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

MUX is a non-custodial exchange for perpetual contracts built on Arbitrum. The previous version of MUX was MCDEX, which was founded by Jean Miao & Liu Jie in 2021 and relaunched as MUX in Aug 2022. This dashboard does not take the MUX perpetual aggregator into account yet.

MCB tokenholders own and govern the protocol. They currently take a cut of the total trading fees paid by traders (revenue). MUX's investors include Delphi Ventures, DeFiance Capital, Robot Ventures, etc.

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# MUX Average fees per user (AFPU) Methodology

## 1. Overview

Average Fees Per User (AFPU) measures the average daily fee revenue generated per unique active user on the MUX Protocol aggregator. This metric answers the question: "How much fee revenue does MUX generate per user each day?" AFPU is calculated by dividing total daily fees (including both direct trading fees and aggregator rebates) by the count of daily active users across all supported chains and protocol versions.

## 2. Data sources

The calculation relies on multiple blockchain data sources across six different networks:

- **MUX LiquidityPool events**: Parsed `Trade`, `OpenPosition`, `ClosePosition`, and `Liquidate` events from MUX v1 and v2 contracts on Arbitrum, Avalanche, BSC, Fantom, and Optimism
- **GMX v1 trading events**: Parsed `IncreasePosition`, `DecreasePosition`, and `LiquidatePosition` events from GMX v1 Vault contracts on Arbitrum and Avalanche  
- **GMX v2 trading events**: Parsed `PositionIncrease`, `PositionDecrease`, and `PositionFeesCollected` events from GMX v2 EventEmitter contracts on Arbitrum and Avalanche
- **Gains Network trading events**: Parsed `LimitExecuted` and `MarketExecuted` events from GNS TradingCallbacks contracts on Arbitrum (v6) and Polygon (v7)
- **Token transfer logs**: Arbitrum token transfer events for GMX v1 fee rebates (WETH and esGMX transfers from GMX fee distributor to MUX collector)
- **Referral registration events**: Gains Network referral registration events linking traders to MUX referrer address
- **Token metadata**: Token symbol, decimal, and address information for supported trading pairs
- **End-of-day price feeds**: Daily closing prices for all tokens to enable USD conversion

## 3. Step-by-step calculation

### Component A: Daily active users calculation
- **Purpose**: Count unique traders interacting with MUX Protocol each day
- **Logic**: Extract trader addresses from MUX LiquidityPool events across all supported chains and protocol versions. Events include `Trade` (MUX v1), `OpenPosition`, `ClosePosition`, and `Liquidate` (MUX v2). The `trader` field identifies the user address. Use HyperLogLog algorithm to deduplicate addresses across multiple events and chains on the same day. Aggregate at daily level using timestamp truncation.
- **Key fields**: `trader` address, `block_timestamp` for daily grouping, `chain` for multi-chain aggregation

### Component B: Direct MUX trading fees
- **Purpose**: Calculate fees collected directly by MUX from perpetual trading
- **Logic**: Extract fee amounts from MUX trading events. For MUX v1 `Trade` events, use `fee` parameter (18 decimals, USD-denominated). For MUX v1 `Liquidate` events, use `penalty` parameter. For MUX v2 events (`OpenPosition`, `ClosePosition`, `Liquidate`), use `feeUsd` parameter from args structure (18 decimals, USD-denominated). Join with market configuration to get token addresses. Aggregate daily by summing all fee amounts.
- **Key fields**: `fee`, `penalty`, `feeUsd` amounts, `tokenAddress` for price lookups, `block_timestamp` for daily grouping

### Component C: GMX v1 aggregator rebates
- **Purpose**: Calculate fee rebates earned from routing trades through GMX v1
- **Logic**: Track WETH and esGMX token transfers from GMX fee distributor address `0x5f799f365fa8a2b60ac0429c48b153ca5a6f0cf8` to MUX collector address `0xe4cd955c733148b5997c89f22a17e0960811aa70` on Arbitrum. Replace esGMX addresses with GMX addresses for 1:1 pricing. Apply decimal correction based on token decimals. Convert to USD using end-of-day token prices. Apply time-based rebate percentage (5% initially, changed to 0% on 2023-03-24, then 5% on 2023-05-19, then 20% from 2023-06-01).
- **Key fields**: `value` (transfer amount), `token_address`, `from_address` and `to_address` for filtering, `block_timestamp` for daily aggregation

### Component D: GMX v2 aggregator rebates
- **Purpose**: Calculate fee rebates from GMX v2 trades executed with MUX referral code
- **Logic**: Identify GMX v2 `PositionFeesCollected` events containing MUX referral code `0x6d757870726f746f636f6c000000000000000000000000000000000000000000`. Extract `borrowingFeeAmount` (30 decimals) and `positionFeeAmount` (token decimals). Calculate token price as average of `min_price` and `max_price` (price decimals). Compute total fee as borrowing fee plus position fee multiplied by average price. Apply time-based GMX rebate percentage. Aggregate daily.
- **Key fields**: `positionFeeAmount`, `borrowingFeeAmount`, `min_price`, `max_price`, `referralCode` for filtering, `collateralToken` address

### Component E: Gains network aggregator rebates
- **Purpose**: Calculate fee rebates from Gains Network trades by MUX-referred users
- **Logic**: Identify Gains Network fee collection events where the trader was registered through MUX referrer address `0x10c2cbfe29f4f5e4c24d54d36c8f283a61eb0c2f`. Extract revenue amounts from `DevGovFeeCharged`, `SssFeeCharged`, and `ReferralFeeCharged` events (18 decimals, DAI-denominated). Apply 12.5% rebate percentage. Aggregate daily by summing across all fee types.
- **Key fields**: `valueDai` from fee events, `referrer` address for filtering, `trader` address for matching

### Final aggregation
- **Combining components**: Sum all fee components (direct MUX fees, GMX v1 rebates, GMX v2 rebates, Gains Network rebates) to get total daily fees. Aggregate user counts using HyperLogLog merge across all chains and events.
- **Currency conversion**: Apply end-of-day token prices to convert all non-USD amounts to USD. Use token decimal correction before price multiplication.
- **Time aggregation**: Truncate all timestamps to daily boundaries. Fill missing days with zero values for both fees and users.
- **Final calculation**: Divide total daily fees by daily active user count to get AFPU. Handle division by zero by returning null or zero based on fill strategy.

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

MUXMCB

Average fees per user (AFPU)

Average fees per user (AFPU)

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