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 Revenue Methodology

## 1. Overview

The Dopex revenue metric measures the total protocol fees collected from options trading across Dopex's two main product versions: SSOV (Single Staking Options Vaults) v1 and CLAMM (Concentrated Liquidity Automated Market Maker) v2. This metric captures the revenue that flows directly to the Dopex protocol from trading fees charged to users when they purchase options or interact with the protocol's liquidity management features. The calculation combines fee data from both product lines, converts amounts to USD, and aggregates them on a daily basis.

## 2. Data sources

- **SSOV contract events**: Parsed `Purchase` events from 17 different Dopex SSOV contracts on Arbitrum, covering monthly and weekly call and put options for various underlying tokens (ARB, DPX, RDPX, ETH, stETH, CRV, GMX, GOHM)
- **CLAMM contract events**: Parsed `LogMintOption` events from 3 Dopex CLAMM option market contracts on Arbitrum (ARB, WETH, WBTC markets)
- **Token transfer events**: Arbitrum token transfer records showing transfers to the Dopex treasury address
- **End-of-day price feeds**: Token price data for USD conversion
- **Token metadata**: Token decimal information for proper amount normalization

## 3. Step-by-step calculation

### Component A: SSOV (v1) revenue extraction
- **Purpose**: Extract protocol fees from Dopex SSOV options trading
- **Logic**: Parse `Purchase` events from 17 different SSOV contract types across Arbitrum. Each contract handles specific option types (monthly/weekly calls/puts) for different underlying tokens. The events contain an `fee` field representing the protocol fee charged to users. Each contract is mapped to its corresponding token address based on the underlying asset. Events are classified with business metadata including derivatives market sector, option business segment, and dopexssovv1 product identifier.
- **Key fields**: `fee` represents the protocol fee amount, `block_timestamp` for daily aggregation, `token_address` mapped from contract configuration, and business classification fields

### Component B: CLAMM (v2) revenue extraction  
- **Purpose**: Extract protocol fees from Dopex CLAMM options trading through fee collection tracking
- **Logic**: This component requires joining two data sources. First, parse `LogMintOption` events from 3 CLAMM option market contracts (ARB, WETH, WBTC). These events represent option minting activities but don't directly contain fee amounts. Second, identify token transfers to the Dopex treasury address `0x5674ce0dbb2b5973ab768fb40938524da927a459` from the same transactions. Match trading events with fee transfers using transaction hash and sequential ordering (row number by log index). For call options, use the call token address; for put options, use USDC as the token address. The transferred amounts represent the protocol fees collected.
- **Key fields**: `premiumAmount` from trading events, `value` from token transfers representing fees, `isCall` flag to determine token classification, and matching keys `transaction_hash` and `row_num`

### Final aggregation
- **Combining components**: Union SSOV fees (directly from events) and CLAMM fees (from matched transfers) into a single dataset, with both sources providing fee amounts aggregated by day, chain, and token
- **Currency conversion**: Apply decimal correction based on token metadata and convert all amounts to USD using end-of-day price feeds through the convert_to_usd_and_correct_decimals macro
- **Time aggregation**: Truncate timestamps to daily boundaries using timestamp_trunc function for consistent daily aggregation
- **Final calculation**: Sum all USD-converted fee amounts by day to produce the total daily revenue metric, with zero-filling applied for days with no trading activity to maintain consistent time series data

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

fees * take_rate (illustrative — revenue is observed directly per project, not derived from take_rate)

Fee revenue retained after supply-side payouts. Before cost of revenue (e.g. L2 DA fees) and before operating expenses.

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Revenue

Revenue

Competitive landscape

Chain breakdown