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 Notional trading volume Methodology

## 1. Overview

Notional trading volume measures the total USD value of trading activity across Deri Protocol's derivatives markets. This metric captures the economic value of all perpetual trading, including both options/futures contracts and spot-like trading pairs. The calculation handles different market denominations (USD vs DLT) and applies appropriate volume calculations based on contract types.

## 2. Data sources

- **Blockchain events**: Parsed Deri Protocol smart contract events from Arbitrum and BSC networks, specifically `SymbolManager_Trade_event` and `Router_ExecuteTrade_event`
- **Trading data**: Core trading parameters including trade costs, trade volumes, index prices, and trading fees from perpetual trading contracts
- **External data**: End-of-day token price feeds for USD conversion of DLT-denominated markets
- **Token metadata**: Symbol mappings and market identifiers, combining both event-extracted data and manual symbol definitions

## 3. Step-by-step calculation

### Component A: Trading event extraction
- **Purpose**: Extract and process raw trading data from Deri Protocol smart contracts
- **Logic**: Parse `SymbolManager_Trade_event` and `Router_ExecuteTrade_event` from Arbitrum and BSC chains. Extract key trading parameters including `tradeCost`, `tradeVolume`, `indexPrice`, and `tradeFee`. All values are stored with 18-decimal precision and require normalization. Handle data quality by setting negative fees to zero and taking absolute values for volumes and costs. Join trade events with market events to obtain symbol names when available.
- **Key fields**: `tradeCost` (direct trading value), `tradeVolume` (contract volume), `indexPrice` (market price), `tradeFee` (fees paid), `symbolId` (market identifier)

### Component B: Symbol mapping and market classification
- **Purpose**: Map symbol identifiers to human-readable token symbols and classify market types
- **Logic**: Combine symbol data from two sources - symbols extracted from `Router_ExecuteTrade_event` and manually defined symbols for markets not covered by events. Use symbol suffixes to classify contract types: symbols ending in '-C' or '-P' represent options/futures contracts, while others are treated as spot-like trading pairs. This classification determines the volume calculation method.
- **Key fields**: `symbolName` (human-readable market name), `symbolId` (unique market identifier), symbol suffix patterns for contract classification

### Component C: Volume calculation by market type
- **Purpose**: Calculate notional trading volumes using market-appropriate methods
- **Logic**: Apply different calculation logic based on symbol classification. For options and futures contracts (symbols ending in '-C' or '-P'), multiply `tradeVolume` by `indexPrice` to get notional value. For other markets, use `tradeCost` directly as it already represents the trading value. This ensures accurate volume measurement across different derivative product types.
- **Key fields**: Calculated `amount` representing notional trading value before currency conversion

### Component D: Market denomination handling
- **Purpose**: Handle different market denominations and convert to USD
- **Logic**: Classify markets by account address to determine denomination. DLT-denominated markets (identified by specific account address) require USD conversion using end-of-day price feeds for the Deri token on Ethereum. USD-denominated markets (identified by different account addresses on Arbitrum and BSC) use calculated volumes directly without conversion. This ensures all volumes are expressed in comparable USD terms.
- **Key fields**: `accountAddress` for market classification, `tokenAddress` for price lookup, converted `amount` in USD

### Final aggregation
- **Combining components**: Union trading volumes from both DLT-denominated and USD-denominated markets into a single dataset, ensuring no double-counting across market types
- **Currency conversion**: Apply end-of-day USD price conversion only to DLT-denominated markets using Ethereum price feeds
- **Time aggregation**: Truncate timestamps to daily boundaries and group by trading day
- **Final calculation**: Sum all notional trading volumes by day, chain, and market metadata, with gap-filling applied to ensure continuous daily time series

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

Total USD value of derivative contracts executed on the protocol.

Deri ProtocolDERI

Notional trading volume

Notional trading volume

Competitive landscape

Chain breakdown