Methodology
Scoring is based on a total of 100 points, equally divided across five measures, plus 5 bonus points for HL spot tokens.
Market Cap (20 points)
Low market cap coins are typically less significant, less profitable, and more susceptible to manipulation. We use CoinGecko-reported market caps, assigning 0 points for caps below $1M and 20 points for caps above $5B.
Spot Volumes (20 points)
Illiquid spot markets suggest less important, less profitable, and more easily manipulated coins. They also impact oracle stability. We use two metrics: average daily volume across exchanges and a geometric mean of the per-venue volume designed to favors coins with liquidity on multiple venues. Specifically, the geometric mean is of the average daily volume of the three most liquid exchanges for each coin, with $1m added prior to the geomean and subtracted after the geomean for regularization. To penalize coins with large price drops, daily volume is dollarized using the lower of that day’s low and the current price. We consider USD and USD-stablecoin pairs on Binance, Bybit, Coinbase, Crypto.com, Gate, Hyperliquid, Kraken, Kucoin, MEXC, and OKX. Each measure is scored from 0 (below $10K/day) to 10 points (above $1B/day).
Futures Volumes (20 points)
Illiquid futures markets are undesirable for similar reasons as illiquid spot markets. We apply a similar methodology, focusing only on USD and USD-stablecoin-denominated linear futures. Exchanges considered include Binance, BitMEX, Bybit, Crypto.com, Gate, HTX, Hyperliquid, Kraken Futures, MEXC, and OKX.
Hyperliquid Activity (20 points)
Coins with low trading activity on Hyperliquid are less relevant and less desirable. We use 30-day averages for both daily volume and daily open interest, assigning 0 points for values under $1K and 10 points for values above $100M (per metric).
Hyperliquid Liquidity (20 points)
Poor market maker support on Hyperliquid increases susceptibility to manipulation. We score four metrics (5 points each):
- HLP share of volume (30-day average): 0 points if > 50%, 5 points if 0%.
- HLP share of open interest: 0 points if > 10%, 5 points if 0%.
- Average slippage on $3K orders: 0 points if > 5bps, 5 points if 0bps.
- Slippage on $30K orders: 0 points if > 50bps, 5 points if 0bps.
Hyperliquid Spot Listings (5 points)
Coins with a primary listing on Hyperliquid's "Strict" spot list benefit from the platform's liquidity and are awarded an extra 5 points.