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 Notional trading volume Methodology

## 1. Overview

Notional trading volume measures the total USD value of all perpetual trading activity on the ApolloX derivatives platform. This metric captures both the opening and closing of leveraged trading positions by multiplying the quantity traded by the execution price for each transaction. The calculation aggregates daily trading activity across Arbitrum, Base, and BSC chains where ApolloX operates its perpetual trading contracts.

## 2. Data sources

The calculation relies on several core data sources:
- **ApolloX contract events**: Parsed `OpenMarketTrade`, `CloseTradeSuccessful`, and `ExecuteCloseSuccessful` events from ApolloX perpetual trading contracts across Arbitrum, Base, and BSC chains
- **Token metadata**: Hardcoded mapping of token contract addresses to trading pair symbols (e.g., BTC-USDT, ETH-USDT) for each supported chain
- **End-of-day price feeds**: Token price data for USD conversion of trading volumes
- **Contract version tracking**: Multiple contract versions (ApolloX2, ApolloX3, ApolloX4) across different chains as the platform has evolved

## 3. Step-by-step calculation

### Component A: Position open volume extraction
- **Purpose**: Captures trading volume from the opening of new leveraged positions
- **Logic**: Parse `OpenMarketTrade` events from ApolloX contracts across all supported chains and versions. Extract the quantity field (scaled down by 10^10 from the contract's integer format) and entry price (scaled down by 10^8). Each event includes a unique `tradeHash` identifier, the base token address for the trading pair, and contract metadata. Calculate the notional volume by multiplying the scaled quantity by the scaled entry price.
- **Key fields**: `qty` (position quantity), `entryPrice` (execution price), `pairBase` (token address), `tradeHash` (unique position identifier)

### Component B: Position close volume extraction  
- **Purpose**: Captures trading volume from the closing of existing leveraged positions
- **Logic**: Parse both `CloseTradeSuccessful` and `ExecuteCloseSuccessful` events, which represent different types of position closures. Use the `tradeHash` field to match each close event with its corresponding position open event to retrieve the original quantity. Extract the close price (scaled down by 10^8 from the contract format). Calculate the notional volume by multiplying the matched quantity by the scaled close price.
- **Key fields**: `closePrice` (closure execution price), `tradeHash` (links to original position), matched `quantity_amount` from position opens

### Component C: Market metadata enrichment
- **Purpose**: Maps contract token addresses to human-readable trading pair symbols
- **Logic**: Join the combined position events with a hardcoded dimension table that maps each chain-specific token contract address to its corresponding trading pair symbol. This mapping includes major pairs like BTC-USDT, ETH-USDT, and various other cryptocurrency and forex pairs. For any token addresses not found in the mapping, default the symbol to 'Unknown'.
- **Key fields**: `chain` and `address` for matching, `token_symbol` for the trading pair name

### Final aggregation
- **Combining components**: Union all position opens and position closes into a single dataset, treating each as an individual trading volume record with the calculated notional amount
- **Currency conversion**: Apply the `finalize_metric_notional_trading_volume` macro with USD conversion using end-of-day price feeds, handling decimal precision and currency standardization
- **Time aggregation**: Truncate timestamps to daily boundaries and group by day, preserving chain, business line categorization (perpetual trading/derivatives), account addresses, and token information
- **Final calculation**: Sum all individual trading volumes per day while maintaining granular breakdowns by chain, token, and account. Apply a 'fill_zeros' strategy to handle missing data periods and ensure consistent time series output

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

Total USD value of derivative contracts executed on the protocol.

APX V2APX

Notional trading volume

Notional trading volume

Competitive landscape

Chain breakdown