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Axiom Trade

# Axiom Trade Average fees per user (AFPU) Methodology

## 1. Overview

Average fees per user (AFPU) is calculated as the total daily fees divided by the active users (daily) of Axiom Trade over a fixed 24-hour window. This metric is utilized to evaluate the average daily cost incurred by an individual user for utilizing the platform's trading services. Unit economics and user monetization are reflected by this metric across both spot and perpetual trading products, specifically Axiom Trade and Axiom Perps. The average financial contribution of active participants is thereby assessed on a daily basis.

## 2. Data sources

- **Fees**: Derived from the Fees metric, covering Solana, BNB Chain, Robinhood Chain, and Hyperliquid
- **Active users (daily)**: Derived from the Active users (daily) metric, covering Solana, BNB Chain, Robinhood Chain, and Hyperliquid

## 3. Step-by-step calculation

### Component A: Axiom Trade spot fee and active user extraction

- **Purpose**: Trading fees and active users are extracted from spot trading activity on Solana, BNB Chain, and Robinhood Chain.
- **Logic**: For Solana, account activity is parsed to identify positive balance changes for a designated list of fee accounts, and transfers where the transaction signer is one of the fee accounts are excluded. For BNB Chain and Robinhood Chain, native asset flows are tracked to identify transfers from trade contracts to a fee distributor account. Fees are normalized by decimal precision, aggregated, and converted to USD using end-of-day price feeds. Active users are identified as the distinct transaction signers (fee payers) on Solana and EVM swap senders on BNB Chain and Robinhood Chain.
- **Key fields**: `block_timestamp`, `signer`, `post_balance`, `pre_balance`, `account_key`, `value`, `account_address`

### Component B: Axiom Perps perpetual fee and active user extraction

- **Purpose**: Builder fees and active users are extracted from perpetual contract trading on Hyperliquid.
- **Logic**: Fills from the Hyperliquid L1 chain are filtered to identify trades routed through the Axiom Trade application using its builder account. Builder fees paid in USDC are extracted and aggregated. Active users are identified as the distinct trader accounts executing these perpetual trades.
- **Key fields**: `block_timestamp`, `account_address`, `builder_fee`, `fee_token`

### Component C: Average fees per user calculation

- **Purpose**: The daily average fees paid per active user are calculated at the project level.
- **Logic**: Daily fees from both Axiom Trade (spot) and Axiom Perps (perpetuals) are summed to calculate total daily fees. Active users (daily) from both venues are aggregated to calculate total active users (daily) at the project level. The average fees per user (AFPU) is calculated by dividing the total daily fees by the active users (daily) for each 24-hour window.
- **Key fields**: `fees`, `user_dau`

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

Axiom Trade

Average fees per user (AFPU)

Average fees per user (AFPU)

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