On Cryptex v1, overcollateralized investors deposit funds into Cryptex and mint TCAP tokens. On Cryptex v2, traders trade leveraged perpetual contracts against liquidity pools supplied by liquidity providers.

Cryptex v1 is non-custodial asset management protocol built on Ethereum, while Cryptex v2 is an exchange for perpetual contracts on Arbitrum. Cryptex was founded by Joe Sticco, Preston Van Loon & Thomas Matzner and launched in 2021.

CTX token holders own and govern the protocol. They currently take all of the total withdrawal fees paid by investors and trading fees paid by traders (revenue).

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Cryptex

# Cryptex Fees Methodology

## 1. Overview

The Cryptex fees metric measures the total daily fees earned by the Cryptex protocol from both asset management activities (v1) and perpetual trading (v2). The metric combines actual fee transfers from vault management with calculated trading fees based on notional trading volume and time-varying fee rates. This metric answers how much revenue Cryptex generates daily from its two primary business lines: asset management vaults and derivatives trading.

## 2. Data sources

- **Ethereum native token flows**: Native ETH transfer records capturing movements between vault accounts and the protocol treasury
- **Cryptex v2 perpetual trading events**: Parsed contract events from Arbitrum including `MakeOpened`, `MakeClosed`, `TakeOpened`, and `TakeClosed` events from Product, Product2, Product3, and Product4 contracts
- **Oracle price feed events**: `NewTransmission` events from `AccessControlledOffchainAggregator` and `AccessControlledOffchainAggregator2` contracts providing TCAP and PERPE market prices
- **End-of-day token price feeds**: External price data for USD conversion of fees
- **Token metadata**: Decimal precision information for proper amount calculations

## 3. Step-by-step calculation

### Component A: Asset management fees (Cryptex v1)
- **Purpose**: Captures actual fee transfers from Cryptex vault operations to the protocol treasury
- **Logic**: Identifies native ETH transfers from eight predefined Cryptex vault accounts to the treasury address. The calculation matches outgoing transfers from vault accounts with incoming transfers to the treasury address using unique transaction identifiers. Only transfers where vault accounts have negative amounts (outgoing) and the treasury receives positive amounts (incoming) from the same transaction are included. These represent actual asset management fees collected by the protocol.
- **Key fields**: `block_timestamp` for daily aggregation, `account_address` for vault identification, `amount` for transfer values, `unique_id` for transaction matching

### Component B: Perpetual trading fees (Cryptex v2)
- **Purpose**: Calculates trading fees based on perpetual derivatives activity and applies time-varying fee rates
- **Logic**: First, perpetual trade data is collected from multiple Product contract events on Arbitrum, covering both TCAP and PERPE derivatives across four different product contracts. Trade amounts are extracted from the `amount` field and decimal-corrected by dividing by 10^18. Market prices are obtained from oracle price feed events, where `answer` values are decimal-corrected and aggregated as daily averages, then forward-filled to handle missing price data. Notional trading volume is calculated by multiplying trade amounts by corresponding daily market prices for each token symbol. Trading fees are then calculated by applying time-based percentage rates: 0.15% for trades before October 8, 2023, and 2.125% for trades after that date.
- **Key fields**: `amount` from trade events, `answer` from oracle events for prices, `token_symbol` for price matching, `block_timestamp` for daily boundaries

### Final aggregation
- **Combining components**: Asset management fees and calculated trading fees are combined using a union operation, maintaining daily timestamp boundaries and chain identifiers
- **Currency conversion**: All fee amounts are converted to USD using end-of-day price feeds, with automatic decimal corrections applied based on token metadata
- **Time aggregation**: Timestamps are truncated to daily boundaries, with all fees aggregated by day, chain, and product identifiers
- **Final calculation**: The final metric represents the sum of actual vault transfer fees and calculated perpetual trading fees (notional volume × time-based fee percentage), converted to USD and aggregated daily with gap-filling to ensure continuous time series data

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

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

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