# Revenue Methodology

## Overview

Revenue measures the portion of fees that a project retains, as determined by its take rate. The remaining fees are distributed to supply-side participants, such as lenders or liquidity providers. This metric shows how much the project earns from selling its product or service, before cost of revenue, token incentives, and operating expenses.

## Data sources

- Smart contract events and program instructions capturing fee-generating activities
- End-of-day price feeds for USD conversion
- Asset metadata for decimal normalization
- External financial data, including federal funds rates, for yield calculation

## Common calculation approaches

### Reserve-based yield calculation
For stablecoin issuers such as Tether and Circle, revenue is calculated from the yield generated by reserve assets backing the circulating supply. Interest income is aggregated based on holdings in yield-bearing assets and effective federal funds rates.

### Direct fee extraction
Protocol-retained fees are extracted from specific smart contract events and program instructions. For example, revenue is captured from `TradeEvent` program instructions on Solana for pump.fun and trade fill events from Hyperliquid.

### Network fee aggregation
For blockchain networks, revenue is aggregated from the transaction fees paid by users. On Tron, fees are captured from the consumption of resources including Energy and Bandwidth.

**Note:** The calculation approaches and protocol examples above are representative patterns. Individual protocol implementations may vary.

*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.

SHEIN PerpetualSHEIN

Revenue

Revenue