We currently only track the Squeeth product. Overcollateralized borrowers mint Squeeth (oSQTH), a power perpetual token that tracks the price of ETH squared.

Opyn builds derivatives and options infrastructure. Opyn was founded by Nick Sawinyh, Zubin Koticha and Alexis Gauba and launched in 2019.

Opyn team & investors own and govern the protocol. They do not currently charge a fee for Squeeth mints (revenue). Opyn’s investors include Paradigm, Dragonfly Capital, etc.

github

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Derivative exchanges

Opyn

# Opyn Fees Methodology

## 1. Overview

The Opyn fees metric tracks protocol fees generated by the Opyn v1 options trading protocol. Currently, this metric is explicitly set to 0 for all time periods, indicating that either Opyn v1 does not charge protocol fees or fee collection has not been implemented in the current methodology. The metric maintains the same time series structure as other Opyn metrics to ensure consistency in reporting and analysis.

## 2. Data sources

- **Ethereum event logs**: Parsed `Controller_MintShort` events from the Opyn v1 protocol on Ethereum, specifically tracking oSQTH (Opyn Squeeth) token minting activities
- **End-of-day price feeds**: Token price data used for USD conversion and validation purposes
- **Token metadata**: Token decimal information for proper amount normalization

## 3. Step-by-step calculation

### Component A: Trading activity reference
- **Purpose**: Establishes the proper time series structure and ensures consistent timestamp alignment with other Opyn metrics
- **Logic**: References the notional trading volume calculation which processes `Controller_MintShort` events from the Opyn v1 Ethereum contract. These events capture minting of oSQTH tokens (address `0xf1b99e3e573a1a9c5e6b2ce818b617f0e664e86b`) which represent the primary trading activity on the protocol. The events are filtered to distinct transactions and classified with protocol metadata including business line as "Options trading", market sector as "derivatives", and business segment as "option"
- **Key fields**: `timestamp` (daily truncated), `chain_id`, `product_id`, and protocol classification fields

### Component B: Time series processing  
- **Purpose**: Applies standardized metric finalization to ensure proper schema structure and handle missing data
- **Logic**: Uses the finalization macro to validate protocol identifiers, ensure no gaps in the time series, and apply consistent formatting. The processing maintains daily granularity and applies chain availability filtering to ensure data is only reported for time periods when the Ethereum network was operational
- **Key fields**: Standardized metric schema with validated `timestamp`, `chain_id`, and `product_id` fields

### Final aggregation
- **Combining components**: The fees metric references the time series structure from the notional trading volume calculation but overrides all fee values
- **Currency conversion**: No currency conversion is applied since all values are set to 0
- **Time aggregation**: Daily time boundaries are maintained for consistency with other metrics
- **Final calculation**: All fee values are explicitly set to 0 regardless of underlying trading activity, indicating either that Opyn v1 does not charge protocol fees or that fee tracking has not been implemented in the current methodology

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

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

OpynOSQTH

Fees

Fees

Competitive landscape

Chain breakdown