MarketsMark price
The reference price reported for a perpetual contract. Liquid Data displays it separately from the oracle price and an order-book midpoint.
- Read it as
- Market quote currency
- Keep in mind
- A reference price is not a guarantee that an order can execute at that price.
MarketsTrading volume
The reported value of trades during a period. Market cards use the provider’s rolling 24-hour notional turnover.
- Read it as
- Market quote currency over the stated period
- Keep in mind
- Compare the same period and quote currency. Volume measures activity; it does not measure money entering the network.
MarketsOpen interest
The outstanding contract quantity at an observation time. Quote-valued open interest multiplies that quantity by the current mark price.
- Read it as
- Base asset units or quote value
- Keep in mind
- Quote value can rise because price rises. Open interest alone does not tell you whether traders are bullish or bearish.
MarketsFunding rate
A payment rate between perpetual traders. Positive rates mean longs pay shorts; negative rates mean shorts pay longs. Hyperliquid settles funding hourly.
- Read it as
- % per hour
- Keep in mind
- Funding is a transfer between traders, separate from protocol revenue. A current rate is not a guaranteed future yield.
MarketsBid–ask spread
The difference between the best available ask and bid. The basis-point view divides that difference by the midpoint and multiplies by 10,000.
- Read it as
- Quote currency or basis points
- Keep in mind
- A narrow spread does not establish how much size is available deeper in the book.
MarketsOrder-book depth
The visible resting buy and sell orders within the selected distance from the midpoint.
- Read it as
- Displayed size or notional within a price band
- Keep in mind
- This is a changing book snapshot. Orders can move or cancel, and a bounded response is not the entire market.
MarketsLiquidation price
The reported liquidation threshold for a position under its current account conditions.
- Read it as
- Market quote currency
- Keep in mind
- A cluster of sampled thresholds shows possible exposure. It is not a record of liquidations that actually happened.
MarketsTWAP
A time-weighted average price order spreads execution across smaller slices over a chosen duration.
- Read it as
- Order size, remaining size and duration
- Keep in mind
- Remaining size describes an order’s current state. It does not guarantee future fills; the tape covers a disclosed wallet sample.
FinancialsFees
Charges paid for using the measured service. Liquid Data’s daily fee chart follows the provider’s dated reporting definition.
- Read it as
- USD per reporting period
- Keep in mind
- Fees, retained revenue and Assistance Fund purchases are different measurements. Use their individual definitions when comparing them.
FinancialsRevenue
The provider-reported portion of fees retained for the protocol or its token holders after the relevant supplier distributions.
- Read it as
- USD per reporting period
- Keep in mind
- A dated revenue report is not an executed buyback or audited corporate net income. Incomplete report windows remain incomplete.
FinancialsAssistance Fund
A protocol mechanism that converts trading fees into HYPE. The documentation treats HYPE held by the fund as burned.
- Read it as
- HYPE balances and USDC executions
- Keep in mind
- Liquid Data keeps purchases, cash balances and tracked supply reductions separate to avoid counting the same tokens twice.
FinancialsCirculating supply
The reported HYPE quantity classified as circulating by the source’s supply accounting.
- Read it as
- HYPE
- Keep in mind
- Circulation includes staked holdings. It is not necessarily the quantity immediately available to trade, and its change is not a direct issuance measure.
FinancialsTracked burns
Liquid Data’s reconciled supply-state measure combining the documented Assistance Fund treatment and tracked HyperCore reductions.
- Read it as
- HYPE
- Keep in mind
- This state accounting is separate from the bounded HyperEVM gas-fee archive. A balance snapshot is not a complete daily burn-event ledger.
EcosystemTotal value locked
The measured value of assets deposited in the covered protocols under the provider’s inclusion rules.
- Read it as
- USD on the provider’s methodology
- Keep in mind
- Price changes can move TVL without deposits or withdrawals. Adding overlapping pools can count the same underlying capital more than once.
EcosystemHLP account value
The account value returned for the Hyperliquidity Provider vault, displayed separately from its PnL history.
- Read it as
- USDC account value
- Keep in mind
- Account value changes include deposits and withdrawals. They are not the same as strategy profit or investor return.
EcosystemLending utilization
The reserve utilization ratio reported by Hyperliquid, shown alongside supplied, borrowed and available asset balances.
- Read it as
- % for the selected reserve
- Keep in mind
- Current state and saved hourly observations are separate. History begins when collected; unobserved hours stay blank and assets are kept separate.
EcosystemAnnual rate and APY
An annual rate expresses a rate on a yearly basis. APY includes a compounding convention; the two labels are not interchangeable.
- Read it as
- % per year
- Keep in mind
- Liquid Data displays HyperCore’s supplied yearly rates without assuming compounding. External pool APY follows its provider and can vary.
FinancialsEstimated fund flows
A derived estimate using matched issuer share and NAV observations across eligible consecutive reporting sessions.
- Read it as
- Estimated USD per eligible reporting session
- Keep in mind
- An increase in fund assets alone does not establish inflows. Missing or mismatched reports can make an estimate unavailable.
FinancialsValuation multiples
A value divided by a specified financial measure. Corporate P/E uses earnings; Liquid Data’s HYPE value/revenue measure uses reported revenue.
- Read it as
- Multiple of the stated denominator
- Keep in mind
- These denominators are different. Compare their dates, currency, supply basis and coverage before interpreting the multiples.
MarketsRWA-linked market share
The volume of reviewed equity, equity-index, commodity and FX perpetual references divided by all returned HIP-3 volume in the same quote currency.
- Read it as
- % of returned HIP-3 volume in one quote currency
- Keep in mind
- Unclassified markets remain in the denominator and may contain additional RWA-linked contracts. These derivatives provide exposure, not ownership of the underlying assets.
MarketsHIP-3 markets
Perpetual markets operated by external deployers on Hyperliquid infrastructure.
- Read it as
- Market and deployer observations
- Keep in mind
- HIP-3 identifies how a market is deployed, not its asset class. It does not automatically mean real-world assets, and quote currencies can differ.
EcosystemHyperCore and HyperEVM
HyperCore hosts native trading and related state. HyperEVM provides an Ethereum-compatible execution environment on the same network.
- Read it as
- Separate execution and data scopes
- Keep in mind
- Keep their balances, events and fee accounting distinct. An EVM block sample does not describe all HyperCore activity.
Reading dataSource and retrieval time
Source time describes when an observation applies. Retrieval time describes when Liquid Data received it.
- Read it as
- UTC timestamp where supplied
- Keep in mind
- A new request does not make an old report current. When the source supplies no timestamp, we preserve that absence.
Reading dataCoverage and missing values
Coverage describes which assets, dates or events were actually observed. An unavailable value is different from a measured zero.
- Read it as
- Observed records within a defined scope
- Keep in mind
- A successful response may still be a sample or truncated history. Complete-period totals require the observations needed for that period.
