Hyperliquid Trading Volume 2026: Daily Data & Fee Tiers

The short version: Hyperliquid reports volume as rolling 24-hour notional volume in USD (dayNtlVlm in the API), per market. In our snapshot on 23 October 2026 (about 07:11 UTC) the 178 active perps on the main DEX did about $5.63B in 24 hours, BTC alone was 51.8% of it, and the top 10 markets made up 93.3%. Your own volume is a different number: the rolling 14-day weighted volume that sets your fee tier, where spot counts double.

"Hyperliquid volume" means three different things depending on who asks. A researcher wants the exchange total. A trader wants to know whether a market is liquid enough to enter and exit. And anyone paying fees wants their own 14-day number, because it decides the rate they pay. This guide covers all three with real numbers pulled from the public API, explains how to read volume next to open interest, and gives you a short Python script to reproduce the data. If you just want to see what a wallet trades, its fills and its PnL, Hyperfolio shows it read-only, with no API keys.

How Hyperliquid measures volume

Every market's context in the metaAndAssetCtxs info response (perps) and spotMetaAndAssetCtxs (spot) carries two volume fields:

• dayNtlVlm: notional volume in USD over the last 24 hours. Notional means size multiplied by price, so 1 BTC traded at $80,000 counts as $80,000, whatever leverage was used.
• dayBaseVlm: the same window measured in the asset itself (coins).

Two details matter. The window is rolling, so the number at 07:00 UTC covers 07:00 yesterday to now, not a calendar day. And each trade is counted once: one buyer and one seller make one trade, not two. Leverage does not inflate volume, but it does make volume cheaper to generate, which is why perp volume on any venue is usually far larger than spot.

Snapshot: 23 October 2026

We pulled the data at about 07:11 UTC. The main DEX listed 178 active perps with $5.63B of 24h notional volume and about $11.55B of open interest. Here are the top 10 markets:

#	Market	24h volume	Share	Open interest	Volume / OI
1	BTC	$2,919M	51.8%	$3,571M	0.82
2	ETH	$893M	15.9%	$2,623M	0.34
3	ZEC	$453M	8.0%	$553M	0.82
4	HYPE	$383M	6.8%	$1,628M	0.23
5	SOL	$150M	2.7%	$573M	0.26
6	NEAR	$140M	2.5%	$328M	0.43
7	PUMP	$94M	1.7%	$140M	0.67
8	WLD	$84M	1.5%	$97M	0.86
9	XMR	$78M	1.4%	$100M	0.78
10	XRP	$60M	1.1%	$227M	0.26

The concentration is the first thing to notice. BTC and ETH together were 67.7% of main-DEX perp volume, and the top 15 markets were 95.7%. At the other end, 109 of the 178 markets traded less than $1M in 24 hours and 36 traded less than $100k. A long market list does not mean every market is easy to trade in size.

Spot and HIP-3 markets are counted separately

Spot volume was much smaller: about $132M across all spot pairs, led by HYPE/USDC ($39.6M), UBTC/USDC ($30.2M), UZEC/USDC ($22.7M) and UETH/USDC ($11.7M). HIP-3 perps, the builder-deployed markets, live on their own DEXs and are not included in the main-DEX total. The largest one, xyz, showed about $4.02B of 24h volume across 138 markets in the same snapshot, led by contracts such as xyz:SKHX, xyz:SP500 and xyz:XYZ100. If you compare "Hyperliquid volume" figures from different dashboards, check which of these buckets each one includes. Our TradFi perps guide explains HIP-3 markets in more detail.

The userFees endpoint also returns an exchange figure per UTC day. For 22 October 2026 it reported about $7.53B. That is a calendar-day number from a different endpoint, so do not expect it to match a rolling 24-hour sum of dayNtlVlm.

Reading volume next to open interest

Volume tells you how much traded. Open interest tells you how much exposure is still open. Dividing one by the other gives a quick turnover ratio:

• High ratio (around 0.8 or more): positions are being opened and closed quickly. In our snapshot BTC, ZEC, WLD and XMR were all near or above 0.8, and INJ topped markets with more than $5M of OI at 0.94. That usually points to active short-term trading, news, or a sharp move. XMR was down 6.1% over the window.
• Low ratio (under about 0.1): plenty of open exposure but little trading. PURR (0.04), MON (0.06), COMP (0.07), GRASS (0.08) and VIRTUAL (0.08) were at the bottom. Positions there are held, not churned, and exiting a large one may move the price more than the OI suggests.
• Middle: ETH (0.34), HYPE (0.23) and SOL (0.26) sat in a calmer range, with large OI relative to daily flow.

None of this is a trading signal on its own. It is context. A falling price with rising volume and rising OI means new positions are being opened into the move; the same price move on falling OI means positions are being closed.

Volume and liquidity are not the same thing

A market can print high volume and still have a thin order book, for example during a short burst of liquidations. What protects you from a bad fill is the depth near the mid price at the moment you trade. Use 24h volume as a first filter, then check the book or estimate impact before sizing up. Our slippage and price impact guide shows how to do that, and the TWAP guide covers splitting a large order in a low-volume market.

Your own volume: the number that sets your fees

According to the official fee docs, your fee tier is based on rolling 14-day volume, assessed at the end of each UTC day. The formula is 14d weighted volume = 14d perps volume + 2 × 14d spot volume. One tier applies across perps, HIP-3 perps and spot. Sub-account volume counts toward the master account, while vault volume is treated separately.

The fee schedule returned by the API on 23 October 2026 matched the docs:

Tier	14d weighted volume	Perps taker	Perps maker
0	Below $5M	0.045%	0.015%
1	Above $5M	0.040%	0.012%
2	Above $25M	0.035%	0.008%
3	Above $100M	0.030%	0.004%
4	Above $500M	0.028%	0.000%
5	Above $2B	0.026%	0.000%
6	Above $7B	0.024%	0.000%

For most traders tier 0 is where they stay: $5M in 14 days is about $357k of notional per day. A trader doing $50k a day with 10x leverage only needs $5k of margin, yet it would still take seven times that daily volume to reach tier 1. That is why a referral discount or staking discount usually moves your fees more than chasing volume. See the fees guide for the full picture, including staking tiers.

How to check it

The userFees info request takes any public address and returns dailyUserVlm (a list of days with userCross for taker volume and userAdd for maker volume), your current taker and maker rates, and any active referral or staking discount. No signature or API key is needed, because it only reads public data.

Python script: market volume and your 14-day volume

This script uses only public read endpoints. Replace the placeholder address with yours to see your own numbers. The 14-day figure it prints is a simple sum of taker and maker volume; the official tier calculation also counts spot volume twice.

import requests

INFO = "https://api.hyperliquid.xyz/info"

def info(body):
    r = requests.post(INFO, json=body, timeout=10)
    r.raise_for_status()
    return r.json()

# 1) Rolling 24h notional volume per perp market (main DEX)
meta, ctxs = info({"type": "metaAndAssetCtxs"})
rows = []
for asset, ctx in zip(meta["universe"], ctxs):
    if asset.get("isDelisted"):
        continue
    vol = float(ctx["dayNtlVlm"])                      # USD, rolling 24h
    oi = float(ctx["openInterest"]) * float(ctx["markPx"])  # coins x mark = USD
    rows.append((asset["name"], vol, oi))

total = sum(v for _, v, _ in rows)
rows.sort(key=lambda r: -r[1])
print(f"Main DEX perps 24h volume: ${total/1e9:.2f}B across {len(rows)} markets")
for name, vol, oi in rows[:10]:
    ratio = vol / oi if oi else 0
    print(f"{name:8} ${vol/1e6:9.1f}M  share {vol/total:6.1%}  vol/OI {ratio:.2f}")

# 2) Your own daily volume and current fee rates (read-only, public address)
USER = "0xYourAddressHere"
if USER.startswith("0x") and len(USER) == 42:
    fees = info({"type": "userFees", "user": USER})
    last14 = fees["dailyUserVlm"][-14:]
    mine = sum(float(d["userCross"]) + float(d["userAdd"]) for d in last14)
    print(f"Your last 14 days: ${mine:,.0f} (taker+maker)")
    print("Taker rate:", fees["userCrossRate"], "Maker rate:", fees["userAddRate"])

For longer histories of candles and funding, see our historical data guide, and mind the rate limits if you poll often.

Common mistakes when reading Hyperliquid volume

• Comparing totals that include different markets. Main-DEX perps, HIP-3 DEXs and spot are separate. A figure that adds them will be far larger than one that does not.
• Treating a rolling window as a day. dayNtlVlm changes every minute. Two screenshots an hour apart will differ even if nothing unusual happened.
• Confusing margin with notional. Volume is notional. Your $1,000 of margin at 20x can create $20,000 of volume on the way in and another $20,000 on the way out.
• Assuming volume equals depth. Check the order book before sizing into a market with a low volume-to-OI ratio.

Track the volume that matters: yours

Exchange totals are interesting, but your trading record is what pays or costs you. Hyperfolio is a free, read-only tracker: paste a wallet address and see positions, fills, realized and unrealized PnL, funding and fees in one place, across several wallets and venues, with nothing to connect or sign. The Markets view also helps you scan Hyperliquid markets before you trade.

Frequently asked questions

What is Hyperliquid's daily trading volume?

It changes constantly. In our 23 October 2026 snapshot the main-DEX perps did about $5.63B in 24 hours, the xyz HIP-3 DEX about $4.02B and spot about $132M. Always check the date and which markets a figure includes.

Is Hyperliquid volume counted once or twice per trade?

dayNtlVlm counts the notional of each trade once. Your personal volume counts your side of each fill, split into taker (userCross) and maker (userAdd).

How do I see my Hyperliquid trading volume?

Send a userFees info request with your address, or use the script above.

Does spot volume count toward my fee tier?

Yes, and it counts double: weighted volume is perps volume plus two times spot volume over 14 days.

Does sub-account volume count?

Yes. Sub-account volume counts toward the master account, and all sub-accounts share one fee tier. Vault volume is separate. More in our sub-accounts guide.

Which Hyperliquid markets have the most volume?

BTC by a wide margin (51.8% of main-DEX perp volume in our snapshot), then ETH, ZEC, HYPE and SOL. The ranking below BTC and ETH shifts often with news.

Keep your trading costs low. New to Hyperliquid? Use referral code HYPERFOLIO for 4% off trading fees (how the referral works), then follow every fill and fee for free in Hyperfolio.