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Axiom Trade

# Axiom Trade Average revenue per user (ARPU) Methodology

## 1. Overview

Average revenue per user (ARPU) is used to measure the daily revenue generated per active user for Axiom Trade. The daily revenue generated per active user for Axiom Trade is measured by this metric. Monetization efficiency across spot trading and perpetuals (Axiom Perps) is reflected by this calculation. Total daily revenue is divided by active users (daily) to determine the daily monetization rate per user. A standardized metric is provided to institutional investors to evaluate user monetization efficiency and protocol growth.

## 2. Data sources

- **Revenue**: Derived from the Revenue metric
- **Active users (daily)**: Derived from the Active users (daily) metric

## 3. Step-by-step calculation

### Component A: Daily active user aggregation

- **Purpose**: Determine the total number of unique active users (daily).
- **Logic**: active users (daily) are aggregated at the project level. This includes spot traders identified as transaction signers on Solana, EVM swap senders through Axiom Trade contracts on BSC, and perpetual traders identified by their trader addresses on Hyperliquid. Duplicate users across different platforms are consolidated to produce a single daily active user count for the project.
- **Key fields**: `signer` (Solana transaction signer and EVM transaction sender), `trader_address` (Hyperliquid trader address)

### Component B: Daily revenue calculation

- **Purpose**: Calculate the net daily revenue generated by the protocol.
- **Logic**: Total daily fees are calculated through the summation of spot trading fees on Solana, EVM trading fees on BSC and Robinhood Chain, and perpetual builder fees on Hyperliquid. Supply-side fees, represented by cashback payments returned to traders on Solana, BSC, and Robinhood Chain, are subtracted from the total fees to determine the net daily revenue. All fee and cashback amounts are normalized by decimal precision and converted to USD using end-of-day price feeds.
- **Key fields**: `amount` (fee and cashback quantities), `builder_fee` (perpetual builder fees)

### Component C: Average revenue per user calculation

- **Purpose**: Calculate the final average revenue per user metric.
- **Logic**: Net daily revenue is divided by the active users (daily) for each 24-hour window. If the daily active user count is zero, the resulting average revenue per user is set to zero to prevent division-by-zero errors.
- **Key fields**: `revenue` (net daily revenue), `user_dau` (active users (daily))

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

Axiom Trade

Average revenue per user (ARPU)

Average revenue per user (ARPU)

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