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 Earnings Methodology

## 1. Overview

ApolloX earnings represents the net profit generated by the ApolloX protocol, calculated as total revenue minus total expenses. Revenue comes from trading fees collected on perpetual futures trading and Dumb Mode prediction markets, while expenses consist of token incentives distributed to users. This metric answers how much profit the protocol generates after accounting for user rewards and incentive programs.

## 2. Data sources

- **Blockchain events**: Parsed smart contract events from ApolloX protocol contracts deployed on BSC, Arbitrum, and Base blockchains
- **Trading fee events**: `OpenFee` and `CloseFee` events from perpetual trading contracts (ApolloX2, ApolloX3, ApolloX4, ApolloX5)  
- **Prediction market events**: `SettlePredictionSuccessful` and `PredictionCloseFee` events from Dumb Mode trading contracts
- **Incentive events**: Token reward distribution events including `TradingRewardDistributor_Claimed`, `DaoFeeDistributor_Claimed`, `APXLPStaking_RewardClaimed`, and `ApolloX2_ClaimApxReward` events
- **External data**: End-of-day token price feeds for USD conversion and token metadata for decimal precision

## 3. Step-by-step calculation

### Component A: Revenue calculation
- **Purpose**: Calculate total protocol revenue from trading fees across perpetual trading and Dumb Mode prediction markets
- **Logic**: Extract fee data from trading events across multiple contract versions. For perpetual trading, capture `OpenFee` and `CloseFee` events from ApolloX2, ApolloX3, ApolloX4, and ApolloX5 contracts. Revenue calculation differs by version - ApolloX2 and ApolloX3 use `daoAmount` plus `brokerAmount` as protocol revenue, while ApolloX4 and later use `totalFee` minus `alpPoolAmount`. For Dumb Mode trading, extract `PredictionCloseFee` events and use `daoAmount` plus `brokerAmount` as revenue. Aggregate all trading fees by day and chain, then convert amounts to USD using end-of-day price feeds and correct for token decimal precision
- **Key fields**: `totalFee` (total trading fee paid), `daoAmount` (protocol's share), `brokerAmount` (additional protocol share), `alpPoolAmount` (amount allocated to liquidity pool), `closeFee` (Dumb Mode trading fee), `token` (fee token address), `block_timestamp` (transaction timing)

### Component B: Expenses calculation  
- **Purpose**: Calculate total protocol expenses from token incentive distributions to users
- **Logic**: Extract incentive payments from four types of reward events across BSC and Arbitrum chains. Capture `TradingRewardDistributor_Claimed` and `DaoFeeDistributor_Claimed` events using the `amount` field, and `APXLPStaking_RewardClaimed` and `ApolloX2_ClaimApxReward` events using the `reward` field. All incentives are distributed in APX tokens at address `0x78f5d389f5cdccfc41594abab4b0ed02f31398b3`. Aggregate all incentive payments by day and chain, then convert APX token amounts to USD using end-of-day price feeds and correct for 18-decimal precision
- **Key fields**: `amount` (incentive amount for trading and DAO fee rewards), `reward` (incentive amount for staking and APX rewards), `address` (recipient address), `token_address` (APX token contract), `block_timestamp` (distribution timing)

### Final aggregation
- **Combining components**: Subtract total daily expenses from total daily revenue using the earnings calculation macro
- **Currency conversion**: All amounts converted to USD using end-of-day token price feeds, with proper decimal correction applied based on token metadata
- **Time aggregation**: Daily boundaries determined by truncating block timestamps to day precision in UTC timezone
- **Final calculation**: Earnings equals revenue minus expenses, with any missing days filled with zero values to ensure continuous time series data

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

Net profit (also profits, net income, profitability) — revenue remaining after subtracting expenses.

APX V2APX

Earnings

Earnings

Competitive landscape