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 Expenses Methodology

## 1. Overview

The Deri Protocol expenses metric measures the total USD value of DERI token incentives paid out by the protocol to users as rewards. This metric captures the protocol's operational expenses in the form of token-based user incentives for participating in perpetual derivatives trading. The calculation tracks daily reward claims from the protocol's RewardVault contracts and converts them to USD to provide a standardized measure of the protocol's incentive spending.

## 2. Data sources

- **Blockchain events**: Parsed `RewardVault_Claim` events from Deri Protocol v3 contracts on Arbitrum and BSC networks
- **Token reward data**: DERI token reward claim amounts and recipient addresses from smart contract events
- **External data**: End-of-day price feeds for DERI token (sourced from BSC due to incomplete Arbitrum price data)
- **Token metadata**: DERI token decimal configuration and contract address information

## 3. Step-by-step calculation

### Component A: Token reward extraction
- **Purpose**: Extract all DERI token reward claims from protocol RewardVault contracts
- **Logic**: Parse `RewardVault_Claim` events from Deri Protocol v3 contracts deployed on Arbitrum and BSC. Each claim event contains the recipient address, claimed token amount, and transaction details. The system standardizes chain identification by using BSC as the reference chain for price lookups while preserving the original chain information as `real_chain`. All claims are categorized under perpetual derivatives trading business line.
- **Key fields**: `address` (claimant), `amount` (raw DERI token amount), `block_timestamp`, `transaction_hash`, `log_index`

### Component B: USD conversion and normalization  
- **Purpose**: Convert raw DERI token amounts to standardized USD values
- **Logic**: Apply decimal correction to raw token amounts using DERI token's decimal configuration. Convert corrected amounts to USD using end-of-day DERI token price feeds from BSC (used for both Arbitrum and BSC claims due to price data availability). The conversion accounts for token decimals and applies the appropriate exchange rate based on the claim date.
- **Key fields**: `token_incentives` (USD-converted reward amounts), `token_address` (DERI token contract address), `timestamp` (daily truncated)

### Component C: Daily aggregation
- **Purpose**: Aggregate token incentive payments by day and dimensional attributes
- **Logic**: Group all USD-converted token incentive amounts by day using timestamp truncation to daily boundaries. Aggregate by chain (using the original `real_chain` value), business segment (perpetual derivatives), and product dimensions. Sum all incentive amounts within each group to get total daily incentive spending.
- **Key fields**: `timestamp` (daily), `chain_id` (original chain), `token_incentives` (daily sum)

### Final aggregation
- **Combining components**: Sum all daily DERI token incentive amounts across both Arbitrum and BSC networks
- **Currency conversion**: USD conversion performed using end-of-day DERI token prices from BSC price feeds, applied to decimal-corrected token amounts  
- **Time aggregation**: Daily boundaries determined by truncating claim timestamps to day level, with all claims within a 24-hour period aggregated together
- **Final calculation**: The expenses metric equals the total USD value of DERI token rewards claimed by users each day, representing the protocol's daily spending on user incentives

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

Total project operating and incentive expenses.

Deri ProtocolDERI

Expenses

Expenses

Competitive landscape

Chain breakdown