# Trading volume Methodology

## Overview

Trading volume measures the total value of trades executed on a decentralized spot exchange. Since users have to pay trading fees on their trades, this metric tends to correlate with the DEX project's ability to generate fees and revenue.

## Data sources

- Smart contract events and program instructions capturing trade and swap activities
- Token price feeds for USD conversion
- Asset metadata for decimal normalization

## Common calculation approaches

### Automated Market Maker (AMM) swap tracking
Swap events are extracted from liquidity pool contracts on decentralized exchanges to determine the total value of assets exchanged. Token amounts are normalized by decimal precision and converted to USD using end-of-day price feeds. For example, swap data is aggregated from pool contracts across multiple deployment chains for platforms including Uniswap, PancakeSwap, and Aerodrome.

### Order book and direct market maker trade tracking
Trades are tracked directly from specialized node services or program instructions on spot markets when transactions occur outside traditional liquidity pools. Asset values are determined based on execution fills or native token balances and converted to USD using end-of-day price feeds. For instance, trade records are extracted from Hyperliquid node services and program instructions on Solana from BisonFi.

**Note:** The calculation approaches and protocol examples above are representative patterns. Individual protocol implementations may vary.

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

Total value of spot trades executed on the exchange.

Trading volume

Exchanges (DEX)

Liquidity providers deposit funds into Aperture and receive trading fees from traders (supply-side fees).

Aperture is a non-custodial DeFi exchange protocol built on Manta Pacific (originally a fork of Uniswap). Aperture was founded by Gao Han, Lian Zhu, and Peiqian Li in 2021.

Aperture team & investors own and govern the protocol. They do not currently take a cut of the total trading fees paid by traders (revenue). Aperture's investors include ParaFi Capital, Arrington XRP Capital, Costanoa Ventures and Divergence Ventures.

Aperture Swap V1

Trading volume

Trading volume

Chain breakdown