# Native Relay Fees Methodology

## 1. Overview

Fees are measured as the total economic value paid by market makers to utilize Native Relay. These fees are generated from the funding costs debited from market maker positions when a credit vault epoch is closed. This metric is utilized to assess the economic activity and liquidity demand within the Native Relay ecosystem. All collected funding fees are distributed to liquidity providers as compensation for supplying assets to the vaults.

## 2. Data sources

- **Blockchain events**: `EpochUpdated` events from `CreditVault` contracts, 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 funding fees debited from market maker positions.
- **Logic**: `EpochUpdated` events are parsed from `CreditVault` contracts. For each event, the accrued funding fees array is expanded to identify individual trader addresses. The nested fee updates array is further expanded to extract the funding fee amount and the associated asset address for each position.
- **Key fields**: `fundingFee` (funding fee amount), `reserveFee` (protocol fee amount), `token` (asset address), `trader` (trader_address), and `address` (vault account address)

### Component B: Decimal normalization and USD conversion

- **Purpose**: To normalize fee amounts to their native values and convert them to USD.
- **Logic**: Raw funding fee amounts are normalized by the decimal precision of each respective asset using asset metadata. The normalized values are then multiplied by the corresponding end-of-day asset prices to determine the USD-denominated fee value.
- **Key fields**: `fees` (raw fee amount) and `price_usd` (end-of-day asset price)

### Component C: Daily aggregation

- **Purpose**: To aggregate USD-denominated fees to a daily granularity.
- **Logic**: Normalized USD fee values are aggregated by day, chain, and product. Daily boundaries are defined using UTC timestamps, and any days with missing data are zero-filled to ensure a continuous time series.

## What is excluded
The fee recorded on-chain is strictly the funding fee paid by market makers for liquidity drawn from the vault, which is charged when an epoch is closed by the vault and is distributed in full to liquidity providers. The trading fee is quoted directly into the rate at which an order is filled, is not recorded on-chain, and is excluded from this metric. Additionally, a widget fee is charged on some routed orders and paid to a recipient set per order, and is excluded because these fees are 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).

Fees

Exchanges (DEX)

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.

Native Relay

Fees

Fees

Chain breakdown