# Ventuals BIOTECH Trade count Methodology

## 1. Overview

This page covers the BIOTECH market (`vntl:BIOTECH`) on Ventuals, one of the markets deployed under the `vntl` namespace on Hyperliquid HyperCore. The calculation is identical across all Ventuals markets; the figures on this page are scoped to the BIOTECH market.

Trade count measures the total number of trades executed on Ventuals products, such as `vntl:SPACEX` and `vntl:OPENAI`. The frequency of user activity and market liquidity for assets traded through the project is reflected by this metric. All trades are executed on the HyperCore infrastructure and are identified through specific market namespacing.

## 2. Data sources

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

## 3. Step-by-step calculation

### Component A: Trade identification and filtering

- **Purpose**: Isolate Ventuals-specific trades and prevent double-counting of transaction sides
- **Logic**: Fill records are parsed from HyperCore data. Markets are identified by filtering for the `vntl:` prefix within the asset identifier field, which denotes Ventuals-attributed markets under the HIP-3 namespacing standard. To prevent the double-counting of trades, which are recorded for both the maker and taker sides in the underlying data, the dataset is filtered to include only the taker side where the `crossed` attribute is true.
- **Key fields**: `coin` (market identification), `crossed` (side identification)

### Component B: Daily aggregation

- **Purpose**: Generate daily trade totals
- **Logic**: The identified trade events are summed to produce a total count. Results are grouped by day using the block timestamp. A zero-filling strategy is applied to ensure data continuity for days with no recorded trading activity.
- **Key fields**: `block_timestamp` (timing)

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

Number of trades executed on a decentralized exchange.

Trade count

Derivative markets

Ventuals earns a deployer share of trading fees on the perpetual markets it has deployed under Hyperliquid's HIP-3 framework. Markets execute on Hyperliquid's HyperCore L1 order book; it 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; deployerFeeScale is 1.0, so the standard split applies.

Ventuals offers USDC-settled perpetual contracts on pre-IPO / private companies (OpenAI, Anthropic, SpaceX), thematic equity baskets (MAG7, SEMIS, BIOTECH, DEFENSE, ENERGY, INFOTECH, NUCLEAR, ROBOT), and commodities (gold, silver, soybeans, wheat). All 15 markets are deployed under the HIP-3 `vntl` namespace and execute on Hyperliquid's HyperCore order book.

Ventuals is a HIP-3 (builder-deployed perpetuals) deployer on Hyperliquid, deployed by wallet 0x8888888192a4a0593c13532ba48449fc24c3beda. Ventuals is operated as a private company; no token has been issued.

BIOTECH PerpetualBIOTECH

Trade count

Trade count