# tradeXYZ EBAY Active users (daily) Methodology

## 1. Overview

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

Active users (daily) measures the number of unique addresses that execute revenue-generating trades on tradeXYZ products, such as `xyz:SP500` and `xyz:AAPL`. This metric captures both makers and takers participating in perpetual swap markets deployed via the tradeXYZ protocol. User activity is identified through trade fill events on the Hyperliquid blockchain, specifically targeting markets registered under the tradeXYZ 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 tradeXYZ-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 `xyz:` prefix, which signifies a market deployed by the tradeXYZ 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 by product 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.

Active users (daily)

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.

EBAY PerpetualEBAY

Active users (daily)

Active users (daily)