Liquidity providers deposit funds into IDEX and receive trading fees from traders (supply-side fees).

IDEX is hybrid-liquidity DEX, combining a high-performance order book with an Automated Market Making matching engine, built on Polygon. IDEX was founded by Alex Wearn and launched in 2019.

IDEX tokenholders own and govern the protocol. They currently take a cut of the total trading fees paid by traders (revenue). IDEX's investors include Gnosis, Collider Ventures, Borderless Capital, G1 Ventures, etc.

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IDEX

# IDEX Trading volume Methodology

## 1. Overview

IDEX trading volume measures the daily USD value of all trading activity on the IDEX decentralized exchange. The metric captures volume from both AMM pool trades and order book trades across IDEX's hybrid exchange model on Polygon. Trading volume is calculated by summing the quote token amounts (USDC and ETH) from all taker-side transactions and converting them to USD using end-of-day price feeds.

## 2. Data sources

The calculation uses the following raw data sources:
- **IDEX v3 Polygon event logs**: Parsed `Exchange_PoolTradeExecuted_event`, `Exchange_OrderBookTradeExecuted_event`, and `Exchange_HybridTradeExecuted_event` logs from IDEX smart contracts
- **Token price feeds**: End-of-day price feeds for USDC and ETH tokens used as quote assets
- **Token metadata**: Token symbol to contract address mappings for price lookup
- **Chain availability data**: Polygon network availability status for data quality filtering

## 3. Step-by-step calculation

### Component A: Trade event extraction
- **Purpose**: Extract and standardize all trade events from IDEX's hybrid exchange
- **Logic**: The system processes four different types of trade events from IDEX v3 on Polygon. Pool trade events represent pure AMM trades, order book trade events represent pure order book trades, and hybrid trade events contain both AMM and order book components that are split into separate records. Only taker-side transactions are included by filtering for `takerSide` equal to 1. Token amounts are converted from IDEX's internal pips format (8 decimal precision) to standard units by dividing by 10^8. Each trade is classified by business line as either "Exchange AMM" or "Exchange Order Book" based on the event type and component.
- **Key fields**: `baseQuantityInPips` and `quoteQuantityInPips` for volume amounts, `baseAssetSymbol` and `quoteAssetSymbol` for token identification, `takerSide` for filtering, `block_timestamp` for timing

### Component B: Quote asset dimension
- **Purpose**: Define the specific tokens used for volume measurement
- **Logic**: A hardcoded dimension table specifies exactly two quote assets that IDEX uses for trading pairs: USDC with contract address `0x2791bca1f2de4661ed88a30c99a7a9449aa84174` and ETH with address `0x7ceb23fd6bc0add59e62ac25578270cff1b9f619`. This ensures trading volume is measured consistently in terms of these major quote tokens rather than including all possible tokens traded on the platform.
- **Key fields**: `token_address` for contract identification, `token_symbol` for matching with trade events

### Component C: Volume aggregation and processing
- **Purpose**: Calculate daily trading volumes in quote tokens
- **Logic**: Trade events are joined with the quote asset dimension by matching the `token1_symbol` (quote token symbol from trades) with `token_symbol` from the dimension table. This join ensures only trades with USDC or ETH as quote tokens are included in volume calculations. The `token1_amount` field, representing quote token volume, is summed and grouped by day using timestamp truncation. The aggregation also groups by transaction hash and log index to maintain granular trade-level detail while summing volumes.
- **Key fields**: `token1_amount` for quote token volumes, `token1_symbol` for quote token identification, `timestamp` truncated to day level

### Final aggregation
- **Combining components**: Trade volumes are joined with quote asset metadata to obtain token contract addresses needed for price conversion
- **Currency conversion**: Quote token volumes are converted to USD using end-of-day price feeds through the convert_to_usd macro, which looks up token prices by contract address and applies appropriate decimal corrections
- **Time aggregation**: All trades are aggregated to daily boundaries using timestamp truncation to day level
- **Final calculation**: The metric represents the sum of all quote token volumes (USDC and ETH) from taker-side trades, converted to USD at end-of-day rates, with zero-filling applied for days with no trading activity and filtered for chain data availability

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

Total value of spot trades executed on the exchange.

IDEXIDEX

Trading volume

Trading volume

Competitive landscape

Chain breakdown