# tradeXYZ JP225 Fees Methodology

## 1. Overview

This page covers the JP225 market (`xyz:JP225`) 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 JP225 market.

Fees measures the total value paid by users to trade on tradeXYZ products, such as `xyz:AAPL` and `xyz:SP500`. These fees are generated through perpetual swap trading activity on markets deployed via the Hyperliquid HIP-3 framework. The total economic value paid by traders is reflected by this metric before any revenue-sharing or protocol distributions occur.

## 2. Data sources

- **Blockchain events**: `node_fills` records from Hyperliquid HyperCore, covering HyperCore
- **Fee token filter**: `fee_token = 'USDC'` (the sole quote and collateral asset for HIP-3 perps today)

## 3. Step-by-step calculation

### Component A: tradeXYZ market identification

- **Purpose**: Filter HyperCore fills to tradeXYZ-deployed markets only
- **Logic**: Fills are filtered by the `xyz:` prefix on the `coin` field, the permanent on-chain namespace assigned to tradeXYZ at HIP-3 deployment. The 78 registered markets are isolated without depending on any off-chain registry.

### Component B: Gross fee aggregation

- **Purpose**: Sum user-paid fees per market per day in USD
- **Logic**: The user-paid fee for each fill is taken directly from the `fee` field of `node_fills`. The value is recorded by the chain after growth-mode reduction (active on all tradeXYZ markets since 2025-11-23), so no manual adjustment is required. Fills are restricted to `fee_token = 'USDC'`; values are treated as USD-equivalent without price conversion. Sums are computed per `(timestamp, market_id, token_symbol)` in the breakdown, then aggregated to the daily project metric.

### Component C: Daily normalization

- **Purpose**: Emit a single daily-grain row with zero-fill for days without trading
- **Logic**: The metric is sourced from the tradeXYZ fees breakdown so per-market values and the daily total are kept in sync by construction. Any day in the date spine that has no fills is populated by `fill_zeros`, ensuring continuous daily coverage from the launch date forward.

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

Total value users pay to use a protocol (gross fees, user-paid fees).

Fees

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.

JP225 PerpetualJP225

Fees

Fees