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

Deri Protocol is a non-custodial exchange for perpetual contracts built on BNB Chain and Arbitrum. Deri Protocol was founded by an anonymous team and launched in 2021.

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

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Derivative exchanges

Deri Protocol

# Deri Protocol Average fees per user (AFPU) Methodology

## 1. Overview

Average Fees Per User (AFPU) measures the average trading fees generated per daily active user on Deri Protocol. This metric answers the business question: "How much fee revenue does each active trader generate on average per day?" The calculation divides total daily trading fees by the number of distinct daily active users (DAU), providing insight into user monetization efficiency on the derivatives trading platform.

## 2. Data sources

The AFPU calculation relies on several key data sources:

- **Blockchain events**: Parsed Deri Protocol v3 `SymbolManager_Trade_event` and `Router_ExecuteTrade_event` logs from Arbitrum and BSC chains
- **Trading data**: On-chain derivatives trading transactions containing fee amounts, trader addresses, symbol IDs, and market metadata  
- **External data**: End-of-day DERI token price feeds from Ethereum for USD conversion of DLT-denominated market fees
- **Token metadata**: Manual and contract-derived symbol mapping tables linking symbol IDs to human-readable trading pair names

## 3. Step-by-step calculation

### Component A: Trading fees extraction
- **Purpose**: Extract and process trading fees from Deri Protocol perpetual trading events
- **Logic**: Parse `SymbolManager_Trade_event` logs from Deri Protocol v3 contracts on Arbitrum and BSC chains. Extract the `tradeFee` field which represents fees paid by traders in 18 decimal format. Filter out negative fees by setting them to zero. Join with `Router_ExecuteTrade_event` data to obtain symbol names and market metadata for trade categorization.
- **Key fields**: `tradeFee` (trading fee amount), `symbolId` (market identifier), `symbolName` (trading pair), `address` (trader address), `account_address` (market contract address)

### Component B: USD conversion for DLT markets  
- **Purpose**: Convert fees from DLT-denominated markets to USD values for consistent aggregation
- **Logic**: Identify trades where the `account_address` matches the DLT market address (0x8bb7ec8fb31dd6d33d9b71c1bd407f883cac7a91). For these trades, multiply the `fee_amount` by the corresponding DERI token price from end-of-day Ethereum price feeds. USD-denominated markets (addresses 0x543a9fa25ba9a16612274dd707ac4462ed6988fa, 0x28ed1dbdb9bc5b7fe67c27c1d767db42ae6f61f7, 0x741c8e810cd1c7bab6565e850b775fc33c15c084) use fees directly without conversion.
- **Key fields**: `fee_amount` (converted fee amount), `price_usd` (DERI token price), `token_address` (DERI token identifier)

### Component C: Daily active users counting
- **Purpose**: Count distinct traders active each day across all Deri Protocol markets
- **Logic**: Extract trader addresses from the same `SymbolManager_Trade_event` logs using the `address` field. Truncate timestamps to daily granularity and count distinct trader addresses per day using HyperLogLog (HLL) aggregation for scalable distinct counting. Support multiple dimensional breakdowns including overall project level, individual chains, user types, and product IDs.
- **Key fields**: `user_address` (trader address), `block_timestamp` (transaction time), `chain` (blockchain network), `user_type` (always 'Trader')

### Component D: Symbol mapping and metadata
- **Purpose**: Enrich trading data with human-readable symbol names and categorization
- **Logic**: Map `symbolId` values to trading pair names using two approaches: contract-derived symbols from `Router_ExecuteTrade_event` data, and manual symbol mappings for markets not captured in contract events. Combine both sources to ensure comprehensive symbol coverage across all active markets.
- **Key fields**: `symbol_id` (market identifier), `symbol_name` (trading pair name), `token_symbol` (manual symbol mapping)

### Final aggregation
- **Combining components**: Daily trading fees are summed across all markets and chains, while daily active users are counted distinctly using HLL aggregation to handle cross-chain user activity
- **Currency conversion**: All fees are normalized to USD - DLT market fees are converted using end-of-day DERI token prices, while USD market fees are used directly
- **Time aggregation**: Data is aggregated to daily boundaries using timestamp truncation, ensuring consistent daily calculations across all components
- **Final calculation**: AFPU is computed by dividing the sum of daily trading fees by the count of distinct daily active users, using a macro-based approach that handles the division and applies zero-filling for days with no activity

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

Deri ProtocolDERI

Average fees per user (AFPU)

Average fees per user (AFPU)

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