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.

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Dopex

# Dopex Average revenue per user (ARPU) Methodology

## 1. Overview

Average Revenue Per User (ARPU) measures the average daily revenue generated per active user on the Dopex protocol. This metric is calculated by dividing daily protocol revenue by the number of daily active users. ARPU provides insights into user monetization efficiency and helps assess the protocol's ability to generate revenue from its user base across both SSOV v1 and CLAMM v2 products.

## 2. Data sources

- **Dopex smart contract events**: Parsed `Purchase` events from Dopex SSOV v1 contracts and `LogMintOption` events from CLAMM v2 contracts on Arbitrum
- **Token transfer records**: Arbitrum token transfer events to identify fee collections to the Dopex treasury address
- **End-of-day price feeds**: Token price data for USD conversion of fee amounts
- **Token metadata**: Decimal information for proper token amount normalization
- **Blockchain transaction data**: Arbitrum transaction records for matching trades with fee transfers

## 3. Step-by-step calculation

### Component A: Daily active user identification
- **Purpose**: Identify and count unique users interacting with Dopex products each day
- **Logic**: Extract user addresses from Dopex trading events across two product versions. For SSOV v1, capture the `sender` field from `Purchase` events across multiple option markets (ARB, DPX, RDPX, ETH, stETH monthly/weekly calls and puts). For CLAMM v2, capture the `user` field from `LogMintOption` events for ARB, WETH, and WBTC option markets. Classify all users as "Trader" type and categorize products as "derivatives" market sector with "option" business segment. Aggregate to daily unique user counts using HyperLogLog for efficient computation across dimensions including project-level, chain-level, user-type, and product-level breakdowns.
- **Key fields**: `sender` (SSOV v1), `user` (CLAMM v2), `block_timestamp`, `transaction_hash`

### Component B: Revenue collection and processing
- **Purpose**: Calculate total daily protocol revenue from trading fees across both product versions
- **Logic**: For SSOV v1, extract fee amounts directly from the `fee` field in `Purchase` events. For CLAMM v2, match trading events with corresponding fee transfers by joining `LogMintOption` events with token transfers to the Dopex treasury address (`0x5674ce0dbb2b5973ab768fb40938524da927a459`). Use `transaction_hash` and `row_num` (based on `log_index` ordering) to ensure accurate matching between trades and their associated fee transfers. Apply token address mapping where call options use the underlying token address and put options use USDC (`0xff970a61a04b1ca14834a43f5de4533ebddb5cc8`).
- **Key fields**: `fee` (SSOV v1), `value` (token transfers), `token_address`, `transaction_hash`, `log_index`

### Component C: USD conversion and aggregation
- **Purpose**: Normalize all fee amounts to USD and aggregate to daily totals
- **Logic**: Convert token-denominated fee amounts to USD using end-of-day price feeds. Apply decimal correction based on each token's decimal configuration to ensure proper normalization. Aggregate converted amounts by day, summing across all products, tokens, and trading activities to produce total daily protocol revenue.
- **Key fields**: `fee_amount`, `revenue`, `token_address`, `timestamp`

### Final aggregation
- **Combining components**: Join daily revenue totals with daily active user counts by date
- **Currency conversion**: All revenue amounts are converted to USD using end-of-day price feeds with proper decimal correction
- **Time aggregation**: Data is aggregated to daily boundaries using timestamp truncation
- **Final calculation**: ARPU equals daily total revenue divided by daily active users (ARPU = Daily Revenue ÷ Daily Active Users). Apply zero-fill strategy for days with missing data to maintain time series continuity

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

DopexDPX

Average revenue per user (ARPU)

Average revenue per user (ARPU)

Competitive landscape