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.

twitter

website

github

discord

Derivative exchanges

Kinetiq

# Markets by Kinetiq Trade count Methodology

## 1. Overview

Trade count measures the total number of trades executed on Markets by Kinetiq products, such as `km:US500` and `km:BABA`. The frequency of user activity and market liquidity for assets traded through the project is reflected by this metric. All trades are executed on the HyperCore infrastructure and are identified through specific market namespacing.

## 2. Data sources

- **Blockchain events**: `node_fills` data from HyperCore, covering Hyperliquid

## 3. Step-by-step calculation

### Component A: Trade identification and filtering

- **Purpose**: Isolate Markets by Kinetiq-specific trades and prevent double-counting of transaction sides
- **Logic**: Fill records are parsed from HyperCore data. Markets are identified by filtering for the `km:` prefix within the asset identifier field, which denotes Markets by Kinetiq-attributed markets under the HIP-3 namespacing standard. To prevent the double-counting of trades, which are recorded for both the maker and taker sides in the underlying data, the dataset is filtered to include only the taker side where the `crossed` attribute is true.
- **Key fields**: `coin` (market identification), `crossed` (side identification)

### Component B: Daily aggregation

- **Purpose**: Generate daily trade totals
- **Logic**: The identified trade events are summed to produce a total count. Results are grouped by day using the block timestamp. A zero-filling strategy is applied to ensure data continuity for days with no recorded trading activity.
- **Key fields**: `block_timestamp` (timing)

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

Number of trades executed on a decentralized exchange.

KinetiqKNTQ

Trade count

Trade count

Competitive landscape

Chain breakdown