> For the complete documentation index, see [llms.txt](https://docs.h4.world/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.h4.world/markets/market-data.md).
# Market Data
Every asset in H4 includes a shared set of market data. Additional fields appear depending on the asset class.
H4 normalizes values to U.S. dollars where relevant.
### Common market data
| Metric | Meaning |
| --------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| 24h Volume | The total notional value traded in the last 24 hours. |
| Open Interest | The total open notional currently outstanding in the market. H4 shows this in U.S. dollars. |
| 8h Funding Rate | The reference funding rate for the next 8-hour period. On Hyperliquid, funding is exchanged hourly based on this displayed 8-hour rate. |
| Premium | The price difference used in funding between the perpetual market and its reference price. A positive premium means the perp is trading above the reference; a negative premium means it is trading below it. |
| Spread | The distance between the best bid and the best ask. |
### Crypto metrics
| Metric | Meaning |
| ------------- | ----------------------------------------------------------------------------------------- |
| Market Cap | Price multiplied by circulating supply. |
| FDV | Fully diluted valuation at the current price, assuming the full supply is in circulation. |
| All-Time High | The highest recorded market price in the asset’s tracked history. |
| All-Time Low | The lowest recorded market price in the asset’s tracked history. |
### Protocol and chain metrics
These metrics are shown for crypto protocols and chains.
| Metric | Meaning |
| ------------- | ------------------------------------------------------------------------------- |
| TVL | Total value locked in the protocol’s smart contracts. |
| Daily Fees | Total fees users paid to use the protocol over the last day. |
| Daily Revenue | The portion of those fees that the protocol keeps for itself over the last day. |
### Stock metrics
`FY` means the most recently reported fiscal year.
| Metric | Meaning |
| --------------------- | -------------------------------------------------------------------------------------------- |
| Revenue (FY) | Total sales generated during the latest reported fiscal year. |
| Gross Profit (FY) | Revenue minus direct costs associated with delivering the company’s product or service. |
| Operating Income (FY) | Profit generated by the company’s core operations before non-operating items. |
| Net Margin % | Net income expressed as a percentage of revenue. |
| Op Cash Flow (FY) | Cash generated by the company’s operating activities during the latest reported fiscal year. |
| Cash | Cash and cash equivalents on the balance sheet. |
| Long-Term Debt | Debt obligations due beyond 12 months. |
| Shares Out. | Shares currently outstanding. |
| Buybacks (FY) | Value spent repurchasing the company’s own shares during the latest reported fiscal year. |
| Dividends (FY) | Cash returned to shareholders as dividends during the latest reported fiscal year. |
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