# Notional trading volume Methodology

## Overview

Notional trading volume measures the total value of derivative contracts executed on a decentralized derivatives exchange. Since users pay trading fees on each trade, this metric tends to correlate with the project's ability to generate fees and revenue.

## Data sources

- On-chain smart contract events capturing trade executions
- Off-chain API endpoints reporting daily trading statistics
- Token price feeds for USD conversion
- Asset metadata for decimal normalization

## Common calculation approaches

### On-chain trade event tracking
For decentralized derivatives and prediction markets, trade executions are read directly from on-chain logs. For instance, `OrdersMatched` events are obtained from Polymarket `Exchange` contracts, while `IncreasePosition` and `DecreasePosition` events are sourced from GMX V1 and GMX V2 contracts. To prevent double-counting, taker-only trade fills are isolated from Hyperliquid, with all values normalized by decimal precision and converted to USD.

### Off-chain API data ingestion
For platforms utilizing off-chain order books or specialized execution environments, trading volume is retrieved from public API endpoints. Daily trading volume and trade counts are ingested from platforms such as edgeX and Ondo Finance. These off-chain data points are mapped to specific perpetual markets, validated for deduplication, and normalized to USD using end-of-day price feeds.

**Note:** The calculation approaches and protocol examples above are representative patterns. Individual protocol implementations may vary.

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

Total USD value of derivative contracts executed on the protocol.

Notional trading volume

Derivative markets

tradeXYZ earns a deployer share of trading fees on the perpetual markets it has deployed under Hyperliquid's HIP-3 framework. Markets are executed on Hyperliquid's HyperCore L1 order book; tradeXYZ does not operate its own matching engine. The default HIP-3 fee split allocates 50% of each user-paid fee to Hyperliquid and 50% to the deployer; tradeXYZ's deployerFeeScale is 1.0, so the standard split applies.

tradeXYZ offers USDC-settled perpetual contracts on US equities (TSLA, NVDA, AAPL, MSFT, ...), indices (S&P 500, XYZ100, NIFTY, KR200), commodities (gold, silver, Brent, WTI, copper), and FX (EUR, JPY, GBP, KRW), with leverage from 10x to 50x. All 77+ markets are deployed under the HIP-3 `xyz` namespace and execute on Hyperliquid's HyperCore order book. tradeXYZ runs all markets in HIP-3 growth mode, reducing user-facing fees by 90% versus standard HIP-3.

tradeXYZ is the first HIP-3 (builder-deployed perpetuals) deployment on Hyperliquid and the dominant builder by open interest, deployed by wallet 0x88806a71d74ad0a510b350545c9ae490912f0888. tradeXYZ is operated as a private company; no token has been issued.

AMAT PerpetualAMAT

Notional trading volume

Notional trading volume