# Orca Trading volume Methodology

## 1. Overview

Trading volume is measured as the total USD value of trades executed on Orca. Trading activity is captured across Orca's two main product lines: Whirlpools and Orca Token Swap V2. Daily trading volumes are aggregated by identifying Orca-specific transactions, converting asset amounts to USD values, and applying safeguards to prevent double-counting of trade values.

## 2. Data sources

- **Blockchain events**: DEX trade records from the `solana_dex_trades_v2` table, covering Solana
- **External data**: End-of-day price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: Trade identification and filtering

- **Purpose**: Identifies and extracts trading activity specifically from Orca's decentralized exchange protocols
- **Logic**: Solana DEX trades are filtered to include only transactions that interact with two specific Orca program accounts: `whirLbMiicVdio4qvUfM5KAg6Ct8VwpYzGff3uctyCc` (Whirlpools) and `9W959DqEETiGZocYWCQPaJ6sBmUzgfxXfqGeTEdp3aQP` (Orca Token Swap V2). Trades are classified by product type based on the program account involved in the transaction. Key trade details are extracted, including transaction timestamps, asset addresses for both sides of the trade, trade amounts, pool accounts, and transaction signers.
- **Key fields**: `block_timestamp` (timing), `token_0_address` and `token_1_address` (asset identification), `amount_0` and `amount_1` (trade quantities), `pool_address` (pool identification), and `product_id` (protocol classification)

### Component B: Price data aggregation

- **Purpose**: Provides daily USD prices for assets to enable volume calculations
- **Logic**: Daily average USD prices are calculated for each asset by aggregating price data and grouping by day, chain, and asset address. A lookup table of daily asset prices is created to match against trade data.
- **Key fields**: `timestamp` (timing), `token_address` (asset identification), and `price_usd` (asset price)

### Component C: Volume calculation with double-counting prevention

- **Purpose**: Calculates the USD trading volume for each individual trade while preventing double-counting
- **Logic**: For each trade, trade data is joined with price data for both assets involved in the swap. The USD value for both sides of the trade is calculated by multiplying asset amounts by their respective USD prices. To prevent double-counting the same economic activity, the smaller of the two USD values is typically selected using the `least` function. However, an exception is applied for trades involving exactly one tokenized stock asset (resolved via asset metadata); in these cases, the trade is valued solely on the tokenized stock leg to prevent zero-valuation or reliance on unpriced counterparty assets.
- **Key fields**: `amount_0` and `amount_1` (asset quantities), `price_usd` (asset prices), and `trading_volume` (final USD volume)

### Component D: Final aggregation and normalization

- **Purpose**: Combines individual trade volumes and aggregates them to daily totals
- **Logic**: Individual trade volumes are aggregated by summing all USD trading volumes, grouped by day, chain, and product type. Daily totals are produced for each Orca product line, specifically Whirlpools and Orca Token Swap V2. Missing days are filled with zeros, and chain availability filtering is applied to ensure data quality standards.
- **Key fields**: `timestamp` (timing), `product_id` (product classification), and `trading_volume` (aggregated USD volume)

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

Total value of spot trades executed on the exchange.

Trading volume

Orca

Users are able to use the Orca protocol to transact with digital assets on a peer-to-peer or peer-to-protocol basis by trading against liquidity  pools, which are created and seeded by other users providing liquidity of a pair of tokens into such liquidity pools in exchange for a stake of the liquidity and trading fees generated by such pools.

Orca is a non-custodial automated market maker (AMM) protocol built on Solana. Orca was founded by Yutaro Mori and Grace Kwan and launched in 2021.

ORCA tokenholders govern the Orca protocol treasury, which receives a portion of the trading fees paid by users of the protocol.

OrcaORCA

Trading volume

Trading volume

Competitive landscape