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.

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Aperture

# Aperture Fees Methodology

## 1. Overview

Aperture fees represent the total fee revenue generated by the Aperture DEX protocol from both regular trading activity and flash loan operations. The metric calculates fees by multiplying trading volumes and flash loan volumes by their respective pool fee tiers, then aggregating across all pools and time periods. This metric answers the business question: "How much fee revenue is Aperture generating from its AMM pools and flash loan services?"

## 2. Data sources

The calculation relies on several types of raw blockchain data and external feeds:

- **Pool creation events**: Parsed `Factory_PoolCreated` events from Manta blockchain that establish trading pairs and their fee tier structures
- **Trading events**: Parsed `Pool_Swap` events from Manta blockchain containing token exchange transactions and amounts
- **Flash loan events**: Parsed `Pool_Flash` events from Manta blockchain capturing flash loan borrows and repayments
- **Transaction records**: Manta blockchain transaction data providing user addresses and transaction context
- **Price feeds**: End-of-day token price feeds for USD conversion of token amounts
- **Token metadata**: Token symbol and decimal information for proper amount calculations and display formatting

## 3. Step-by-step calculation

### Component A: Trading pair setup
- **Purpose**: Establishes the foundation of tradable token pairs and their associated fee structures
- **Logic**: Extracts pool creation events from Manta's Aperture Factory contract, identifying each unique trading pair by its `token0_address` and `token1_address`. Captures the `fee_tier` for each pool, which represents the percentage fee charged on trades (expressed as a decimal). Joins with token metadata to obtain decimal precision and symbols for proper amount calculations and pair naming
- **Key fields**: `account_address` (pool contract), `token0_address`, `token1_address`, `fee_tier`, `token0_decimals`, `token1_decimals`, `account_name` (token pair symbol)

### Component B: Trading volume calculation
- **Purpose**: Calculates the USD volume of regular trading activity across all Aperture pools
- **Logic**: Processes `Pool_Swap` events from each pool contract, extracting `token0_amount` and `token1_amount` for each trade. Aggregates trades daily by pool, taking absolute values to capture total volume regardless of trade direction. Corrects token amounts by dividing by the appropriate power of 10 based on token decimals. Converts both token amounts to USD using end-of-day price feeds, then takes the lesser of the two USD values to prevent price manipulation attacks. Joins with trading pair data to obtain fee tier information
- **Key fields**: `trading_volume` (lesser USD value between tokens), `fee_tier`, pool and time identifiers

### Component C: Flash loan volume calculation  
- **Purpose**: Calculates the USD volume of flash loan activity across all Aperture pools
- **Logic**: Processes `Pool_Flash` events from each pool contract, extracting borrowed `token0_amount` and `token1_amount` for each flash loan. Aggregates flash loans daily by pool, correcting token amounts using decimal precision. Converts both token amounts to USD using end-of-day price feeds, then sums both USD values (unlike trading volumes, flash loans don't use minimum logic since both tokens represent actual borrowed amounts). Joins with trading pair data for fee tier information
- **Key fields**: `flash_loan_volume` (sum of both token USD values), `fee_tier`, pool and time identifiers

### Final aggregation
- **Combining components**: Trading volumes and flash loan volumes are processed separately, each multiplied by their respective pool fee tiers to calculate fees. The fee calculations are combined using a union operation to create a single stream of fee events
- **Currency conversion**: All volumes are converted to USD using end-of-day price feeds matched by timestamp, token address, and blockchain. Trading volumes use anti-manipulation logic (minimum USD value) while flash loan volumes sum both token values
- **Time aggregation**: Data is aggregated to daily boundaries using timestamp truncation, with all calculations performed at the pool level before final aggregation
- **Final calculation**: Total fees = sum of (trading_volume × fee_tier) + (flash_loan_volume × fee_tier) across all pools and time periods, with final validation and standardization applied through the finalize_metric_fees macro

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

Total value users pay to use a protocol (gross fees, user-paid fees).

Aperture

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Fees

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