Liquidity providers deposit funds into SynFutures and receive trading fees from traders (supply-side fees).

SynFutures is a non-custodial decentralized exchange for perpetual contracts built on Base and multiple EVM-based chains. SynFutures was founded by Rachel Lin and was launched in 2021. 

SynFutures’ team & investors own and govern the protocol. They currently take a cut of the total trading fees paid by traders (revenue). SynFutures’ investors include Polychain Capital, Framework Ventures, Pantera Capital, etc.

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SynFutures

# SynFutures Average revenue per user (ARPU) Methodology

## 1. Overview

ARPU measures the average daily revenue generated per active user on the SynFutures derivatives trading platform. This metric is calculated by dividing daily protocol revenue by the number of daily active users (DAU). The calculation spans all SynFutures protocol versions (v1, v2, v3) across multiple blockchain networks and provides insight into user monetization efficiency and protocol performance.

## 2. Data sources

The ARPU calculation relies on the following data sources:

- **Trading events**: Parsed `Trade` events from SynFutures contracts across Ethereum, Arbitrum, Base, Blast, BSC, and Polygon networks capturing trade execution data including trader addresses, trade sizes, and prices
- **Sweep events**: Parsed `Sweep` events from SynFutures v3 contracts on Base and Blast networks for additional trading activity
- **Trading pair configuration**: Factory `NewChainlinkPair` and `NewUniswapPair` events establishing trading pair setups and quote token mappings for v1 contracts
- **Protocol setup events**: Router `NewUnderlying` events for v2 trading pair configuration and Gate `NewInstrument` events for v3 instrument creation
- **Fee parameter updates**: Instrument `UpdateParam` events tracking dynamic fee changes in v3 contracts with time-based intervals
- **Price data**: End-of-day token price feeds for USD conversion of revenue amounts
- **Token metadata**: Token decimal information for proper amount normalization

## 3. Step-by-step calculation

### Component A: Daily active users calculation
- **Purpose**: Count distinct active users (traders) per day across all protocol versions and chains
- **Logic**: Extract trader addresses from all `Trade` and `Sweep` events across SynFutures v1, v2, and v3 contracts. For v1, collect trader addresses from `FuturesChainlinkPair_Trade_event`, `FuturesUniswapPair_Trade_event`, and `BTCFutures_Trade_event` tables. For v2, extract from `WMATIC-USDC-DEXV2_Trade_event` using the `taker` field. For v3, gather from both `Instrument_Trade_event` and `Instrument_Sweep_event` tables. Truncate event timestamps to daily granularity and count distinct trader addresses per day using HyperLogLog aggregation for scalability across multiple dimensional breakdowns
- **Key fields**: `trader` addresses from trading events, `block_timestamp` for daily grouping, `chain` identifiers for cross-chain aggregation

### Component B: Daily revenue calculation  
- **Purpose**: Calculate total protocol revenue per day across all versions with version-specific fee logic
- **Logic**: Revenue calculation varies by protocol version. For v1, calculate notional trading volume by multiplying `trade_size` and `trade_price` (both normalized by dividing by 1e18), then apply hardcoded fee percentages: 0.05% for trades before September 29, 2021, and 0.01% for trades after. For v2, use the `reserve_fee` field directly from trade events, normalized by 1e18. For v3, calculate notional volume similar to v1, then apply dynamic `protocol_fee_basis_points` divided by 10,000 to get the protocol's revenue share. Match each trade event with the appropriate fee parameters based on timestamp intervals from `UpdateParam` events. Join all trading volumes with quote token addresses from trading pair configuration events, then convert amounts to USD using end-of-day price feeds matched by date and token address
- **Key fields**: `trade_size`, `trade_price`, `reserve_fee`, `protocol_fee_basis_points`, quote token addresses, USD price feeds

### Final aggregation
- **Combining components**: Join daily revenue totals with daily active user counts by matching on date and aggregation dimensions (chain, product, user type)
- **Currency conversion**: All revenue amounts are converted to USD using end-of-day token prices matched by timestamp and token address, with special handling for cross-chain tokens like pumpBTC using Ethereum prices
- **Time aggregation**: Both revenue and user metrics are truncated to daily boundaries using timestamp truncation, ensuring consistent daily aggregation across all data sources
- **Final calculation**: Divide total daily revenue in USD by the number of distinct daily active users to produce ARPU. Apply zero-filling strategy for days with missing data to maintain time series continuity

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

SynFuturesF

Average revenue per user (ARPU)

Average revenue per user (ARPU)

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