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 Total value locked Methodology

## 1. Overview

ApolloX TVL (Total Value Locked) represents the total USD value of tokens held in ApolloX protocol addresses across Ethereum, Arbitrum, and BSC chains. This metric is calculated by tracking token balance changes in predefined protocol addresses, converting cumulative balances to USD using daily price feeds, and treating the resulting net deposits as TVL. The calculation provides insight into the total capital locked within the ApolloX derivatives trading protocol.

## 2. Data sources

- **Token balance changes**: Parsed token transfer events and balance change data from Ethereum, Arbitrum, and BSC blockchains
- **End-of-day price feeds**: Daily token price data in USD for accurate valuation
- **Token metadata**: Token symbols, decimal places, and contract address information
- **Protocol addresses**: Hardcoded ApolloX contract addresses for each supported chain
- **Chain availability data**: Configuration data to ensure consistent chain coverage and data quality

## 3. Step-by-step calculation

### Component A: Token balance tracking
- **Purpose**: Monitor token movements in and out of ApolloX protocol addresses
- **Logic**: Track balance changes for tokens in specific ApolloX addresses across three chains. On Arbitrum, monitor two addresses (`0xbad4ccc91ef0dfffbcab1402c519601fbaf244ef` and `0xb3879e95a4b8e3ee570c232b19d520821f540e48`). On BSC, monitor two addresses (`0x1b6f2d3844c6ae7d56ceb3c3643b9060ba28feb0` and `0xe2e912f0b1b5961be7cb0d6dbb4a920ace06cd99`) while excluding one specific token (`0x78f5d389f5cdccfc41594abab4b0ed02f31398b3`). On Ethereum, monitor one address (`0xb40eed68d7d6b3b6d6f4e93de6239b7c53efc786`). Calculate balance changes over time for each token-address combination.
- **Key fields**: `timestamp`, `chain_id`, `account_address`, `token_address`, `balance` representing the change in token holdings

### Component B: Cumulative balance calculation
- **Purpose**: Convert balance changes into running cumulative balances over time
- **Logic**: Apply cumulative sum calculations partitioned by timestamp grain, chain, account address, and token address, ordered by timestamp. This transforms individual balance changes into total token holdings at each point in time. Forward-fill any missing data points to ensure continuous time series data without gaps.
- **Key fields**: `balance` representing cumulative token holdings, with forward-filled values for missing timestamps

### Component C: USD conversion and aggregation
- **Purpose**: Convert token balances to USD values and aggregate across all protocol addresses
- **Logic**: Join cumulative token balances with end-of-day price feeds, matching on timestamp, chain, and token address. Multiply token `balance` by `price_usd` to get USD values. Only include positive balances and daily price grain data. Filter to ensure prices are available for the conversion. Aggregate the USD values across all account addresses and tokens to get total net deposits per chain per day.
- **Key fields**: `amount` representing USD value of token holdings, calculated as balance × price

### Final aggregation
- **Combining components**: Net deposits values calculated in Component C are used directly as TVL without additional transformation
- **Currency conversion**: USD conversion occurs at the token balance level using daily price feeds, with multiplication handling decimal precision automatically
- **Time aggregation**: Data is aggregated at daily boundaries using end-of-day prices and timestamp grain filtering
- **Final calculation**: TVL equals the sum of all USD-valued token holdings across all ApolloX protocol addresses on each chain, with any missing data points filled with zeros and chain availability filters applied to ensure data quality

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

Total value locked (TVL)

Total value locked (TVL) — value deposited into the project's applications.

APX V2APX

Total value locked

Total value locked

Competitive landscape

Chain breakdown