Data SourcePYTH / Hyperliquid native spot marketsPrice ConstructionThe Hyperliquid Ecosystem Index (“HLX”) represents a market-cap-weighted basket of tokens issued by projects building on or tightly integrated with the Hyperliquid ecosystem.
1. Universe selection
A token is eligible if it:
• is issued by a Hyperliquid-native or tightly integrated ecosystem project,
• is actively traded and has a reliable spot reference price,
• is not a stablecoin and not a wrapped or bridged representation of an external asset, and
• has a free-float market capitalization of at least USD 2,000,000 at the rebalance snapshot. This may be adjusted as the ecosystem develops.
This minimum market-cap threshold is used to reduce index noise and avoid micro-cap distortions.
2. Fixed core allocation
The Hyperliquid native token (HYPE) is assigned a fixed 50% weight.
3. Market-cap weighting of remaining constituents
The remaining 50% of the index is allocated across all other eligible ecosystem tokens in proportion to their market capitalization at the rebalance snapshot.
4. Concentration controls
A per-constituent cap is applied to non-core tokens to prevent excessive concentration in any single project.Volume StrategyWe will work directly with Hyperliquid-ecosystem projects and communities whose tokens are constituents of the index to:
• promote HLX as the canonical “ecosystem performance” market,
• embed it into dashboards, community analytics, and performance reporting, and
• position it as the benchmark for ecosystem growth.
In addition, a portion of market-generated fees and internal funds will be allocated to structured partnerships with independent ecosystem educators and key opinion leaders to increase awareness and drive sustained trading activity in the HLX market.Distribution ChannelYesDistribution DetailsPart of a network of Hyperliquid key opinion leaders with aggregate following of 500k+ followers