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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Derivative exchanges

# MUX Notional trading volume Methodology

## 1. Overview

MUX notional trading volume represents the total USD value of leveraged perpetual trading activity across the MUX protocol ecosystem. This includes both direct trades on MUX's native perpetual trading platform and trades routed through MUX's aggregator service that executes on external protocols like GMX and Gains Network. The metric captures position increases, decreases, and liquidations, providing a comprehensive view of MUX's derivatives trading activity across multiple blockchain networks.

## 2. Data sources

- **MUX protocol events**: Direct perpetual trading events from MUX v1 and v2 `LiquidityPool` contracts including `Trade`, `Liquidate`, `OpenPosition`, and `ClosePosition` events across BSC, Arbitrum, Avalanche, Fantom, and Optimism
- **GMX protocol events**: Parsed `IncreasePosition`, `DecreasePosition`, and `LiquidatePosition` events from GMX v1 `Vault` contracts on Arbitrum and Avalanche, plus `PositionIncrease` and `PositionDecrease` events from GMX v2 `EventEmitter` contracts
- **Gains Network events**: `LimitExecuted` and `MarketExecuted` events from Gains Network v6 and v7 trading callbacks on Arbitrum and Polygon
- **Referral and proxy data**: MUX proxy creation events and referral registration events to identify aggregator trades
- **Token metadata**: Token symbols, decimal places, and contract addresses for multi-chain token identification
- **End-of-day price feeds**: Daily USD price data for token-to-USD conversion

## 3. Step-by-step calculation

### Component A: Direct MUX perpetual trades
- **Purpose**: Captures trading volume directly on MUX's native perpetual trading platform
- **Logic**: Extracts trading events from MUX v1 and v2 `LiquidityPool` contracts. For MUX v1, calculates volume as the absolute value of price multiplied by position size, both normalized from 18 decimals, resulting in USD-denominated volumes. For MUX v2, extracts the `amount` field from position events, normalized from 18 decimals, representing token amounts that require USD conversion
- **Key fields**: `price` and `position` for MUX v1 calculations, `amount` for MUX v2 token quantities, `transaction_hash` and `log_index` for deduplication

### Component B: MUX aggregator trades via GMX v1
- **Purpose**: Captures MUX trades routed through GMX v1 perpetual platform
- **Logic**: Identifies GMX v1 trades executed by MUX users by joining GMX trading events with MUX proxy creation events. Processes `IncreasePosition`, `DecreasePosition`, and `LiquidatePosition` events from GMX v1 `Vault` contracts, extracting `sizeDelta` for position changes and `size` for liquidations, both normalized from 30 decimals and already USD-denominated
- **Key fields**: `sizeDelta` and `size` parameters from GMX events (30 decimals), trader addresses matched with MUX proxy addresses

### Component C: MUX aggregator trades via GMX v2  
- **Purpose**: Captures MUX trades routed through GMX v2 perpetual platform
- **Logic**: Identifies GMX v2 trades with MUX referral codes by joining position events with fee collection events containing the specific MUX referral code `0x6d757870726f746f636f6c000000000000000000000000000000000000000000`. Extracts `sizeDelta` from `PositionIncrease` and `PositionDecrease` event data, normalized from 30 decimals, then joins with token metadata for symbol resolution
- **Key fields**: `sizeDelta` from event data arrays (30 decimals), referral codes in fee events, token addresses for symbol lookup

### Component D: MUX aggregator trades via Gains Network
- **Purpose**: Captures MUX trades routed through Gains Network perpetual platform  
- **Logic**: Identifies Gains Network trades by MUX users through referral registration events linking traders to the MUX referrer address `0x10c2cbfe29f4f5e4c24d54d36c8f283a61eb0c2f`. Calculates notional volume by multiplying `leverage` amount by `position` amount from DAI-denominated trading events, with position amounts normalized from 18 decimals
- **Key fields**: `leverage` multiplier, `positionSizeDai` amounts (18 decimals), trader addresses linked to MUX referrer

### Final aggregation
- **Combining components**: Unions all direct MUX trades with aggregator trades from GMX v1, GMX v2, and Gains Network, ensuring no double-counting through transaction hash and log index deduplication
- **Currency conversion**: Applies USD conversion to MUX v2 token amounts by multiplying token quantities by end-of-day USD prices, while MUX v1, GMX v1, and calculated Gains Network volumes remain in their already USD-denominated form
- **Time aggregation**: Truncates all timestamps to daily boundaries and groups by day, summing all trading volumes within each 24-hour period
- **Final calculation**: Sums the USD-equivalent notional trading volumes across all components, applies zero-filling for periods with no trading activity, and validates data completeness through the finalization macro

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

Total USD value of derivative contracts executed on the protocol.

MUXMCB

Notional trading volume

Notional trading volume

Competitive landscape

Chain breakdown