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 Notional trading volume Methodology

## 1. Overview

Cryptex notional trading volume measures the USD-equivalent value of all perpetual trading activity on the Cryptex v2 protocol. This metric converts the native token amounts traded (TCAP and PERPE) into USD values using daily average prices from Cryptex's price oracles, providing insight into the total economic activity and liquidity utilization within the protocol.

## 2. Data sources

The calculation relies on several blockchain data sources from the Arbitrum network:

- **Perpetual trading events**: Parsed Arbitrum event logs from Cryptex v2 perpetual trading contracts, including `MakeOpened`, `MakeClosed`, `TakeOpened`, and `TakeClosed` events across multiple product contracts (Product, Product2, Product3, Product4)
- **Price oracle data**: Parsed Arbitrum event logs from Cryptex v2 price oracle contracts, specifically `NewTransmission` events from `AccessControlledOffchainAggregator` contracts that provide price feeds for TCAP and PERPE tokens
- **Token metadata**: Protocol-specific token classifications and decimal handling for TCAP and PERPE tokens

## 3. Step-by-step calculation

### Component A: Perpetual trade extraction
- **Purpose**: Extracts all perpetual trading activity from Cryptex v2 contracts on Arbitrum
- **Logic**: The system processes four types of trading events (`MakeOpened`, `MakeClosed`, `TakeOpened`, `TakeClosed`) from multiple Cryptex v2 product contracts. Each event represents a trading action where positions are opened or closed. The system handles trades for two primary tokens: TCAP (handled by Product and Product2 contracts) and PERPE (handled by Product3 and Product4 contracts). Trade amounts are extracted from the `amount` field and converted from wei format to standard decimal representation by dividing by 10^18.
- **Key fields**: `block_timestamp` for timing, `transaction_hash` and `log_index` for unique identification, `address` for contract identification, `amount` for trade size, and derived `token_symbol` based on the source contract

### Component B: Price feed processing
- **Purpose**: Establishes daily reference prices for TCAP and PERPE tokens using Cryptex's oracle system
- **Logic**: The system extracts price updates from Cryptex's `AccessControlledOffchainAggregator` contracts, which provide external price feeds for both TCAP and PERPE tokens. Raw oracle prices are converted from wei format to decimal by dividing by 10^18. Since oracle updates may occur multiple times per day or may have gaps, the system calculates daily average prices to smooth volatility and applies forward-fill logic to ensure price availability on days without oracle updates. This creates a continuous daily price series for both tokens.
- **Key fields**: `block_timestamp` for update timing, `answer` for raw price data, and derived `price_amount` for the processed daily average price

### Final aggregation
- **Combining components**: Trade data is joined with price data using daily timestamps and token symbols as matching criteria. Each trade amount is matched with the corresponding daily average price for the same token on the same day
- **Currency conversion**: Notional trading volume is calculated by multiplying each trade's `amount` by the corresponding daily `price_amount`, converting native token amounts into USD-equivalent values
- **Time aggregation**: All calculations are performed at daily granularity using timestamp truncation to day boundaries, ensuring consistent time-based grouping
- **Final calculation**: The final metric represents the sum of all USD-equivalent trade values per day, providing the total notional trading volume for Cryptex v2 perpetual trading activities

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

Total USD value of derivative contracts executed on the protocol.

CryptexCTX

Notional trading volume

Notional trading volume

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