Native Relay streams Core prices to wallets and aggregators and routes their orders into Native, while Native Pro exposes the Core matching engine to institutions over direct, exchange-grade interfaces. Trades settle non-custodially through NativeRouter and CreditVault contracts deployed on each supported EVM chain. Native applies standard maker and taker fees on Native Core: 0% on stablecoin and softpeg markets, 0.1% taker and 0.02% maker on majors and RWAs, and 0.001% taker with 0% maker on selected markets. Integration partners routing through Native Relay negotiate a customized additional Relay fee, typically set at zero or minimal, on top of the standard maker and taker rates.

Native is a non-custodial trading infrastructure for on-chain spot markets that decouples pricing logic from asset settlement. Native Core is an on-chain sovereign state machine where price discovery and central limit order book matching are finalized, while Native Pool consists of distributed smart contracts on EVM chains that custody assets and enforce settlement. Rather than pricing trades through AMM pools, Native matches orders in its own engine and exports the resulting liquidity to integrating chains and distribution surfaces.

Native serves wallets, aggregators and intent platforms that route order flow into Native to source on-chain liquidity, institutions and professional market makers that integrate through Native Pro, and liquidity providers that supply the permissionless vaults used for settlement.

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# Native Fees Methodology

## 1. Overview

Fees are measured as the total value paid by market makers to liquidity providers within Native Relay. These fees are represented by the funding costs debited from market maker positions when a credit vault closes an epoch. This metric is utilized to assess the economic activity and liquidity utilization generated within the protocol.

## 2. Data sources

- **Blockchain events**: `EpochUpdated` events from `CreditVault` contracts, covering Arbitrum, Base, BNB Chain, Ethereum, and 3 other chains
- **External data**: End-of-day price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: Funding fee extraction

- **Purpose**: Capture funding fees paid by market makers during epoch updates
- **Logic**: `EpochUpdated` events are parsed from `CreditVault` contracts. The nested `accruedFundingFees` array is unnested to identify individual traders, and the associated `feeUpdates` array is unnested to extract the `fundingFee` and `reserveFee` amounts for each asset. The `fundingFee` is utilized as the supply-side fee amount distributed to liquidity providers, which forms the basis of the fees metric.
- **Key fields**: `fundingFee` (supply-side fee amount), `token` (asset address), `trader` (trader address)

### Component B: Decimal normalization and USD conversion

- **Purpose**: Normalize asset amounts and convert them to USD
- **Logic**: Raw fee amounts are normalized by the decimal precision of each respective asset using asset metadata. The normalized values are then multiplied by the end-of-day asset prices to determine the USD-equivalent value.
- **Key fields**: `token_address`, `price_usd`

### Component C: Daily aggregation

- **Purpose**: Aggregate fees to a daily granularity
- **Logic**: Normalized USD fee values are summed and aggregated by day, chain, and product. Daily boundaries are defined using UTC timestamps. Missing days are filled with zero values to ensure a continuous time series.
- **Key fields**: `timestamp`, `fees`

## What is excluded
Three specific fee types are excluded or clarified under this methodology:
- The fee recorded on-chain is strictly the funding fee paid by market makers for liquidity drawn from the vault, which is charged when the vault closes an epoch and distributed in full to liquidity providers.
- The trading fee is quoted directly into the rate at which an order fills, is not recorded on-chain, and is excluded from this metric.
- A widget fee is charged on certain routed orders and paid directly to a recipient specified per order; this fee is excluded because it is not retained by the protocol.

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

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

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