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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Derivative exchanges

SynFutures

# SynFutures Notional trading volume Methodology

## 1. Overview

Notional trading volume measures the total USD value of all perpetual futures trades executed on the SynFutures protocol. This metric aggregates trading activity across three protocol versions (v1, v2, v3) deployed on multiple blockchains including Ethereum, Arbitrum, BSC, Polygon, Base, and Blast. The calculation multiplies trade sizes by execution prices to determine notional values, then converts to USD using end-of-day price feeds. This metric helps assess the total trading activity and market utilization of SynFutures' derivatives platform.

## 2. Data sources

- **SynFutures v1 trade events**: Parsed `Trade` events from `FuturesChainlinkPair`, `FuturesUniswapPair`, and `BTCFutures` contracts across Ethereum, Arbitrum, BSC, and Polygon networks
- **SynFutures v1 pair creation events**: Parsed `NewChainlinkPair` and `NewUniswapPair` events from Factory contracts, plus `NewBitcoinMiningDifficultyPair` events from BtcHashRateFactory contracts
- **SynFutures v2 trade events**: Parsed `Trade` events from the WMATIC-USDC-DEXV2 contract on Polygon
- **SynFutures v2 pair creation events**: Parsed `NewUnderlying` events from Router contracts on Polygon
- **SynFutures v3 trade events**: Parsed `Trade` and `Sweep` events from Instrument contracts on Base and Blast networks
- **SynFutures v3 pair creation events**: Parsed `NewInstrument` events from Gate contracts on Base and Blast
- **SynFutures v3 parameter updates**: Parsed `UpdateParam` events from Instrument contracts tracking fee parameter changes over time
- **End-of-day token price feeds**: USD price data for all quote tokens used across trading pairs
- **Native token configurations**: Hardcoded native token addresses for each blockchain (WETH, WBNB, WMATIC)

## 3. Step-by-step calculation

### Component A: SynFutures v1 notional volume calculation
- **Purpose**: Calculate notional trading volume for SynFutures v1 perpetual futures trades
- **Logic**: Extract trade events containing `size` and `price` fields from multiple contract types across four blockchains. Map each trade to its quote token by joining with trading pair dimension data that links contract addresses to quote token addresses. Handle null quote token addresses by substituting the appropriate native token address for each chain. Calculate notional volume as the absolute value of trade size (normalized from 18 decimals) multiplied by trade price (normalized from 18 decimals). This produces the base notional value in the quote token's units.
- **Key fields**: `size` (trade quantity), `price` (execution price), `quote` token address from pair creation events, contract `address` for trade identification

### Component B: SynFutures v2 notional volume calculation  
- **Purpose**: Calculate notional trading volume for SynFutures v2 perpetual futures trades on Polygon
- **Logic**: Extract trade events containing `takeSize` and `price` fields from the single WMATIC-USDC trading pair. Map trades to quote token addresses using Router events that establish underlying-to-quote token relationships. Calculate notional volume using the same formula as v1: absolute value of normalized trade size multiplied by normalized trade price. Also extract trading and reserve fees for potential fee revenue calculations.
- **Key fields**: `takeSize` (trade quantity), `price` (execution price), `tradingFee` and `reserveFee` amounts, `underlying` contract addresses

### Component C: SynFutures v3 notional volume calculation
- **Purpose**: Calculate notional trading volume for SynFutures v3 trades with dynamic fee tracking
- **Logic**: Extract trade and sweep events containing `entryNotional` values that represent pre-calculated notional amounts. Map trades to quote tokens using Gate events that establish instrument-to-quote token relationships. Apply time-based fee parameter lookups by joining with parameter update events to get applicable trading and protocol fee rates at the time of each trade. Handle special price chain mapping where pumpBTC trades use Ethereum price feeds despite being on Base. Calculate notional volume directly from the `entryNotional` field (normalized from 18 decimals) without additional price multiplication, as this field already contains the notional value.
- **Key fields**: `entryNotional` (pre-calculated trade notional), `instrument` contract address, `quote` token addresses, `tradingFeeRatio` and `protocolFeeRatio` from parameter updates

### Final aggregation
- **Combining components**: Union all three protocol versions' data with standardized column names and daily timestamp truncation. Each version contributes trade-level records with notional amounts, metadata fields, and token addresses.
- **Currency conversion**: Convert notional amounts to USD by joining with end-of-day price feeds based on quote token address and price chain. For v3, some tokens use Ethereum price feeds regardless of the execution chain for consistency.
- **Time aggregation**: Truncate all trade timestamps to daily boundaries using `timestamp_trunc(block_timestamp, day)` to create daily aggregation periods
- **Final calculation**: Sum all USD-converted notional volumes by day, chain, and trading pair. Apply the `finalize_metric_notional_trading_volume` macro to fill missing dates with zero values, add project metadata, and apply chain availability filters to ensure consistent reporting across all supported networks

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

Total USD value of derivative contracts executed on the protocol.

SynFuturesF

Notional trading volume

Notional trading volume

Competitive landscape

Chain breakdown