# Ondo Perps Notional trading volume Methodology

## 1. Overview

Notional trading volume is defined as the total value of derivative contracts executed on Ondo Perps. This metric is utilized to assess the ability of Ondo Perps to generate fees and revenue, as trading fees are paid by users on each executed trade. Because Ondo Perps is operated as a fully off-chain central limit order book (CLOB) with no on-chain settlement layer, all trading activity is executed off-chain.

## 2. Data sources

- **Off-chain API data**: Daily market history data parsed from the public API scraper for Ondo Perps, covering off-chain transactions

## 3. Step-by-step calculation

### Component A: Market history ingestion and deduplication

- **Purpose**: Ingest and clean daily market history data for Ondo Perps
- **Logic**: Daily market history data, including open, high, low, close, and volume metrics, is ingested from the public API scraper. To ensure data integrity, duplicate records are removed by grouping the dataset by timestamp and market, with only the most recently inserted record retained for each market per day.
- **Key fields**: `timestamp`, `market`, `close`, `volume`

### Component B: Notional trading volume calculation

- **Purpose**: Calculate the daily notional trading volume per market
- **Logic**: For each market, the daily closing price is multiplied by the daily trading volume to determine the daily notional trading volume. These individual market volumes are then summed to calculate the total daily notional trading volume for Ondo Perps.
- **Key fields**: `close`, `volume`

### Component C: Standardization and zero-filling

- **Purpose**: Standardize the metric schema and fill missing days
- **Logic**: The calculated daily notional trading volume is cast to a standardized decimal format. The chain identifier is designated as off-chain, and the product identifier is set to Ondo Perps. A zero-filling strategy is applied to ensure that any days with missing trading activity are populated with a value of zero, maintaining a continuous daily time series.
- **Key fields**: `timestamp`, `chain_id`, `product_id`, `notional_trading_volume`

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

Total USD value of derivative contracts executed on the protocol.

Notional trading volume

Derivative exchanges

Ondo Perps

Notional trading volume

Notional trading volume

Chain breakdown