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 Supply-side fees Methodology

## 1. Overview

Supply-side fees is measured as the total value distributed to liquidity providers supplying assets to the protocol's credit vaults. These fees are generated from the funding fees paid by market makers for drawing liquidity from the vaults, which are distributed in full to the supply-side participants. This metric is utilized to evaluate the economic incentives provided to liquidity providers across Native Relay. By construction, the entire on-chain fee collected by the protocol is distributed to these service providers, making supply-side fees equal to total fees.

## 2. Data sources

- **Blockchain events**: `EpochUpdated` events from `CreditVault` contracts across the protocol's deployed credit vaults, covering Arbitrum, Base, BSC, 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**: To extract the funding fees paid by market makers when an epoch is closed
- **Logic**: `EpochUpdated` events are parsed from `CreditVault` contracts across the protocol's deployed credit vaults. Accrued funding fees are extracted by unnesting the accrued funding fees array and the nested fee updates array. The funding fee amount is captured from the funding fee field for each update.
- **Key fields**: `fundingFee` (funding fee amount), `token` (asset address)

### Component B: USD conversion and normalization

- **Purpose**: To normalize fee amounts by decimal precision and convert them to USD
- **Logic**: The extracted funding fee amounts are joined with asset metadata to normalize the values based on decimal precision. The normalized amounts are then multiplied by end-of-day asset prices to convert the values to USD.
- **Key fields**: `price_usd` (asset price), `decimals` (asset decimal precision)

### Component C: Supply-side fee aggregation

- **Purpose**: To aggregate the daily supply-side fees
- **Logic**: The USD-denominated funding fees are aggregated by day, chain, and product. Because the entire on-chain funding fee is distributed to liquidity providers, supply-side fees are set equal to total fees by construction. Daily values are generated using UTC day boundaries.
- **Key fields**: `block_timestamp` (timing), `chain` (chain identification)

## What is excluded
The fee recorded on-chain is 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 into the rate an order fills at, is not recorded on-chain, and is excluded. A widget fee is charged on some routed orders and paid to a recipient set per order, and is excluded because it is not retained by the protocol.

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

Portion of fees distributed to service providers or supply-side participants.

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Supply-side fees

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