# BMX Freestyle Notional trading volume Methodology

## 1. Overview

Notional trading volume measures the total value of derivative contracts executed on BMX Freestyle. This metric captures the face value of all perpetual positions opened, closed, or liquidated within the protocol. Because trading fees are typically generated as a percentage of the position size, notional trading volume serves as a primary indicator of the protocol's capacity to generate revenue and its overall market activity on the Base network.

## 2. Data sources

- **Blockchain events**: `SendQuote`, `RequestToClosePosition`, `LiquidatePartyA`, and `LiquidatePositionsPartyA` events from `SymmioDiamond` contracts, and `Call` events from `MultiAccount` contracts, covering Base
- **External data**: End-of-day price feeds for the underlying assets

## 3. Step-by-step calculation

### Component A: Perpetual trade tracking

- **Purpose**: Captures the value of new and closed perpetual positions.
- **Logic**: `SendQuote` and `RequestToClosePosition` events are parsed from `SymmioDiamond` contracts. For new positions, volume is calculated by multiplying the quantity by the market price. For closing positions, volume is calculated by multiplying the quantity to close by the closing price. These events are filtered to include only those associated with a corresponding `Call` event from `MultiAccount` contracts to ensure the activity is correctly attributed to the BMX Freestyle product.
- **Key fields**: `quantity`, `marketPrice`, `quantityToClose`, and `closePrice`

### Component B: Liquidation tracking

- **Purpose**: Captures the value of positions closed through liquidation.
- **Logic**: `LiquidatePartyA` and `LiquidatePositionsPartyA` events are parsed from `SymmioDiamond` contracts. The allocated balance associated with the liquidated party is extracted. These events are joined with trade data and account dimensions to identify the specific quotes and accounts involved. Distinct records are processed to ensure no double-counting occurs when multiple quote identifiers are included in a single liquidation event.
- **Key fields**: `allocatedBalance`, `partyA`, and `quoteIds`

### Component C: Normalization and aggregation

- **Purpose**: Normalizes raw event data into a standardized USD valuation.
- **Logic**: All extracted amounts are normalized by decimal precision. The resulting values from trades and liquidations are summed to arrive at the total daily notional trading volume. Data is aggregated with daily granularity using UTC day boundaries.
- **Key fields**: `block_timestamp` and `amount`

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

Total USD value of derivative contracts executed on the protocol.

Notional trading volume

Derivative exchanges

Liquidity providers deposit funds into BMX and receive trading fees from traders (supply-side fees).

BMX is a non-custodial exchange for spot and perpetual contracts built on Base. BMX has three product lines: Classic, Freestyle, and Based MediaX

BMX tokenholders own and govern the protocol. They currently take a cut of the total trading fees paid by traders (revenue).

BMX Freestyle

Archived

Notional trading volume

Notional trading volume

Chain breakdown