# Trade count Methodology

## Overview

Trade count measures the number of trades executed on a decentralized exchange. It shows how frequently users are buying or selling assets through the project.

## Data sources

- Smart contract events and program instructions generated during swap and trade activities
- Off-chain API endpoints for order book metrics
- Asset metadata for trading pair identification

## Common calculation approaches

### Automated market maker (AMM) swap tracking
For automated market makers, trade counts are obtained by summing swap events or program instructions. For example, `Swap` events are extracted from pool contracts across Uniswap and PancakeSwap, while swap instructions are captured from programs on Meteora.

### Order book fill tracking
For order book platforms, trade counts are derived from order fill events or API metrics. For instance, node fill events are captured from HyperCore infrastructure for tradeXYZ, while daily exchange metrics are ingested from APIs for Lighter.

**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.*

Number of trades executed on a decentralized exchange.

Trade count

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.

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Trade count

Trade count