# Kinetiq GLDMINE Open interest Methodology

## 1. Overview

This page covers the GLDMINE market (`km:GLDMINE`) on Kinetiq, one of the markets deployed under the `km` namespace on Hyperliquid HyperCore. The calculation is identical across all Kinetiq markets; the figures on this page are scoped to the GLDMINE market.

Open interest is defined as the total USD notional value of all open positions on Kinetiq at a point in time. It is utilized as a leading indicator of speculative activity and capital at risk, complementary to trading volume. Positions that have already been closed or liquidated within the period are excluded from open interest. This metric is calculated across all perpetual markets on the protocol, reflecting the aggregate outstanding contract value held by market participants.

## 2. Data sources

- **Blockchain events**: Fill events from Hypercore contracts, covering the Hypercore chain

## 3. Step-by-step calculation

### Component A: Net position change tracking

- **Purpose**: Calculate the daily net change in position size for each trader and market.
- **Logic**: Node fill events are filtered for Kinetiq perpetual markets (identified by the `km:` prefix). For each transaction, the net change in position size is determined based on the trade side, where buy trades increase the position and sell trades decrease the position. These changes are aggregated daily per trader and market.
- **Key fields**: `block_timestamp`, `trader_address`, `coin`, `side`, and `size`

### Component B: Running position and open interest unit calculation

- **Purpose**: Determine the cumulative open interest units per market.
- **Logic**: The daily net changes are summed chronologically to calculate a running position for each trader in each market. These running positions are forward-filled across days with no trading activity to ensure active positions are preserved. The absolute values of all individual trader positions are summed and divided by two to calculate the total one-sided open interest units for each market.
- **Key fields**: `running_position` and `oi_units`

### Component C: Mark price determination

- **Purpose**: Establish the daily valuation price for each market.
- **Logic**: Because Kinetiq markets are settled in USDH, the contract price is denominated in USD. The end-of-day mark price is defined as the latest observed fill price for each asset on a given day. For days without trading activity, the mark prices are forward-filled using the most recently observed price.
- **Key fields**: `price` and `block_timestamp`

### Component D: USD valuation and aggregation

- **Purpose**: Convert open interest units to USD and aggregate by product.
- **Logic**: The open interest units for each market are multiplied by the corresponding end-of-day mark price to calculate the USD open interest. Market identifiers are mapped to canonical product names (such as AAPL Perpetual, BABA Perpetual, and USTECH Perpetual) by stripping non-alphanumeric characters and lowercasing. The final values are aggregated daily by product and chain, with a forward-fill strategy applied to maintain open interest values on days without trading activity.
- **Key fields**: `open_interest` and `product_id`

## Comparability note (one-sided convention)
One-sided open interest is reported, where each matched contract is counted only once (representing either the long or the short side, but not both). Where two-sided open interest is reported by other sources, figures that are approximately twice this value are displayed.

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

Total USD notional value of all open positions on a derivatives protocol at a point in time.

Open interest

Derivative markets

Kinetiq issues kHYPE for staked HYPE and deploys perpetual markets under the km namespace on Hyperliquid's HyperCore order book via Markets by Kinetiq.

Kinetiq combines liquid staking with USDH-settled perpetual contracts on equities, indices, commodities, and FX.

Kinetiq is a protocol and product suite on Hyperliquid that spans HYPE liquid staking and HIP-3 perpetual markets.

GLDMINE PerpetualGLDMINE

Open interest

Open interest

Chain breakdown