# Ventuals DEFENSE Revenue Methodology

## 1. Overview

This page covers the DEFENSE market (`vntl:DEFENSE`) 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 DEFENSE market.

Revenue measures the portion of fees that Ventuals retains, as determined by its take rate. For Ventuals, this represents the protocol's share of trading fees generated across the protocol's perpetual markets. These fees are collected from traders during order execution and are used to compensate the protocol deployers. The protocol's earning power is highlighted by this metric before accounting for operating expenses or token incentives.

## 2. Data sources

- **Blockchain events**: `node_fills` events from Hypercore nodes, covering the Hypercore chain

## 3. Step-by-step calculation

### Component A: Fill event filtering

- **Purpose**: Identify and isolate trade fills belonging to Ventuals perpetual markets
- **Logic**: Trade fill records are filtered from Hypercore node data where the market identifier starts with the `vntl:` prefix. Only fills settled in the `USDH` fee asset are included in the calculation.
- **Key fields**: `coin` (market identifier), `fee_token` (settlement asset)

### Component B: Revenue extraction and attribution

- **Purpose**: Calculate the protocol's share of fees for each trade fill
- **Logic**: For each trade fill, the realized deployer fee is extracted. If the deployer fee is not explicitly defined, a fallback rate of 50% of the total trade fee is applied, in accordance with the HIP-3 specification ceiling. These values are then aggregated to determine the total revenue.
- **Key fields**: `deployer_fee` (realized deployer fee), `fee` (total trade fee)

### Component C: Product mapping and aggregation

- **Purpose**: Map revenue to specific products and aggregate by day
- **Logic**: Market identifiers are flattened into alphanumeric product slugs by stripping non-alphanumeric characters and converting them to lowercase. Revenue is then aggregated by day, chain, and product. Missing days are zero-filled to ensure a continuous time series.
- **Key fields**: `block_timestamp` (timing), `coin` (market identifier), `revenue` (calculated revenue)

*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

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.

DEFENSE PerpetualDEFENSE

Revenue

Revenue