Liquidity providers deposit funds into Perpetual Protocol to earn a share of trading fees (supply-side fees). Perpetual Protocol leverages Uniswap v3's architecture as a pricing engine, enabling traders to access up to 10x leverage. Perpetual Protocol also offers Hot Tub vaults, which operate trading strategies that generate yield from arbitrage profits. 

Perpetual Protocol is an open-source and non-custodial exchange for perpetual contracts built on Optimism. Perpetual Protocol was founded by Shao-Kang Lee & Yenwen Feng and launched in 2019.

PERP token holders own and govern the protocol. Token holders can boost their governance power and earn 15% of trading fees paid by traders (revenue) by locking PERP into vote-escrowed PERP (vePERP). Perpetual Protocol's investors include CMS Holdings, Binance Labs, and Mechanism Capital.

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Perpetual Protocol

# Perpetual Protocol Treasury Methodology

## 1. Overview

The Perpetual Protocol treasury metric measures the total USD value of all tokens held across Perpetual Protocol's treasury addresses on Ethereum. This metric provides insight into the protocol's financial reserves and asset composition over time. The calculation tracks token balance changes across two specific treasury addresses, maintains cumulative balances, and converts holdings to USD using daily price feeds.

## 2. Data sources

- **Ethereum token events**: Parsed `Transfer` events and transaction logs from Ethereum that affect the designated treasury addresses
- **Token transaction traces**: Ethereum transaction traces and internal transfers that modify token balances in treasury wallets
- **End-of-day price feeds**: Daily token price data in USD for converting token holdings to dollar values
- **Token metadata**: Token symbol and contract address information for identifying and categorizing different assets

## 3. Step-by-step calculation

### Component A: Treasury balance changes extraction
- **Purpose**: Identifies all token balance changes for Perpetual Protocol's treasury addresses on Ethereum
- **Logic**: The system tracks token movements for two specific treasury addresses: `0xc49f76a596d6200e4f08f8931d15b69dd1f8033e` and `0xd374225abb84dca94e121f0b8a06b93e39ad7a99`. It processes Ethereum token transfer events and transaction traces to capture all inflows and outflows of tokens to/from these addresses. Balance changes are calculated by analyzing `Transfer` events where these addresses appear as either sender or recipient, determining the net change in token holdings.
- **Key fields**: `timestamp` (when the balance change occurred), `chain_id` (set to "ethereum"), `account_address` (treasury wallet address), `token_address` (contract address of the token), `token_symbol` (token identifier), and `balance` (net change in token amount)

### Component B: Cumulative balance calculation
- **Purpose**: Converts balance changes into running cumulative token holdings over time
- **Logic**: Takes the balance changes from Component A and applies a running sum calculation partitioned by timestamp grain, chain, account address, and token address. This transforms individual transaction-level balance changes into cumulative token positions. The calculation maintains separate cumulative balances for each unique combination of treasury address and token, ensuring accurate tracking of holdings across multiple assets and addresses.
- **Key fields**: Same fields as Component A, but `balance` now represents cumulative token holdings rather than individual changes

### Component C: Data continuity through forward-filling
- **Purpose**: Ensures continuous daily time series data by filling gaps where no transactions occurred
- **Logic**: Uses a forward-fill mechanism to propagate the last known token balance to subsequent days when no balance changes occurred. This creates a complete daily time series where each day shows the current token holdings, even on days without trading activity. The forward-fill is applied separately for each combination of timestamp grain, chain, account address, and token address.
- **Key fields**: Same structure as Component B, but now includes interpolated balance values for days without transactions

### Component D: USD conversion
- **Purpose**: Converts token holdings from native token amounts to USD values using daily price feeds
- **Logic**: Joins the filled balance data with end-of-day token price feeds. For each token holding on each day, multiplies the token balance by the corresponding USD price using safe multiplication to handle potential null values. Only includes records where the token balance is positive and where daily price data is available. Price matching is performed using timestamp, chain, and token address as join keys.
- **Key fields**: `timestamp`, `timestamp_grain`, `chain_id`, `account_address`, `token_address`, and `amount` (USD value of token holdings)

### Final aggregation
- **Combining components**: The USD-converted token holdings are aggregated by summing all `amount` values across different tokens and treasury addresses for each timestamp. This produces a single daily treasury value that represents the total USD worth of all assets held across both treasury addresses.
- **Currency conversion**: USD conversion uses daily price feeds matched by timestamp, chain, and token address, with safe multiplication to handle missing price data
- **Time aggregation**: Data is aggregated at daily granularity using the timestamp grain, ensuring consistent daily reporting boundaries
- **Final calculation**: The final treasury value equals the sum of all positive token balances multiplied by their respective daily USD prices, aggregated across both treasury addresses (`0xc49f76a596d6200e4f08f8931d15b69dd1f8033e` and `0xd374225abb84dca94e121f0b8a06b93e39ad7a99`) and all token types held within them

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

Total value of a project's onchain treasury, including its native token.

Perpetual ProtocolPERP

Treasury

Treasury

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