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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Deri Protocol

# Deri Protocol Average revenue per user (ARPU) Methodology

## 1. Overview

ARPU (Average Revenue Per User) for Deri Protocol measures the average daily revenue generated per active user on the derivatives trading platform. This metric is calculated by dividing the protocol's daily revenue by the daily active user count. The calculation helps assess user monetization effectiveness and revenue concentration across the protocol's perpetual trading activities on Arbitrum and BSC chains.

## 2. Data sources

- **Blockchain events**: Parsed `SymbolManager_Trade_event` logs from Arbitrum and BSC chains containing trading fee and user activity data
- **Market events**: Parsed `Router_ExecuteTrade_event` logs from Arbitrum and BSC chains providing symbol name mappings for derivative contracts
- **External data**: End-of-day price feeds for the DERI token (`0xa487bf43cf3b10dffc97a9a744cbb7036965d3b9`) on Ethereum for USD conversion
- **Static mappings**: Manual symbol mappings for derivative contracts not covered in the ExecuteTrade events, including options and perpetual contracts with specific strike prices and symbols

## 3. Step-by-step calculation

### Component A: Trading fee extraction
- **Purpose**: Extract trading fees paid by users from derivative trading activities
- **Logic**: Parse `SymbolManager_Trade_event` logs from Arbitrum and BSC chains. Extract the `tradeFee` field (in 18 decimals) which represents fees paid by traders. Convert from 18-decimal format to standard decimal by dividing by 10^18. Set any negative trading fees to zero to handle edge cases. Filter events by specific market addresses to separate DLT-denominated markets from USD-denominated markets
- **Key fields**: `tradeFee` (converted to `fee_amount`), `account_address` (market identifier), `symbolId` (contract identifier), `block_timestamp` (transaction timing)

### Component B: Currency conversion for DLT markets
- **Purpose**: Convert fees from DLT-denominated markets to USD values
- **Logic**: For trades where the `account_address` equals `0x8bb7ec8fb31dd6d33d9b71c1bd407f883cac7a91` (DLT market), multiply the `fee_amount` by the end-of-day USD price of the DERI token from Ethereum price feeds. For trades from three specific USD-denominated market addresses (`0x543a9fa25ba9a16612274dd707ac4462ed6988fa`, `0x28ed1dbdb9bc5b7fe67c27c1d767db42ae6f61f7`, `0x741c8e810cd1c7bab6565e850b775fc33c15c084`), use the fee amounts directly as they are already in USD
- **Key fields**: `price_usd` from DERI token price feeds, `amount` (USD-converted fee values)

### Component C: Revenue calculation
- **Purpose**: Calculate protocol revenue as a percentage of total trading fees
- **Logic**: Apply a revenue percentage of 80% to all trading fees to determine the protocol's share. This percentage has been constant since January 6, 2022 (the first day the protocol generated fees). The remaining 20% represents liquidity provider fees. Aggregate all USD-converted and direct USD fees by day, then multiply by the 80% revenue percentage
- **Key fields**: `revenue_percentage` (0.8), `revenue` (final protocol revenue amount)

### Component D: Daily active user counting
- **Purpose**: Count unique users who traded on each day
- **Logic**: Extract user addresses from the same `SymbolManager_Trade_event` logs used for fee calculation. Identify unique `address` values (trader addresses) per day across both Arbitrum and BSC chains. Use HyperLogLog (HLL) sketches for efficient distinct counting, allowing aggregation across multiple dimensions including chain, user type, and product while maintaining accuracy for large datasets
- **Key fields**: `address` (as `user_address`), `user_dau` (daily active user count), `hll` (HyperLogLog sketch for aggregation)

### Final aggregation
- **Combining components**: Join daily revenue totals with daily active user counts on timestamp and relevant dimensional attributes (chain, product)
- **Currency conversion**: All revenue values are converted to USD through either direct USD market fees or DERI token price conversion for DLT markets
- **Time aggregation**: Both revenue and user metrics are aggregated to daily boundaries using timestamp truncation to day level
- **Final calculation**: Divide the daily revenue amount by the daily active user count to produce the average revenue per user. Apply a fill-zeros strategy to populate missing days with zero values rather than null values, ensuring consistent time series data for downstream analysis

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

Deri ProtocolDERI

Average revenue per user (ARPU)

Average revenue per user (ARPU)

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