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.

github

twitter

etherscan

website

Derivative exchanges

APX V2

# APX V2 Expenses Methodology

## 1. Overview

The ApolloX expenses metric measures the total USD value of APX token incentives distributed by the ApolloX protocol to users. These expenses represent the protocol's cost of rewarding users for trading activity and staking participation. The metric captures all APX token distributions through both trading reward programs and staking reward systems, converting these token amounts to USD values for standardized expense tracking.

## 2. Data sources

- **BSC blockchain event logs**: Parsed smart contract events from ApolloX protocol contracts on Binance Smart Chain, specifically:
  - `TradingRewardDistributor_Claimed_event` - represents trading reward claims
  - `DaoFeeDistributor_Claimed_event` - represents DAO fee distribution claims  
  - `APXLPStaking_RewardClaimed_event` - represents LP staking reward claims
  - `ApolloX2_ClaimApxReward_event` - represents APX staking reward claims
- **End-of-day token price feeds**: Daily closing prices for APX token (address `0x78f5d389f5cdccfc41594abab4b0ed02f31398b3`) to enable USD conversion
- **Token metadata**: APX token configuration including decimal places for proper amount calculations

## 3. Step-by-step calculation

### Component A: Token incentive event extraction
- **Purpose**: Capture all APX token distributions from ApolloX protocol reward systems
- **Logic**: Extract blockchain events from four different reward mechanisms on BSC. For trading rewards, capture `TradingRewardDistributor_Claimed_event` and `DaoFeeDistributor_Claimed_event` using the `amount` field. For staking rewards, capture `APXLPStaking_RewardClaimed_event` and `ApolloX2_ClaimApxReward_event` using the `reward` field. All events include transaction details, recipient address, and token amounts. Classify all activities under 'Perpetual trading' business line with 'derivatives' market sector and 'perpetual' business segment.
- **Key fields**: `block_timestamp` for timing, `address` as recipient, `amount` or `reward` for token quantities, `transaction_hash` and `log_index` for event identification

### Component B: Daily aggregation and USD conversion  
- **Purpose**: Convert raw token events into daily USD-denominated incentive totals
- **Logic**: Truncate event timestamps to daily boundaries and aggregate APX token amounts by day, chain, and business classifications. Apply decimal correction to convert raw token amounts to proper APX token units. Use end-of-day price feeds to convert APX token amounts to USD values. Apply gap-filling strategy to ensure continuous daily time series with zero values for days without incentive distributions.
- **Key fields**: `timestamp` (daily), `chain_id`, `token_incentives` (USD value), business classification fields

### Final aggregation
- **Combining components**: Token incentives calculated in Component B are directly used as expenses without additional transformations
- **Currency conversion**: APX token amounts converted to USD using end-of-day price feeds with proper decimal adjustment for token precision
- **Time aggregation**: Events aggregated to daily boundaries using date truncation, with gap-filling applied to create continuous time series
- **Final calculation**: Expenses equal the total USD value of token incentives distributed each day, with zero-filling applied for days without distributions

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

Total project operating and incentive expenses.

APX V2APX

Expenses

Expenses

Competitive landscape

Chain breakdown