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 Fees Methodology

## 1. Overview

The Dopex fees metric measures the total fees generated by Dopex's decentralized options trading protocol on Arbitrum. This includes both protocol revenue (fees retained by Dopex) and supply-side fees (premiums paid to liquidity providers). The metric combines data from two product versions: SSOV v1 (Single Staking Option Vaults) and CLAMM v2 (Concentrated Liquidity Automated Market Maker for options). The calculation sums daily protocol fees and liquidity provider premiums to show total economic activity and fee generation across Dopex's options trading ecosystem.

## 2. Data sources

- **SSOV v1 option trading events**: Parsed `Purchase` events from 17 different option vault contracts covering various underlying assets (ARB, DPX, RDPX, ETH, WBTC, stETH, CRV, GMX, GOHM) with both calls and puts options across weekly and monthly expirations
- **CLAMM v2 option trading events**: Parsed `LogMintOption` events from 3 concentrated liquidity option market contracts (ARB, WETH, WBTC markets)
- **Arbitrum token transfer events**: Transfer events filtered to Dopex's fee collection address (`0x5674ce0dbb2b5973ab768fb40938524da927a459`) to capture protocol fees from CLAMM v2 trading
- **End-of-day token price feeds**: Daily closing prices for USD conversion of fee amounts across all supported tokens
- **Token metadata**: Decimal precision information for proper amount calculations

## 3. Step-by-step calculation

### Component A: SSOV v1 trading data extraction
- **Purpose**: Extract trading fees and premiums from Dopex's v1 option vault system
- **Logic**: Parse `Purchase` events from 17 different SSOV vault contracts across multiple underlying assets. Each event contains both the protocol fee (charged to option buyers) and premium amount (paid to liquidity providers). Extract `fee_amount` as protocol revenue and `premium_amount` as supply-side fees. Include transaction metadata like `block_timestamp`, `transaction_hash`, and `token_address` for downstream processing
- **Key fields**: `fee_amount` (protocol fees), `premium_amount` (liquidity provider premiums), `token_address`, `block_timestamp`

### Component B: CLAMM v2 trading data extraction  
- **Purpose**: Extract trading data from Dopex's v2 concentrated liquidity option markets
- **Logic**: Parse `LogMintOption` events from 3 option market contracts (ARB, WETH, WBTC). Extract `premium_amount` for supply-side fees and `totalAssetWithdrawn` for volume tracking. Determine option token address based on `isCall` flag - use call token address for call options, put token address (USDC) for put options. Add row numbering within each transaction for matching with fee collection transfers
- **Key fields**: `premium_amount` (liquidity provider premiums), `totalAssetWithdrawn` (volume), `isCall` flag, `token_address`

### Component C: CLAMM v2 fee collection
- **Purpose**: Capture protocol fees from CLAMM v2 trading through token transfers
- **Logic**: Filter Arbitrum token transfer events to identify transfers to Dopex's fee collection address. Add row numbering within transactions to match with corresponding trading events. The transfer `value` represents the protocol fee collected from each trade
- **Key fields**: `value` (fee amount), `token_address`, `transaction_hash`, `log_index`

### Component D: Revenue calculation (protocol fees)
- **Purpose**: Calculate total daily protocol revenue across both product versions
- **Logic**: Combine SSOV v1 `fee_amount` directly with CLAMM v2 fees by joining trading events with fee collection transfers using `transaction_hash` and `row_num` matching. Convert all amounts to USD using end-of-day price feeds and adjust for token decimals. Aggregate by day, chain, and product to get daily protocol revenue
- **Key fields**: `revenue` (USD-converted protocol fees)

### Component E: Supply-side fees calculation (premiums)
- **Purpose**: Calculate total daily premiums paid to liquidity providers
- **Logic**: Combine `premium_amount` from both SSOV v1 `Purchase` events and CLAMM v2 `LogMintOption` events. Convert all premium amounts to USD using end-of-day price feeds and adjust for token decimals. Aggregate by day, chain, and product to get daily supply-side fees
- **Key fields**: `fees_supply_side` (USD-converted premiums)

### Final aggregation
- **Combining components**: Union the revenue component (with `fees_supply_side` set to 0) and supply-side fees component (with `revenue` set to 0) into a single dataset. Group by timestamp, chain, and product, then sum `revenue` and `fees_supply_side` to calculate total fees
- **Currency conversion**: All token amounts are converted to USD using end-of-day price feeds through the `convert_to_usd_and_correct_decimals` macro, which handles both decimal adjustment and USD conversion
- **Time aggregation**: Timestamps are truncated to daily boundaries using `timestamp_trunc(block_timestamp, day)` to aggregate all trading activity within each day
- **Final calculation**: Total fees = Protocol revenue (from trading fees) + Supply-side fees (from option premiums paid to liquidity providers)

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

Total value users pay to use a protocol (gross fees, user-paid fees).

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