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

ApeSwap is a non-custodial exchange protocol built originally on BNB Chain. ApeSwap was founded by an anonymous team and launched in 2021.

BANANA tokenholders own and govern the protocol. They currently take a cut of the total trading fees paid by traders (revenue).

governance

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Exchanges (DEX)

ApeSwap

# ApeSwap Fees Methodology

## 1. Overview

ApeSwap fees represent the total trading fees collected by the ApeSwap decentralized exchange across Ethereum, Polygon, Arbitrum, and BSC networks. The metric calculates fees by multiplying daily trading volumes by ApeSwap's fixed fee rate of 0.2% (0.002). This metric answers the business question: "How much fee revenue does ApeSwap generate from trading activity?" The calculation uses a volume-based approach where fees are derived from actual trading activity rather than being tracked directly from fee collection events.

## 2. Data sources

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

- **Factory events**: Parsed `ApeFactory_PairCreated` events from Ethereum, Polygon, Arbitrum, and BSC networks that establish trading pairs and their fee tiers
- **Swap events**: Parsed `ApePair_Swap` events from all supported networks capturing individual trade transactions with token amount changes
- **Transaction records**: Ethereum, Polygon, Arbitrum, and BSC transaction data providing user addresses, timestamps, and transaction context
- **Token metadata**: Token information including decimal places and symbols for proper amount conversions and pair naming
- **External price data**: End-of-day token price feeds across all supported networks for USD conversion of trading volumes

## 3. Step-by-step calculation

### Component A: Trading pair identification
- **Purpose**: Establishes all active trading pairs and their fee structures across supported networks
- **Logic**: Extracts trading pair addresses from `ApeFactory_PairCreated` events on Ethereum, Polygon, Arbitrum, and BSC. Each event contains the addresses of two tokens (`token0` and `token1`) and the created pair contract address. All ApeSwap pairs use a fixed fee tier of 0.2% (represented as 2000 basis points divided by 1,000,000). Token metadata is joined to get decimal places for both tokens and create human-readable pair names in the format "TOKEN0-TOKEN1"
- **Key fields**: `pair` address, `token0` address, `token1` address, `fee_tier` (0.002), `token0_decimals`, `token1_decimals`, `account_name`

### Component B: Trade event capture
- **Purpose**: Captures individual swap transactions and calculates net token amount changes
- **Logic**: Processes `ApePair_Swap` events from all supported networks, which contain four amount fields: `amount0In`, `amount0Out`, `amount1In`, and `amount1Out`. For each swap, calculates the net change in each token by subtracting out amounts from in amounts (`amount0In - amount0Out` for token0, `amount1In - amount1Out` for token1). Links swap events to transaction records to get user addresses and precise timestamps. Filters data to include only swaps from February 10, 2021 onwards
- **Key fields**: `block_timestamp`, `transaction_hash`, `log_index`, `account_address` (pair contract), `contract_user_address`, `user_address`, `token0_amount`, `token1_amount`

### Component C: Daily volume aggregation and USD conversion
- **Purpose**: Aggregates trade data by day and converts token amounts to USD values
- **Logic**: Groups swap events by day using timestamp truncation and by trading pair. Converts raw token amounts to decimal-adjusted amounts by dividing by 10 raised to the power of each token's decimal places, then takes absolute values to get trade magnitude regardless of direction. Joins with end-of-day price feeds to convert both token amounts to USD values. Applies anti-manipulation filtering by taking the lesser USD value between the two tokens in each swap using the `least()` function, which helps filter out trades with manipulated prices. Sums these filtered USD volumes by day, chain, and trading pair
- **Key fields**: `timestamp` (daily), `chain`, `fee_tier`, `token0_address`, `token1_address`, `trading_volume` (USD)

### Final aggregation
- **Combining components**: Trading volumes are already aggregated by day, chain, and fee tier from the previous step. The calculation groups these volumes by timestamp, chain, market sector, business segment, and fee tier to create the final aggregation level
- **Currency conversion**: USD conversion occurs at the individual trade level using end-of-day price feeds matched by date, token address, and chain. The anti-manipulation filtering ensures reliable price-based volume calculations
- **Time aggregation**: Daily boundaries are established using timestamp truncation to day level. All trades within a calendar day are aggregated together
- **Final calculation**: Fees are calculated by multiplying the aggregated daily trading volume by the fee tier of 0.002 using safe multiplication. The result represents total fees earned by ApeSwap on each day for each chain. The `finalize_metric_fees` macro standardizes the output format and applies zero-filling for any data gaps, while chain availability filtering ensures only supported networks are included in the final results

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

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

ApeSwapABOND

Fees

Fees

Competitive landscape

Chain breakdown