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.

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Kinetiq

# Markets by Kinetiq Active users (daily) Methodology

## 1. Overview

Active users (daily) measures the number of unique addresses that execute revenue-generating trades on Markets by Kinetiq products, such as `km:US500` and `km:BABA`. This metric captures both makers and takers participating in perpetual swap markets deployed via the Markets by Kinetiq protocol. User activity is identified through trade fill events on the Hyperliquid blockchain, specifically targeting markets registered under the Markets by Kinetiq namespace.

## 2. Data sources

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

## 3. Step-by-step calculation

### Component A: Trade fill extraction

- **Purpose**: Identify all trading activity occurring on Markets by Kinetiq-deployed markets
- **Logic**: Trade fill data is parsed from HyperCore contracts on the Hyperliquid blockchain. Markets are filtered to include only those where the asset symbol carries the `km:` prefix, which signifies a market deployed by the Markets by Kinetiq protocol. Trader addresses are extracted from the account fields of these fill events, capturing participants on both the maker and taker sides of every matched trade.
- **Key fields**: `account_address` (trader identification), `coin` (market identification), `block_timestamp` (timing)

### Component B: Daily unique address aggregation

- **Purpose**: Calculate the total count of unique participants per day
- **Logic**: The extracted trader addresses are aggregated and deduplicated to determine the number of unique active users. This count is calculated over fixed 24-hour windows. Daily granularity is maintained using UTC day boundaries.
- **Key fields**: `trader_address` (unique identifier), `block_timestamp` (temporal grouping)

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

Unique revenue-generating users over a fixed 24-hour window.

KinetiqKNTQ

Active users (daily)

Active users (daily)

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