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

Metavault.Trade is a non-custodial exchange for spot and perpetual contracts built on Polygon. Metavault.Trade was founded by an anonymous team and was launched in May 2022.

MVX tokenholders own and govern the protocol. They currently take a cut of the total trading fees paid by traders (revenue).

governance

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Derivative exchanges

Metavault.Trade

# Metavault.Trade Fees Methodology

## 1. Overview

The Metavault fees metric measures the total daily fees collected by the Metavault protocol from both perpetual and spot trading activities. This metric captures revenue generated from users' trading fees across Metavault's derivatives trading platform on Polygon. The calculation combines margin fees from leveraged perpetual trading and swap fees from spot trading, providing a comprehensive view of the protocol's fee-based revenue.

## 2. Data sources

- **Blockchain events**: Parsed `Vault_CollectMarginFees_event` and `Vault_CollectSwapFees_event` logs from Metavault contracts on Polygon blockchain
- **External data**: End-of-day token price feeds for USD conversion and token metadata containing decimal precision information

## 3. Step-by-step calculation

### Component A: Perpetual trading fees
- **Purpose**: Captures margin fees collected from leveraged perpetual trading activities
- **Logic**: Extracts fee collection events from Polygon blockchain logs where the Metavault vault contract emits `CollectMarginFees` events. Each event represents fees paid by users during leveraged perpetual trading. The data includes the fee amount in the specific token, the token address, account address of the fee payer, and transaction details.
- **Key fields**: `block_timestamp` for timing, `account_address` for the trader, `token_address` (`token`) for the fee token, and `amount` (`feeTokens`) for the raw fee amount

### Component B: Spot trading fees  
- **Purpose**: Captures swap fees collected from spot trading activities
- **Logic**: Extracts fee collection events from Polygon blockchain logs where the Metavault vault contract emits `CollectSwapFees` events. Each event represents fees paid by users during spot trading activities. Similar structure to perpetual fees but captures different trading activities within the same derivatives platform.
- **Key fields**: `block_timestamp` for timing, `account_address` for the trader, `token_address` (`token`) for the fee token, and `amount` (`feeTokens`) for the raw fee amount

### Final aggregation
- **Combining components**: Both perpetual and spot fees are combined using a union operation, maintaining separate business line classifications ("Perpetual trading" vs "Spot trading") while treating both as part of the derivatives market sector
- **Currency conversion**: Raw token amounts are converted to USD using end-of-day price feeds, with automatic correction for token decimal precision to ensure accurate USD values
- **Time aggregation**: All fee events are aggregated to daily boundaries using timestamp truncation, summing all fees collected within each day
- **Final calculation**: The final metric represents the total USD value of all fees collected by Metavault on each day, combining both perpetual and spot trading fees with zero-filling applied for days without trading activity

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

Total value users pay to use a protocol (gross fees, user-paid fees).

Metavault.TradeMVX

Fees

Fees

Competitive landscape

Chain breakdown