Notional trading volume
Notional trading volume measures the total value of derivative contracts executed on a decentralized derivatives exchange. Since users pay trading fees on each trade, this metric tends to correlate with the project's ability to generate fees and revenue.
Token Terminal
Top 10 projects by notional trading volume
Sum of notional trading volume for the last 365 days
Projects
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Overview
Notional trading volume measures the total value of derivative contracts executed on a decentralized derivatives exchange. Since users pay trading fees on each trade, this metric tends to correlate with the project's ability to generate fees and revenue.
Data sources
- On-chain smart contract events capturing trade executions
- Off-chain API endpoints reporting daily trading statistics
- Token price feeds for USD conversion
- Asset metadata for decimal normalization
Common calculation approaches
On-chain trade event tracking
For decentralized derivatives and prediction markets, trade executions are read directly from on-chain logs. For instance, OrdersMatched events are obtained from Polymarket Exchange contracts, while IncreasePosition and DecreasePosition events are sourced from GMX V1 and GMX V2 contracts. To prevent double-counting, taker-only trade fills are isolated from Hyperliquid, with all values normalized by decimal precision and converted to USD.
Off-chain API data ingestion
For platforms utilizing off-chain order books or specialized execution environments, trading volume is retrieved from public API endpoints. Daily trading volume and trade counts are ingested from platforms such as edgeX and Ondo Finance. These off-chain data points are mapped to specific perpetual markets, validated for deduplication, and normalized to USD using end-of-day price feeds.
Note: The calculation approaches and protocol examples above are representative patterns. Individual protocol implementations may vary.