# tradeXYZ JP225 Open interest 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.

Open interest measures the total USD notional value of all active positions on tradeXYZ products, such as `xyz:AAPL` and `xyz:SP500`, at a specific point in time. The metric is utilized as a leading indicator of speculative activity and capital at risk within the protocol. The 78 markets registered under the `xyz` namespace on Hyperliquid HyperCore are specifically accounted for.

## 2. Data sources

- **Blockchain events**: `node_trades` and `node_fills` records from Hyperliquid HyperCore
- **External data**: End-of-day price feeds derived from on-chain fill prices

## 3. Step-by-step calculation

### Component A: tradeXYZ Perps market identification

- **Purpose**: Filter for tradeXYZ specific markets within the Hyperliquid ecosystem
- **Logic**: Trades are filtered by the `xyz:` prefix in the asset identifier, which corresponds to the HIP-3 namespacing for tradeXYZ Perps markets. This ensures that only activity from the 78 registered markets is included in the calculation.

### Component B: Position reconstruction

- **Purpose**: Determine net positions per trader to track active exposure
- **Logic**: Trade sizes are assigned positive or negative values based on the trade direction, where buy orders are treated as positive and sell orders are treated as negative. A cumulative net position is calculated for each unique trader and market combination over time to track active exposure.

### Component C: Open interest unit calculation

- **Purpose**: Aggregate units while avoiding double-counting of matched positions
- **Logic**: The absolute values of all trader net positions are summed for each market. This total is divided by two to represent the total size of one side of the order book, ensuring that matched long and short positions are not double-counted.

### Component D: USD conversion and aggregation

- **Purpose**: Normalize values to USD for cross-asset comparison
- **Logic**: Open interest units are multiplied by the end-of-day mark price for each asset. Mark prices are derived from the latest observed fill price within each UTC day. Daily values are aggregated by product (such as `xyz:AAPL` and `xyz:SP500`) and a fill-forward strategy is applied to maintain position state on days without active trading activity. Amounts are normalized by decimal precision and converted to USD.

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

Total USD notional value of all open positions on a derivatives protocol at a point in time.

Open interest

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

Open interest

Open interest