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 Revenue Methodology

## 1. Overview

MUX revenue represents the portion of trading fees that accrues to the protocol across its perpetual trading platform and aggregation services. The metric answers how much revenue MUX generates from its core business of facilitating leveraged derivatives trading. The calculation uses a version-specific approach where MUX v1 applies a fixed 50% revenue share, while MUX v2 uses a dynamic split based on protocol-owned liquidity ratios.

## 2. Data sources

The revenue calculation draws from multiple blockchain data sources and external feeds:

- **MUX protocol events**: Trading and liquidation events from MUX v1 (BSC, Arbitrum) and MUX v2 (Arbitrum, BSC, Avalanche, Fantom, Optimism) including `LiquidityPool_Trade_event`, `LiquidityPool_OpenPosition_event`, `LiquidityPool_ClosePosition_event`, and `LiquidityPool_Liquidate_event`
- **GMX partnership events**: WETH and esGMX token transfers from GMX fee rebate contracts to MUX collector addresses, and `PositionFeesCollected` events with MUX referral codes from GMX v2 on Arbitrum and Avalanche
- **Gains Network partnership events**: Trading fee events from Gains Network v6 (Arbitrum) and v7 (Polygon) where MUX is registered as the referrer
- **MUXLP supply tracking**: `Transfer` events for MUXLP tokens to track protocol-owned versus user-owned liquidity supplies
- **Token metadata**: Symbol, decimal, and address information for fee tokens across different chains
- **End-of-day price feeds**: Token prices for USD conversion of fee amounts

## 3. Step-by-step calculation

### Component A: Direct MUX protocol fees
- **Purpose**: Calculates trading and liquidation fees generated directly by MUX's perpetual trading platform
- **Logic**: Extracts fee amounts from MUX protocol events across all supported chains. For MUX v1, trading fees come from the `fee` parameter in trade events and liquidation penalties from the `penalty` parameter in liquidation events, both divided by 10^18 for decimal adjustment. For MUX v2, fees come from the `feeUsd` parameter in position events (open, close, liquidate), already denominated in USD and divided by 10^18. The events are joined with asset addition events to obtain token addresses for proper categorization.
- **Key fields**: `fee`, `penalty`, `feeUsd` amounts, `tokenAddress` for token identification, `chain` for network classification

### Component B: GMX partnership fee rebates  
- **Purpose**: Captures fee rebates MUX receives when routing trades through GMX v1 and v2 protocols
- **Logic**: For GMX v1, identifies direct token transfers of WETH and esGMX from GMX fee rebate sender address to MUX collector address, treating esGMX as GMX for 1:1 pricing. Amounts are decimal-corrected and converted to USD using end-of-day price feeds. For GMX v2, calculates rebates from `PositionFeesCollected` events that contain MUX's referral code, applying time-varying rebate percentages (0%, 5%, or 20%) to the sum of borrowing fees and position fees. Only includes trades executed with MUX as the referrer.
- **Key fields**: `value` amounts from transfers, `positionFeeAmount`, `borrowingFeeAmount` from fee collection events, `referralCode` for MUX identification

### Component C: Gains network partnership fee rebates
- **Purpose**: Calculates fee rebates from MUX's aggregation partnership with Gains Network
- **Logic**: Identifies trading fee events from Gains Network v6 and v7 where MUX is registered as the referrer through referral registration events. Applies a fixed 12.5% rebate percentage to the revenue portion of Gains Network fees (excludes LP and bot fees). Uses DAI as the base token for all Gains Network fee calculations.
- **Key fields**: `valueDai` from fee charged events, `referrer` and `trader` addresses for MUX relationship verification

### Component D: Protocol-owned rate calculation (MUX v2 only)
- **Purpose**: Determines the share of MUXLP liquidity owned by the protocol for dynamic fee splitting
- **Logic**: Tracks MUXLP token transfers to calculate protocol-owned versus total supply. Protocol-owned supply increases when MUXLP tokens are transferred to the designated protocol-owned liquidity address. Total supply changes are tracked through mint and burn events (transfers from/to null address). Daily changes are aggregated, gaps are filled with zeros, and cumulative running totals are calculated. The protocol-owned rate equals protocol-owned supply divided by total supply.
- **Key fields**: `value` amounts from MUXLP transfers, `from` and `to` addresses to identify mints, burns, and protocol transfers

### Final aggregation
- **Combining components**: All fee sources (direct MUX fees, GMX rebates, Gains Network rebates) are combined through union operations and aggregated daily by chain, market sector, business segment, product, and version
- **Currency conversion**: Non-USD fees are converted using end-of-day price feeds with proper decimal adjustment for each token type
- **Time aggregation**: All data is aggregated to daily boundaries using timestamp truncation, with gaps filled using forward-fill for dimension tables and zero-fill for metric tables
- **Final calculation**: Revenue is calculated using version-specific formulas: MUX v1 revenue equals total fees multiplied by 50%, while MUX v2 revenue equals total fees multiplied by 30% plus total fees multiplied by 70% multiplied by the protocol-owned rate. The result represents the total daily revenue earned by MUX across all its trading and aggregation activities.

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

fees * take_rate (illustrative — revenue is observed directly per project, not derived from take_rate)

Fee revenue retained after supply-side payouts. Before cost of revenue (e.g. L2 DA fees) and before operating expenses.

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Revenue

Revenue

Competitive landscape

Chain breakdown