# dYdX V3 Revenue Methodology

## 1. Overview

Revenue measures the total portion of trading fees retained by the dYdX V3 protocol. For dYdX V3, the protocol take rate is set to 100%, meaning all fees paid by users during perpetual contract trading are captured as protocol revenue. These funds are not distributed to supply-side participants or liquidity providers, who instead derive earnings from the bid-ask spread. Revenue is calculated by aggregating all trading fees across the StarkEx-powered environment and converting them to USD.

## 2. Data sources

- **Blockchain events**: Trading fee records and historical data exports ingested from API scrapers, manual historical dumps, and legacy synchronization tables covering dYdX V3 on StarkEx
- **External data**: End-of-day price feeds for asset valuation and USD conversion

## 3. Step-by-step calculation

### Component A: API trading fee extraction

- **Purpose**: Captures daily trading fees from the dYdX V3 API.
- **Logic**: Trading fee data is retrieved on an hourly basis. Because the source provides fees on a 24-hour rolling basis, a daily snapshot is selected from the early hours of each day (00:00, 01:00, or 02:00 UTC) to represent the total fees for the preceding day. In cases where multiple snapshots are available, the earliest valid hourly value is prioritized to ensure consistency.
- **Key fields**: `fee_amount` (total trading fees), `timestamp` (timing of the snapshot)

### Component B: Historical and manual data integration

- **Purpose**: Incorporates historical trading data and manual adjustments to ensure data integrity.
- **Logic**: Historical revenue records are synchronized from legacy data tables. Additionally, manual fee configurations are applied to specific date ranges to correct data gaps or inaccuracies identified in the automated API feeds. These different sources are unified into a single fee dataset for dYdX V3.
- **Key fields**: `Sum_of_Fee` (historical fee totals), `fee_amount` (manually adjusted values)

### Component C: Revenue aggregation and USD conversion

- **Purpose**: Normalizes all fee data into protocol revenue denominated in USD.
- **Logic**: Total fees are mapped directly to revenue, reflecting the protocol's 100% take rate. Fees are typically denominated in USDC on dYdX V3, making the USD conversion straightforward. For other assets, amounts are normalized by decimal precision and multiplied by end-of-day price feeds. Values are aggregated to daily granularity using UTC day boundaries.
- **Key fields**: `fees` (aggregated trading fees), `revenue` (retained protocol earnings)

*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.

Revenue

Exchanges (DEX)

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.

dYdX V3

Revenue

Revenue

Chain breakdown