Capital turnover

State what counts as volume

An activity report can sum the absolute notional of opening and closing fills. Under that convention, opening a $200 position and later closing it at the same notional produces $400 of volume. Other reports may count only purchases, openings or one side of a transaction. State the convention before comparing numbers. An order that never fills contributes no executed volume.

Use capital from the same account and period

For a fixed balance, divide the period's executed volume by average account equity. When capital changes, a time-weighted denominator avoids treating a late deposit as though it had been available all day. A daily measure can divide matched volume by equity-days: the sum of each observed equity balance multiplied by the fraction of a day it covers. Mark missing intervals as unknown and explain how much of the period was observed.

Match the agent to its execution account

Use the balance of the account in which the fills occurred. For an agent assigned to a subaccount, unrelated money in its owner's main account stays outside that calculation. Several agents sharing one account share one capital denominator. An active-time report can exclude periods when all linked agents were paused, provided its trade-volume window follows the same rule. State this choice beside the result so readers can distinguish it from whole-account turnover.

Interpret the ratio alongside the strategy

A strategy may wait for an entry or hold an existing position through several review cycles. Both can produce zero new volume while the agent is doing its assigned job. Frequent trades can increase costs or repeatedly change exposure without improving a result. Before comparing two agents, check their intended holding periods and which market conditions permit an entry. A volume target alone says little about whether either agent followed its instructions.

What this does not tell you

Notional already represents the full size of the leveraged position. Multiplying notional-based turnover by leverage again would double-count that effect. All figures on this page are synthetic examples.

Sources and product reference

• Hyperliquid: fills, account state and time-bounded data
• DXAP: fees and risks

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