Overview

Active users (weekly) is measured as the number of unique addresses that execute a revenue-generating transaction on Hyperliquid Spot within a 7-day rolling window. This metric is utilized as a key indicator of user adoption, liquidity provider engagement, and overall trading activity on the Hyperliquid Spot exchange. By tracking unique weekly traders, the growth and retention of the platform's user base can be evaluated over time. Only revenue-generating interactions, specifically executed trades and order fills, are included in this measurement.

## 2. Data sources

- **Blockchain events**: `NodeFill` and `NodeTrade` events from HyperCore, covering the HyperCore chain

## 3. Step-by-step calculation

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

- **Purpose**: Identify and extract trading activity specifically associated with Hyperliquid Spot
- **Logic**: `NodeFill` and `NodeTrade` events are parsed from HyperCore. To isolate Hyperliquid Spot activity from other products (such as Hyperliquid Perps or Hyperliquid Outcome Markets), a filter is applied to the asset identifier. Only transactions where the asset identifier starts with the `@` prefix or contains a `/` character are classified as Hyperliquid Spot. The trader address, block timestamp, and transaction details are extracted from these filtered events.
- **Key fields**: `trader_address`, `block_timestamp`, `coin`

### Component B: Hyperliquid Spot weekly unique user aggregation

- **Purpose**: Aggregate the unique trading addresses on a weekly basis
- **Logic**: The extracted trader addresses from both `NodeFill` and `NodeTrade` events are combined. The block timestamps are aggregated over a 7-day rolling window. For each 7-day window, the distinct number of unique trader addresses is calculated to determine the active users (weekly) for Hyperliquid Spot.
- **Key fields**: `trader_address`, `block_timestamp`

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

Unique revenue-generating users over a rolling 7-day window.

Active users (weekly)

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

Active users (weekly)

Active users (weekly)

Chain breakdown