# tradeXYZ PLTR Revenue Methodology

## 1. Overview

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

Revenue measures the portion of user-paid trading fees that is actually received by tradeXYZ as the HIP-3 deployer on Hyperliquid. These fees are generated across synthetic asset markets, including `xyz:AAPL`, `xyz:AMZN`, and `xyz:TSLA`. A per-fill `deployer_fee` field is emitted by the chain as of 2026-03-21, recording the net amount routed to the deployer after any voluntary discounts (builder fees, referral kickbacks) are deducted at trade time. For pre-emission fills, a fallback to the HIP-3 spec ceiling of 50% of the user-paid fee is applied, representing the value that would be received by the deployer at the default `deployerFeeScale = 1.0` with no voluntary deductions.

## 2. Data sources

- **Blockchain events**: `node_fills` events from Hyperliquid HyperCore, covering HyperCore

## 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, which represents the permanent on-chain namespace for tradeXYZ markets under HIP-3.
- **Key fields**: `coin`

### Component B: Per-fill realized take

- **Purpose**: Capture the actual USD value credited to the deployer on each fill
- **Logic**: For each USDC fill, revenue is calculated as `coalesce(deployer_fee, fee * 0.5)`. The on-chain `deployer_fee` field is utilized as the authoritative net amount routed to the deployer after voluntary builder fees and referral kickbacks are deducted at trade time. For fills before 2026-03-21 (when the field was first emitted), the spec ceiling of 50% is applied, which matches the contractual deployer share under `deployerFeeScale = 1.0`.
- **Key fields**: `deployer_fee`, `fee`

### Component C: Daily aggregation

- **Purpose**: Sum per-fill realized take to a daily value per project and product
- **Logic**: Per-fill revenue is aggregated by UTC day, chain, and product. Product IDs are mapped to canonical products (such as `xyz:AAPL`, `xyz:AMZN`, and `xyz:TSLA`) based on the underlying market. The same per-fill formula is applied at market granularity by the breakdown so that the metric (sum across markets) and the breakdown (per market) match by construction. Days with no trading activity are populated with zero values.
- **Key fields**: `block_timestamp`, `revenue`

## 4. Why the realized take and not the spec ceiling
Two views of revenue are identified for HIP-3 deployers:

- **Spec ceiling** = `fee × deployerFeeScale × 0.5`. This represents the contractual maximum that could be retained by the deployer with no voluntary giveaways.
- **Realized take** = on-chain `deployer_fee` value. This represents the actual amount credited after the configured builder fee and any other voluntary deductions are routed by the chain.

The realized take is utilized in this methodology. Voluntary payments are deducted atomically by the L1 before the deployer is credited, ensuring they are never received in the wallet of tradeXYZ. If the spec ceiling were reported, revenue would be overstated by the amount effectively spent on third-party order routing. The same realized value is reported by external data sources.

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

fees * take_rate (illustrative — revenue is observed directly per project, not derived from take_rate)

Fee revenue retained after supply-side payouts. Before cost of revenue (e.g. L2 DA fees) and before operating expenses.

Revenue

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.

PLTR PerpetualPLTR

Revenue

Revenue