Methodology
Where every number comes from, how it is computed, and what happens when we get something wrong.
UnderHyper's market numbers come straight from Hyperliquid's public info API, read about every 2 hours (latest read: 2026-11-04 10:16 UTC). Ecosystem TVL and fees come from DefiLlama, specs from Hyperliquid's and each project's docs, and news is published only with on-chain proof, a primary source or two independent outlets. Every page shows its Updated date, and verified errors are corrected openly.
Data sources
| What | Source | How often |
|---|---|---|
| Prices, 24h volume, open interest, funding, leverage, listing status | Hyperliquid info API: metaAndAssetCtxs for core perps and for each HIP-3 dex, perpDexs for the list of HIP-3 dexes | About every 2 hours |
| Chain and app TVL, protocol fees, builder-code revenue | DefiLlama's public API | Shown with the date it was read |
| Fees, limits, protocol rules, HIP specs | Hyperliquid's documentation (hyperliquid.gitbook.io) and each project's own docs | Re-read when we update a page; the page's "Fact-checked" date says when |
| Referral codes and benefits | Each program's own documentation; links tested by opening them | The "tested" date is on every code |
| News | On-chain data, official announcements, independent reporting | As it happens |
We read the API ourselves rather than copying numbers from aggregators, so a figure on UnderHyper should match what Hyperliquid itself reported at the time shown. The latest read, at 2026-11-04 10:16 UTC, put core perp volume at $7.29B over 24 hours, HIP-3 volume at $5.24B and trade.xyz's share of HIP-3 volume at 98.1%.
Update cadence and timestamps
A scheduled job re-reads the API and rebuilds the site about every 2 hours. Pages with live numbers show the UTC time of the read ("Data as of"). Editorial pages show an "Updated" date, and a "Fact-checked" date when we last re-checked them against primary sources. Our sitemaps use the same dates, so a page only looks fresh when it actually changed.
If a read fails a sanity check (for example, core volume under $100M, fewer than 100 core markets, or no HYPE price), we keep the previous data and its older timestamp rather than publish broken numbers. A stale stamp is the honest signal that a refresh failed.
How the numbers are computed
- 24-hour volume is Hyperliquid's own rolling 24-hour notional volume (
dayNtlVlm) in USD, summed across markets for totals. - Open interest in USD is open contracts multiplied by the mark price.
- Funding is the current hourly rate the API reports. Hyperliquid pays funding every hour. We annualize it as hourly × 24 × 365, a simple rate with no compounding. Positive means longs pay shorts.
- 24-hour change is the mark price against the API's previous-day price.
- Market share figures, such as one HIP-3 dex's share of HIP-3 volume, are that venue's 24-hour volume divided by the total for the group named. They are shares of Hyperliquid volume, not of all crypto.
- HYPE price is the canonical HYPE perp mark. Several spot pairs on Hyperliquid are also named "HYPE"; only the canonical token is real.
- Delisted markets are excluded from counts and totals. Some delisted HIP-3 markets still publish a mark price that no longer reflects any trading; we don't treat it as a price.
- Bridge TVL is not DeFi TVL. DefiLlama reports both for Hyperliquid; we label which one we mean.
Money is shown in US dollars, rounded for reading ($6.9B rather than $6,912,345,678). Times are UTC. Downloads keep full precision.
Verification rules
- Primary sources first. Hyperliquid's docs and API, then a project's own docs and announcements. Every load-bearing number on a page links its source or names the API and time.
- News needs evidence. We publish a news item only if it is visible on-chain, stated by the project itself, or reported by two independent outlets. Each item says whether the event happened, was announced or is scheduled.
- No unpublished specs. We don't report a launch date, chain ID or feature that the project hasn't published. If sources disagree, we say so.
- Lookalike sites are named by facts only: the domain, when it appeared and that the project doesn't list it.
- Unverified means unpublished. If we can't confirm something, we mark it as unverified or leave it out.
Independence
We earn referral fees from some venues (listed on the disclosure page). They don't buy coverage, rankings or wording. Comparisons are ordered by the stated criteria, such as fees, and a venue we have no code for is ranked the same way as one we do.
License and how to cite
Our data and datasets are licensed CC BY 4.0. Reuse them freely with attribution: "UnderHyper, <page or dataset>, <URL>, as of <date>".
Corrections policy
If something on UnderHyper is wrong, tell us. We check every report against primary sources. Verified errors are fixed on the page, the Updated date changes, and material corrections (a wrong number, date or claim that changes the answer) are noted on the page. We don't silently rewrite news.
Questions people ask
Where does UnderHyper get its Hyperliquid data?
Market numbers come straight from Hyperliquid's public info API (the same data the official app uses), read about every 2 hours. TVL, protocol fees and builder-code revenue come from DefiLlama. Specs and rules come from Hyperliquid's docs and each project's own docs.
How is the Hyperliquid funding rate annualized?
Hyperliquid pays funding every hour, so we multiply the current hourly rate by 24 × 365 (a simple rate, not compounded). An hourly rate of 0.00125% is about 10.95% a year.
How do I report a mistake on UnderHyper?
Use the corrections form on this page. Tell us the page and what is wrong; a link to a primary source helps. We fix verified errors and update the page's Updated date.