# tradeXYZ NOW Notional trading volume Methodology

## 1. Overview

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

Notional trading volume is measured as the total value of perpetual swap contracts executed on tradeXYZ. This metric is utilized as a primary indicator of protocol adoption and liquidity, as trading fees are typically calculated as a percentage of the total value of executed trades. Volume is tracked across individual products, including `xyz:AAPL`, `xyz:SP500`, and other supported markets. All transactions are settled on the HyperCore blockchain.

## 2. Data sources

- **Blockchain events**: Fill and trade data from HyperCore, covering the HyperCore chain
- **External data**: End-of-day price feeds derived from on-chain mark prices

## 3. Step-by-step calculation

### Component A: tradeXYZ trade identification

- **Purpose**: Identify trades specifically attributed to the tradeXYZ ecosystem
- **Logic**: Transactions are filtered from HyperCore fill and trade data by identifying assets that carry the `xyz:` prefix in the `coin` field. This prefix is used to signify markets registered under the tradeXYZ namespace according to the HIP-3 specification.
- **Key fields**: `coin`, `block_timestamp`

### Component B: Taker-side fill extraction

- **Purpose**: Ensure each matched trade is counted only once to prevent internal double-counting
- **Logic**: Fills are filtered to include only those where the `crossed` field is set to `true`. The taker side of every transaction is identified by this field, ensuring that the volume is represented by the actual value of matched orders rather than the sum of both the maker and taker sides of the same trade.
- **Key fields**: `crossed`, `size`

### Component C: Asset pricing and USD normalization

- **Purpose**: Determine the USD value of traded assets at the time of execution
- **Logic**: End-of-day mark prices are established by identifying the latest fill price for each asset across both fill and trade data within a UTC day. Because tradeXYZ markets are USDC-settled, the on-chain fill prices are utilized directly as USD values without requiring external price-feed joins.
- **Key fields**: `price`, `token`

### Component D: Notional volume aggregation

- **Purpose**: Calculate the total daily value of all trades in USD
- **Logic**: Daily notional volume is calculated by multiplying the total size of taker-side fills by the corresponding end-of-day mark price for each asset. These values are aggregated by day, chain, and product (such as `xyz:AAPL` or `xyz:SP500`) to produce the daily volume. Data is aggregated with a daily granularity using UTC day boundaries.
- **Key fields**: `size`, `eod_price_usd`

*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.

NOW PerpetualNOW

Notional trading volume

Notional trading volume