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 Earnings Methodology

## 1. Overview

Earnings represents the protocol's net profit, calculated as revenue minus expenses. For SynFutures, this metric measures the protocol's profitability from perpetual derivatives trading across three protocol versions (V1, V2, V3) on multiple blockchain networks. Since SynFutures has no token incentive expenses, earnings equals revenue generated from protocol fees on trading activity.

## 2. Data sources

The calculation relies on several blockchain data sources:
- **Trade events**: Parsed `Trade` events from SynFutures V1 contracts (`FuturesChainlinkPair_Trade_event`, `FuturesUniswapPair_Trade_event`, `BTCFutures_Trade_event`), V2 contracts (`WMATIC-USDC-DEXV2_Trade_event`), and V3 contracts (`Instrument_Trade_event`, `Instrument_Sweep_event`) across Ethereum, Arbitrum, BSC, Polygon, Base, and Blast networks
- **Trading pair metadata**: Contract deployment events that establish trading pairs and their quote tokens (`Factory_NewChainlinkPair_event`, `Factory_NewUniswapPair_event`, `Router_NewUnderlying_event`, `Gate_NewInstrument_event`)
- **Fee parameter events**: V3 protocol parameter updates (`Instrument_UpdateParam_event`) that define trading and protocol fee rates
- **Price data**: End-of-day token price feeds for USD conversion of trading volumes
- **Token metadata**: Token contract information for decimal handling and price lookups

## 3. Step-by-step calculation

### Component A: V1 trading volume and revenue calculation
- **Purpose**: Calculates notional trading volumes and protocol revenue for SynFutures V1
- **Logic**: Extracts `Trade` events from Chainlink-based, Uniswap-based, and Bitcoin mining difficulty futures contracts across Ethereum, Arbitrum, BSC, and Polygon. Calculates notional volume by multiplying absolute trade `size` by trade `price`, both normalized by dividing by 1e18. Joins with trading pair creation events to identify quote tokens for price conversion. Converts volumes to USD using end-of-day price feeds. Applies time-based protocol fee rates: 0.05% (50 basis points) before September 29, 2021, and 0.01% (10 basis points) thereafter
- **Key fields**: `trade_size`, `trade_price`, `quote` token from pair creation events, calculated `amount` as notional volume

### Component B: V2 trading volume and revenue calculation  
- **Purpose**: Calculates notional trading volumes and protocol revenue for SynFutures V2
- **Logic**: Extracts `Trade` events from the single V2 contract on Polygon. Calculates notional volume using `takeSize` and `price` fields, normalized by 1e18. Uses the direct `reserveFee` field from trade events as protocol revenue, also normalized by 1e18. Joins with underlying asset registration events to identify quote tokens for volume USD conversion
- **Key fields**: `takeSize`, `price`, direct `reserveFee` and `tradingFee` amounts, `underlying` asset address

### Component C: V3 trading volume and revenue calculation
- **Purpose**: Calculates notional trading volumes and protocol revenue for SynFutures V3
- **Logic**: Extracts `Trade` and `Sweep` events from V3 instruments on Base and Blast networks. Uses direct `entryNotional` field as trade size, normalized by 1e18. Joins with instrument creation events to identify quote tokens and with fee parameter update events to determine applicable protocol fee rates at trade time. Applies dynamic protocol fee rates from `protocolFeeRatio` parameter, converting from basis points by dividing by 1e4. Special handling for cross-chain price lookups (pumpBTC uses Ethereum prices while trading on Base)
- **Key fields**: `entryNotional` as trade size, `protocolFeeRatio` and `tradingFeeRatio` from parameter updates, instrument `symbol` and `quote` token

### Component D: Supply-side fees calculation
- **Purpose**: Calculates fees paid to liquidity providers and traders
- **Logic**: Uses the same volume calculations as revenue but applies trader-facing fee rates. V1 applies fixed 0.25% (250 basis points), V2 uses direct `tradingFee` amounts from events, and V3 uses dynamic `tradingFeeRatio` parameters converted from basis points
- **Key fields**: Same volume fields but different fee rate applications

### Component E: Expenses calculation
- **Purpose**: Determines protocol expenses from token incentives
- **Logic**: Sets token incentives to zero across all chains and time periods for SynFutures, as the protocol does not distribute token rewards. Total expenses equal zero
- **Key fields**: `token_incentives` set to 0

### Final aggregation
- **Combining components**: Revenue combines V1 time-based fees, V2 reserve fees, and V3 protocol fees. Expenses are zero from token incentives. Daily aggregation sums all trading activity and fees by day across all chains and protocol versions
- **Currency conversion**: All trading volumes converted to USD using end-of-day price feeds matched by timestamp, chain, and token address. Special cross-chain price handling for tokens like pumpBTC
- **Time aggregation**: Daily boundaries using `timestamp_trunc(block_timestamp, day)` with gap-filling strategy that populates missing days with zeros
- **Final calculation**: Earnings equals total daily revenue minus total daily expenses. Since expenses are zero, earnings equals revenue from protocol fees across all SynFutures versions and chains

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

Net profit (also profits, net income, profitability) — revenue remaining after subtracting expenses.

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Earnings

Earnings

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