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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Derivative exchanges

APX V2

# APX V2 Average revenue per user (ARPU) Methodology

## 1. Overview

Average Revenue Per User (ARPU) measures the daily revenue generated per active user on the ApolloX protocol. This metric is calculated by dividing the total daily revenue by the number of daily active users. ARPU provides insight into the monetization efficiency of the protocol and the average value generated from each user's trading activity. The calculation covers both perpetual trading and Dumb Mode trading across Arbitrum, Base, and BSC networks.

## 2. Data sources

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

- **Trading events**: Parsed ApolloX contract events from Arbitrum, Base, and BSC networks including `OpenMarketTrade`, `CloseTradeSuccessful`, `ExecuteCloseSuccessful` events for perpetual trading, and `PredictAndBet` events for Dumb Mode trading
- **Fee events**: ApolloX contract events that capture trading fees including `OpenFee` and `CloseFee` events for perpetual trading fees, and `SettlePredictionSuccessful` and `PredictionCloseFee` events for Dumb Mode trading fees
- **External price data**: End-of-day token price feeds for USD conversion of fee amounts
- **Token metadata**: Token decimal information for proper amount calculations
- **Contract data**: Multiple versions of ApolloX contracts (v2, v3, v4, v5) across different chains with version-specific fee calculation logic

## 3. Step-by-step calculation

### Component A: Daily active users calculation

- **Purpose**: Identifies and counts unique daily active users across all ApolloX trading activities
- **Logic**: Extracts user addresses from trading events across multiple chains and contract versions. Trading events include opening positions (`OpenMarketTrade`), closing positions successfully (`CloseTradeSuccessful`), and executing closes (`ExecuteCloseSuccessful`) for perpetual trading. For Dumb Mode trading, `PredictAndBet` events identify users. Users are classified as either "Perpetual trader" or "Dumb Mode trader" based on the event type. Daily active users are aggregated using HyperLogLog to handle unique user counting efficiently, with time boundaries set to daily intervals using timestamp truncation
- **Key fields**: `user` field from events (contains user wallet addresses), `block_timestamp` for daily aggregation, `chain` for network identification, `user_type` for trader classification

### Component B: Daily revenue calculation  

- **Purpose**: Calculates total daily revenue from trading fees across both perpetual and Dumb Mode trading
- **Logic**: Combines two revenue streams. For perpetual trading, revenue is extracted from `OpenFee` and `CloseFee` events with version-specific calculations: ApolloX2 and ApolloX3 contracts use `daoAmount` plus `brokerAmount` as revenue, while ApolloX4 contracts calculate revenue as `totalFee` minus `alpPoolAmount`. For Dumb Mode trading, revenue comes from `PredictionCloseFee` events where `daoAmount` plus `brokerAmount` represents protocol revenue share. All fee amounts undergo decimal correction based on token metadata, then conversion to USD using end-of-day price feeds. Daily aggregation is performed using timestamp truncation
- **Key fields**: `totalFee`, `daoAmount`, `brokerAmount`, `alpPoolAmount` from fee events, `token` field for token identification, `block_timestamp` for daily aggregation, revenue amounts in native tokens

### Final aggregation

- **Combining components**: Daily active users and daily revenue are calculated independently for the same time periods, then combined through the ARPU calculation macro. Both metrics are aggregated to daily level with consistent timestamp boundaries
- **Currency conversion**: All revenue amounts are converted to USD using end-of-day token price feeds after applying proper decimal corrections based on token metadata
- **Time aggregation**: Both user and revenue data are aggregated using daily time boundaries, truncating timestamps to day level to ensure consistent grouping
- **Final calculation**: ARPU is calculated as Daily Revenue (USD) divided by Daily Active Users for each day. Missing days are filled with zeros to maintain continuous time series. The calculation supports multiple dimensional breakdowns including by chain, user type, and product, with results standardized using the finalization macro

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

APX V2APX

Average revenue per user (ARPU)

Average revenue per user (ARPU)

Competitive landscape