# AlphaQ Trading volume Methodology

## 1. Overview

Trading volume is defined as the total USD value of trades executed through AlphaQ on Solana. Because AlphaQ is operated as a proprietary market maker where inventory is traded at oracle-derived quotes, this metric is utilized to reflect the overall trading activity and liquidity provision facilitated by the program. It is used as a key indicator of the program's market share and utilization. All trades are executed directly against the market maker's inventory, meaning no external liquidity providers are involved.

## 2. Data sources

- **Blockchain events**: Trade instructions executed by the AlphaQ program, covering Solana
- **External data**: End-of-day price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: Trade instruction extraction

- **Purpose**: Extract raw trade data executed by the AlphaQ program
- **Logic**: Trade records are filtered where the executing account matches the AlphaQ program ID. For each trade, the transaction signer, pool account, base and quote vault accounts, base and quote mint accounts, and raw trade amounts are extracted.
- **Key fields**: `pool_account`, `base_mint_account`, `quote_mint_account`, `base_amount`, `quote_amount`

### Component B: Decimal normalization and pool metadata mapping

- **Purpose**: Normalize trade amounts and map them to unique pool assets
- **Logic**: Raw trade amounts are normalized by the decimal precision of their respective assets using asset metadata. Pool metadata is established by identifying the unique pair of asset mint accounts associated with each pool account, ordered lexically. Normalized trade amounts are then mapped to these standardized asset positions.
- **Key fields**: `base_amount`, `quote_amount`, `asset_account_0`, `asset_account_1`

### Component C: USD conversion and valuation

- **Purpose**: Convert trade amounts to USD and determine the final trade value
- **Logic**: Normalized trade amounts for both assets in a trading pair are multiplied by their respective end-of-day asset prices. To prevent inflation from price discrepancies, the final trading volume for each trade is determined by taking the lesser USD value of the two trade legs.
- **Key fields**: `amount_0`, `amount_1`, `trading_volume`

### Component D: Aggregation and zero-filling

- **Purpose**: Aggregate trading volume to daily intervals
- **Logic**: Trading volumes are aggregated by day, chain, and product. Missing days within the time series are filled with zero values to ensure a continuous daily record.
- **Key fields**: `timestamp`, `trading_volume`

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Total value of spot trades executed on the exchange.

Trading volume

Exchanges (DEX)

AlphaQ trades only its own assets. The operator posts its inventory into on-chain market vaults and prices each quote from external oracles with a dynamic fee that falls in calm markets and is discounted for trades that improve market balance. Its income is the spread embedded in its quotes; the swap instruction carries no separate fee field, and there is no governance token.

AlphaQ is a proprietary automated market maker (prop AMM) on Solana, live since July 2025. It describes itself as a hybrid AMM that combines AMM composability with order-book-level efficiency through oracle-based pricing and dynamic fees. It is in private beta and is accessible only through DEX aggregators, which route swaps to its markets when its quote is best.

AlphaQ is operated by a proprietary trading firm that has not disclosed its team; the project publishes a website and documentation but no social accounts.