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

APX Finance is a non-custodial exchange for perpetual contracts built on BNB Chain, Arbitrum, and Base.

APX tokenholders own and govern the protocol. They currently take a cut of the total trading fees paid by traders (revenue). APX's investors include Binance Labs, Kronos Research, etc.

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APX V2

# APX V2 Average fees per user (AFPU) Methodology

## 1. Overview

Average Fees Per User (AFPU) measures the average amount of trading fees generated per daily active user on the ApolloX derivatives trading platform. This metric helps assess user monetization efficiency by dividing total daily trading fees by the number of unique daily active users. The calculation aggregates both perpetual trading fees and Dumb Mode trading fees across multiple blockchain networks (Arbitrum, Base, and BSC) and different contract versions.

## 2. Data sources

- **Trading events**: Parsed ApolloX contract events from Arbitrum, Base, and BSC chains including `OpenMarketTrade`, `CloseTradeSuccessful`, `ExecuteCloseSuccessful`, and `PredictAndBet` events
- **Fee events**: `OpenFee` and `CloseFee` events from ApolloX v2, v3, and v4 contracts for perpetual trading fees
- **Dumb Mode events**: `SettlePredictionSuccessful` and `PredictionCloseFee` events for Dumb Mode trading fees
- **Price data**: End-of-day token price feeds for USD conversion
- **Token metadata**: Token decimal information for proper amount standardization

## 3. Step-by-step calculation

### Component A: Daily active user identification
- **Purpose**: Count unique users who executed trades on any given day
- **Logic**: Extract user addresses from multiple trading event types across Arbitrum, Base, and BSC chains. Include perpetual trading events (`OpenMarketTrade`, `CloseTradeSuccessful`, `ExecuteCloseSuccessful`) and Dumb Mode trading events (`PredictAndBet`). Classify users as either "Perpetual trader" or "Dumb Mode trader" based on the event type. Use HyperLogLog aggregation to efficiently count distinct users while enabling breakdown by dimensions like chain, user type, and product.
- **Key fields**: `user` address from events, `block_timestamp` for daily grouping, `chain` for multi-chain aggregation

### Component B: Trading fee collection
- **Purpose**: Capture all trading fees generated from both perpetual and Dumb Mode trading
- **Logic**: Collect fees from two main sources. For perpetual trading, extract fees from `OpenFee` and `CloseFee` events across different contract versions with version-specific logic: for ApolloX v2 and v3 contracts, use `totalFee` parameter; for ApolloX v4+ contracts, calculate fees using `totalFee` minus `alpPoolAmount`. For Dumb Mode trading, extract fees from `SettlePredictionSuccessful` events using the `closeFee` parameter. Union all fee data across chains and contract versions.
- **Key fields**: `totalFee`, `closeFee`, `alpPoolAmount` for fee amounts; `token` address for currency identification; `block_timestamp` for daily aggregation

### Component C: Fee standardization and USD conversion
- **Purpose**: Normalize all fee amounts to USD for consistent aggregation
- **Logic**: Apply token decimal correction using token metadata to convert raw blockchain amounts to human-readable values. Convert corrected amounts to USD using end-of-day token price feeds matched by token address and date. Aggregate fees by day, chain, and other dimensions.
- **Key fields**: Corrected `fee_amount` values, USD-converted amounts, daily timestamp grouping

### Final aggregation
- **Combining components**: Join daily fee totals with daily active user counts on the same date and dimension breakdowns
- **Currency conversion**: All fees are standardized to USD using end-of-day price feeds before division
- **Time aggregation**: Both fees and users are aggregated to daily boundaries using timestamp truncation
- **Final calculation**: Divide total daily fees in USD by the count of daily active users, with missing days filled with zeros to maintain continuity in time series data

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

APX V2APX

Average fees per user (AFPU)

Average fees per user (AFPU)

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