# Merkle Trade

> Track Merkle Trade's fees, revenue, TVL and active users with daily on-chain data. Compare Merkle Trade with other derivative exchanges. Updated daily.

Source: [Merkle Trade on Token Terminal](https://tokenterminal.com/explorer/projects/merkle-trade). This page has no metric values. For current values, use the [Token Terminal API](https://tokenterminal.com/docs/api-reference/introduction) or the [MCP server](https://tokenterminal.com/docs/mcp/introduction).

- Token: MKL
- Sectors: Derivative exchanges
- Chains: aptos
- Archived: Merkle Trade has shut down. Historical values are unaffected.

## About

### What it is

Merkle Trade is a non-custodial perpetual exchange protocol built on Aptos.

### Who uses it

MKL tokenholders own and govern the protocol. They do currently take a cut of the total trading fees paid by traders (revenue). Merkle Trade's investors include Arrington Capital, Hashed, etc.

### How it works

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

## Metrics

Token Terminal tracks these metrics for Merkle Trade daily. Each page has a chart with the full history.

- [Price](https://tokenterminal.com/explorer/projects/merkle-trade/metrics/price)
- [Fully diluted market cap](https://tokenterminal.com/explorer/projects/merkle-trade/metrics/market-cap-fully-diluted)
- [Circulating market cap](https://tokenterminal.com/explorer/projects/merkle-trade/metrics/market-cap-circulating)
- [Token trading volume](https://tokenterminal.com/explorer/projects/merkle-trade/metrics/token-trading-volume)
- [Token turnover (fully diluted)](https://tokenterminal.com/explorer/projects/merkle-trade/metrics/token-turnover-fully-diluted)
- [Token turnover (circulating)](https://tokenterminal.com/explorer/projects/merkle-trade/metrics/token-turnover-circulating)
- [Circulating supply](https://tokenterminal.com/explorer/projects/merkle-trade/metrics/token-supply-circulating)
- [Total value locked](https://tokenterminal.com/explorer/projects/merkle-trade/metrics/tvl)
- [Notional trading volume](https://tokenterminal.com/explorer/projects/merkle-trade/metrics/notional-trading-volume)
- [Fees](https://tokenterminal.com/explorer/projects/merkle-trade/metrics/fees)
- [Supply-side fees](https://tokenterminal.com/explorer/projects/merkle-trade/metrics/fees-supply-side)
- [Revenue](https://tokenterminal.com/explorer/projects/merkle-trade/metrics/revenue)
- [Expenses](https://tokenterminal.com/explorer/projects/merkle-trade/metrics/expenses)
- [Operating expenses](https://tokenterminal.com/explorer/projects/merkle-trade/metrics/operating-expenses)
- [Token incentives](https://tokenterminal.com/explorer/projects/merkle-trade/metrics/token-incentives)
- [Earnings](https://tokenterminal.com/explorer/projects/merkle-trade/metrics/earnings)
- [P/F ratio (fully diluted)](https://tokenterminal.com/explorer/projects/merkle-trade/metrics/pf-fully-diluted)
- [P/F ratio (circulating)](https://tokenterminal.com/explorer/projects/merkle-trade/metrics/pf-circulating)
- [P/S ratio (fully diluted)](https://tokenterminal.com/explorer/projects/merkle-trade/metrics/ps-fully-diluted)
- [P/S ratio (circulating)](https://tokenterminal.com/explorer/projects/merkle-trade/metrics/ps-circulating)
- [Treasury](https://tokenterminal.com/explorer/projects/merkle-trade/metrics/treasury)
- [Treasury (net)](https://tokenterminal.com/explorer/projects/merkle-trade/metrics/treasury-net)
- [Active users (daily)](https://tokenterminal.com/explorer/projects/merkle-trade/metrics/user-dau)
- [Active users (weekly)](https://tokenterminal.com/explorer/projects/merkle-trade/metrics/user-wau)
- [Active users (monthly)](https://tokenterminal.com/explorer/projects/merkle-trade/metrics/user-mau)
- [Active addresses (daily)](https://tokenterminal.com/explorer/projects/merkle-trade/metrics/active-addresses-daily)
- [Active addresses (weekly)](https://tokenterminal.com/explorer/projects/merkle-trade/metrics/active-addresses-weekly)
- [Active addresses (monthly)](https://tokenterminal.com/explorer/projects/merkle-trade/metrics/active-addresses-monthly)
- [Core developers](https://tokenterminal.com/explorer/projects/merkle-trade/metrics/active-developers)
- [Code commits](https://tokenterminal.com/explorer/projects/merkle-trade/metrics/code-commits)
- [Transaction count (contracts)](https://tokenterminal.com/explorer/projects/merkle-trade/metrics/transaction-count-contracts)
- [Gas used](https://tokenterminal.com/explorer/projects/merkle-trade/metrics/gas-used)
- [Average fees per user (AFPU)](https://tokenterminal.com/explorer/projects/merkle-trade/metrics/afpu)
- [Average revenue per user (ARPU)](https://tokenterminal.com/explorer/projects/merkle-trade/metrics/arpu)
- [Take rate](https://tokenterminal.com/explorer/projects/merkle-trade/metrics/take-rate)

## Links

- [twitter](https://x.com/merkle_trade)
- [discord](https://discord.com/invite/uV2A5nSpng)
- [website](https://merkle.trade/)
- [github](https://github.com/merkle-trade)