Liquidity providers deposit funds into Dopex and receive premiums from options traders (supply-side fees).

Dopex is a non-custodial exchange for options contracts built on Arbitrum. Dopex was founded by the pseudonymous TzTok-Chad, and was launched in 2021.

DPX tokenholders own and govern the protocol. They currently take a cut of the total trading fees paid by traders (revenue). Dopex’s investors include Tetranode, DefiGod, Orca Traders, Pattern Research, etc.

github

twitter

discord

etherscan

website

Derivative exchanges

Dopex

# Dopex Average fees per user (AFPU) Methodology

## 1. Overview

Average Fees Per User (AFPU) measures the average daily fee revenue generated per active user on the Dopex protocol. This metric is calculated by dividing total daily fees by daily active users, providing insight into user monetization efficiency across Dopex's options trading products. The calculation covers both SSOV v1 (Single Staking Option Vaults) and CLAMM v2 (Concentrated Liquidity Automated Market Making) products.

## 2. Data sources

- **Dopex SSOV v1 events**: Parsed `Purchase` events from 17 different option markets on Arbitrum, including ARB, DPX, RDPX, ETH, stETH, CRV, GMX, and GOHM monthly/weekly calls and puts
- **Dopex CLAMM v2 events**: Parsed `LogMintOption` events from ARB, WETH, and WBTC option markets on Arbitrum
- **Arbitrum token transfers**: Token transfer events to Dopex's fee collection address for CLAMM v2 fee tracking
- **End-of-day price feeds**: Token price data for USD conversion of fee amounts
- **Token metadata**: Decimal information for proper token amount normalization

## 3. Step-by-step calculation

### Component A: Total fees calculation

- **Purpose**: Calculate total daily fees from both protocol revenue and supply-side fees paid to liquidity providers
- **Logic**: Combine trading fees captured by the protocol with premiums paid to liquidity providers. For SSOV v1, extract `fee_amount` and `premium_amount` directly from `Purchase` events. For CLAMM v2, match trading events with corresponding fee transfers by joining on `transaction_hash` and `row_num` to link `LogMintOption` events with token transfers to the fee collection address `0x5674ce0dbb2b5973ab768fb40938524da927a459`. Convert all amounts to USD using end-of-day price feeds and normalize for token decimals. Aggregate daily by chain and product.
- **Key fields**: `fee_amount` (protocol fees), `premium_amount` (LP fees), `token_address`, `block_timestamp`

### Component B: Daily active users calculation  

- **Purpose**: Count unique users trading on Dopex products each day
- **Logic**: Identify unique trader addresses from both SSOV v1 and CLAMM v2 trading events. For SSOV v1, use the `sender` field from `Purchase` events across all option markets. For CLAMM v2, use the `user` field from `LogMintOption` events. Apply HyperLogLog algorithm for efficient distinct counting across large datasets. Aggregate daily across all chains and products to get total unique users.
- **Key fields**: `sender` (SSOV v1 trader), `user` (CLAMM v2 trader), `block_timestamp`

### Final aggregation

- **Combining components**: Join total fees and daily active users on timestamp, chain, and product dimensions
- **Currency conversion**: All fee amounts converted to USD using end-of-day token prices with proper decimal correction applied
- **Time aggregation**: Daily boundaries determined by truncating `block_timestamp` to day level in UTC timezone
- **Final calculation**: AFPU = Total Daily Fees (USD) ÷ Daily Active Users, with zero-fill strategy applied for days with no activity

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

DopexDPX

Average fees per user (AFPU)

Average fees per user (AFPU)

Competitive landscape