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 Fees Methodology

## 1. Overview

MUX fees represent the total fees earned by the MUX protocol from both direct perpetual trading on their own platform and fee rebates earned through their aggregator services. This metric combines trading fees and liquidation penalties collected from users trading on MUX's perpetual trading platform with rebate fees earned by routing user trades through partner protocols like GMX and Gains Network. The metric answers how much total fee revenue MUX generates across all their business lines.

## 2. Data sources

The calculation uses multiple blockchain data sources and external feeds:

- **MUX protocol events**: Parsed contract events from MUX LiquidityPool contracts across BSC, Arbitrum, Avalanche, Fantom, and Optimism including `Trade`, `Liquidate`, `OpenPosition`, and `ClosePosition` events
- **GMX protocol events**: Parsed contract events from GMX Vault contracts on Arbitrum and Avalanche (v1) and EventEmitter contracts on Arbitrum and Avalanche (v2), including `IncreasePosition`, `DecreasePosition`, `LiquidatePosition`, and `PositionFeesCollected` events
- **Gains Network events**: Parsed contract events from GNSTradingCallbacks contracts on Arbitrum and Polygon including various fee charged events and trade execution events
- **Token transfer data**: Arbitrum token transfer records specifically tracking WETH and esGMX transfers from GMX fee rebate addresses to MUX collector addresses
- **Referral and proxy data**: MUX proxy creation events and GMX/Gains Network referral registration events to identify aggregator-routed trades
- **External data**: End-of-day token price feeds for USD conversion and token metadata including decimals and symbol information
- **Configuration data**: Hardcoded fee rebate percentages with date-based changes and GMX v2 token configurations

## 3. Step-by-step calculation

### Component A: Direct MUX perpetual trading fees
- **Purpose**: Calculate fees collected directly from users trading on MUX's own perpetual trading platform
- **Logic**: Extract fee data from MUX protocol events across multiple chains and versions. For MUX v1, collect the `fee` parameter from `Trade` events and `penalty` parameter from `Liquidate` events. For MUX v2, join trade events (`OpenPosition`, `ClosePosition`, `Liquidate`) with market configuration events to resolve token addresses, then extract the `feeUsd` parameter which represents fees already denominated in USD
- **Key fields**: The `fee` field from v1 Trade events, `penalty` field from v1 Liquidate events, and `feeUsd` field from v2 trading events, all normalized by dividing by 10^18 to convert from wei to standard units

### Component B: GMX v1 aggregator fee rebates  
- **Purpose**: Calculate rebate fees earned from trades MUX routes through GMX v1
- **Logic**: Identify direct token transfers from GMX's fee rebate sender address to MUX's fee rebate collector address. Track WETH and esGMX token transfers, replacing esGMX addresses with GMX addresses for consistent pricing since esGMX represents vested GMX tokens priced 1:1. Convert raw transfer amounts using token decimals and apply USD pricing
- **Key fields**: The `value` field from token transfer events, with `from_address` filtering for GMX rebate sender and `to_address` filtering for MUX collector

### Component C: GMX v2 aggregator fee rebates
- **Purpose**: Calculate percentage-based rebate fees from trades MUX routes through GMX v2  
- **Logic**: Identify GMX v2 trades routed through MUX by matching transaction hashes with events containing MUX's referral code. Extract position fees and borrowing fees from complex nested event data structures, calculate average token prices from min/max price parameters, and apply time-varying rebate percentages. Total rebate equals the rebate percentage multiplied by the sum of borrowing fees plus position fees times average price
- **Key fields**: The `positionFeeAmount` and `borrowingFeeAmount` from nested event data, `collateralTokenPrice.min` and `collateralTokenPrice.max` for price calculation, and referral code matching for MUX identification

### Component D: Gains network aggregator fee rebates
- **Purpose**: Calculate percentage-based rebate fees from trades MUX routes through Gains Network
- **Logic**: Identify Gains Network trades registered under MUX's referrer address by joining trading fee events with referral registration data. Extract revenue fees from various fee charged events (excluding LP and NFT bot fees which go to supply-side participants). Apply time-varying rebate percentages to calculate MUX's share of the total fees collected
- **Key fields**: The `valueDai` field from fee charged events, filtering for revenue components (Dev & Governance, Staking, Referral) and excluding supply-side components (LP, NFT bot)

### Final aggregation
- **Combining components**: Union all four components using UNION ALL operations, maintaining daily timestamp grain and consistent field structure across all sources
- **Currency conversion**: Apply USD conversion using end-of-day price feeds for non-USD denominated fees, with decimal correction applied before price conversion to ensure accurate calculations
- **Time aggregation**: Truncate all timestamps to daily boundaries using `timestamp_trunc(block_timestamp, day)` and apply forward-filling for rebate percentages to handle missing dates
- **Final calculation**: Sum all fee amounts by day after applying the `finalize_metric_fees` macro which standardizes schema, validates identifiers, and fills data gaps using a 'fill_zeros' strategy, then filter results by chain availability to ensure data quality

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

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

MUXMCB

Fees

Fees

Competitive landscape

Chain breakdown