Liquidity providers deposit funds into Clipper and receive returns generated by Clipper’s costless diversified rebalancing liquidity pools (supply-side fees). LP yields are generated from the rebalancing process itself rather than from fees charged to traders.

Clipper is a non-custodial exchange protocol built on Ethereum. Clipper was built by Shipyard Software and launched in 2021.

AdmiralDAO and SAIL token holders own and govern the protocol. They currently receive all trading fees paid by traders (revenue). Clipper's investors include Polychain, Robot Ventures, 0x Labs, etc.

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Clipper

# Clipper Fees Methodology

## 1. Overview

Clipper fees represent the total daily fees collected by the Clipper decentralized exchange across all supported chains. The metric captures trading fees generated from swap transactions on Clipper's AMM protocol, calculated using both real-time blockchain event data and historical migrated data from Clipper's subgraph. The calculation applies a standard 0.2% fee tier to swap volumes and aggregates results daily in USD.

## 2. Data sources

The methodology combines multiple data sources to ensure comprehensive fee tracking:
- **TheGraph subgraph events**: Parsed `ExchangeInterfaceV1SwappedV1Event` and `DirectExchangeV1SwappedV1Event` from Clipper v1 deployments on Ethereum and Polygon
- **Clipper native subgraph data**: Historical swap data from Clipper's own subgraph covering Ethereum, Polygon, Optimism, and Arbitrum with pre-calculated USD values
- **End-of-day token price feeds**: Daily closing prices for USD conversion of token-denominated fees
- **Token metadata**: Token symbols, decimal places, and contract addresses for proper normalization
- **Chain metadata**: Business classification data including market sectors and business segments

## 3. Step-by-step calculation

### Component A: Blockchain event-based fee collections

- **Purpose**: Calculate fees from real-time blockchain swap events on Ethereum and Polygon
- **Logic**: Extract swap events from TheGraph subgraphs, specifically targeting `ExchangeInterfaceV1SwappedV1Event` on Ethereum and `DirectExchangeV1SwappedV1Event` on Polygon. For each swap, multiply the `outAmount` field by a fixed 0.2% fee tier to determine the fee amount in token terms. Handle native token addresses by converting null addresses to wrapped equivalents (ETH to WETH at `0xc02aaa39b223fe8d0a0e5c4f27ead9083c756cc2`, MATIC to WMATIC at `0x0d500b1d8e8ef31e21c99d1db9a6444d3adf1270`)
- **Key fields**: `outAmount` for swap volume, `outAsset` for token identification, `blockTimestamp` for timing, `address` for contract addresses, and calculated `token_amount` representing fees

### Component B: Migrated fee collections

- **Purpose**: Include historical fee data from Clipper's native subgraph across multiple chains
- **Logic**: Process swap records from Clipper's subgraph covering Ethereum, Polygon, Optimism, and Arbitrum chains. Calculate fees as the positive difference between `amountInUsd` and `amountOutUsd` fields, representing the value extracted during swaps. Filter out any swaps involving CLP tokens to focus on standard trading activity. This data provides historical coverage and cross-chain completeness
- **Key fields**: `amountInUsd` and `amountOutUsd` for USD-denominated swap values, `inTokenSymbol` and `outTokenSymbol` for filtering, `timestamp` for daily aggregation

### Component C: Data standardization and finalization

- **Purpose**: Normalize token amounts, convert to USD, and apply business classification
- **Logic**: Apply decimal correction to convert raw token amounts to standard decimal places using token metadata. Convert token-denominated fees to USD using end-of-day price feeds matched by token address and date. Fill zero values for missing data points and populate project metadata including business line classification as "Exchange AMM", market sector as "exchanges", and business segment as "dex"
- **Key fields**: Corrected `fees` amounts in USD, `token_symbol` for identification, business classification dimensions

### Final aggregation

- **Combining components**: Union the blockchain event-based fees with migrated fee collections, ensuring no double-counting by using distinct data sources for different time periods and chains
- **Currency conversion**: All fees are standardized to USD using end-of-day price feeds, with blockchain event fees converted from token amounts and migrated fees already in USD terms
- **Time aggregation**: Truncate all timestamps to daily boundaries and aggregate fees by day, chain, and business dimensions
- **Final calculation**: Sum all individual swap fees by day and chain to produce total daily fee collection amounts, applying chain availability filters to ensure data quality and completeness

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

Total value users pay to use a protocol (gross fees, user-paid fees).

ClipperSAIL

Fees

Fees

Competitive landscape

Chain breakdown