Market makers offer trades through order book & make money on bid-ask spreads (supply-side fees).

dYdX is a non-custodial trading and derivatives protocol initially built on Ethereum and later expanded to their own blcokchain built on top of the Cosmos SDK. dYdX was founded by Antonio Juliano and launched in 2017.

DYDX tokenholders own and govern the protocol. dYdX Trading Inc. currently takes all of the total trading fees paid by traders (revenue). dYdX’s investors include a16z, Polychain, The Spartan Group, etc.

governance

github

twitter

discord

etherscan

website

Derivative exchanges

dYdX

# dYdX Average transaction fee Methodology

## 1. Overview

Average transaction fee measures the mean fee paid per transaction on the dYdX protocol. This metric is calculated by dividing the total daily fees by the total daily transaction count across all versions and chains of the dYdX ecosystem. The metric provides insight into the cost efficiency and usage patterns of the dYdX decentralized exchange and blockchain infrastructure.

## 2. Data sources

The calculation uses multiple data sources to capture the complete fee and transaction landscape:
- **dYdX chain transaction records**: All transactions from the native dYdX blockchain including fees, tips, and transaction hashes
- **dYdX dYdX V4 match events**: Parsed `match` events from the dYdX message system containing maker and taker trading fees in USDC quantums
- **dYdX API trading data**: Hourly trading fee snapshots from the dYdX API providing fee amounts over 24-hour rolling periods
- **Manual historical fee data**: Team-provided fee corrections for specific dates during early protocol phases
- **Legacy revenue data**: Historical fee data from earlier dYdX protocol versions running on Ethereum via Fivetran integration
- **End-of-day price feeds**: CoinGecko price data for converting native DYDX token fees to USD values

## 3. Step-by-step calculation

### Component A: Total daily fees aggregation
- **Purpose**: Combines all fee sources across different dYdX protocol versions and time periods
- **Logic**: Collects fees from five distinct sources covering the protocol's evolution. Manual fees provide team-corrected historical data for early periods. API trading fees are extracted from hourly snapshots, selecting daily values at 00:00, 01:00, or 02:00 UTC hours to capture 24-hour rolling fee amounts. Legacy revenue data covers historical Ethereum-based protocol versions. dYdX chain fees include both transaction fees and tips from the native blockchain, converted from DYDX tokens to USD using end-of-day price feeds. dYdX V4 trading fees extract maker and maker fees from `match` events, converting from USDC quantums to USD by dividing by 10^6
- **Key fields**: `fees` (USD-denominated fee amounts), `timestamp` (daily boundaries), `chain_id` (distinguishing between 'dydx', 'starkex'), `product_id` (version identifiers like 'dYdX V3', 'dYdX V4', 'dYdX Chain')

### Component B: Daily transaction count
- **Purpose**: Counts unique transactions per day from the dYdX blockchain
- **Logic**: Processes transaction records from the native dYdX chain, counting distinct transaction hashes per day. Excludes transactions with null fees, which indicates failed transactions. Only includes transactions that actually incurred fees, ensuring the count matches the fee-generating transaction volume
- **Key fields**: `transaction_count` (distinct daily transaction count), `transaction_hash` (unique transaction identifier), `block_timestamp` (transaction timing)

### Final aggregation
- **Combining components**: Total daily fees and daily transaction counts are joined by timestamp to ensure matching time periods
- **Currency conversion**: All fee sources are normalized to USD - native DYDX token fees use end-of-day CoinGecko prices, USDC amounts are converted from quantums by dividing by 10^6, API and manual fees are already in USD
- **Time aggregation**: All data is aggregated to daily boundaries using timestamp truncation to day level
- **Final calculation**: Average transaction fee equals total daily fees divided by daily transaction count using safe division to handle days with zero transactions. The result represents the mean fee in USD paid per transaction on that day across all dYdX protocol versions and chains

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

dYdXDYDX

Average transaction fee

Average transaction fee

Competitive landscape

Chain breakdown