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 Revenue Methodology

## 1. Overview

SynFutures revenue represents the protocol fees earned from perpetual futures trading across all versions of the SynFutures protocol (v1, v2, and v3). The metric aggregates fee revenues from trading activities on multiple blockchains, with each protocol version using different fee calculation methodologies. This metric answers the business question of how much revenue SynFutures generates from its derivatives trading services.

## 2. Data sources

The calculation utilizes several types of blockchain data and external feeds:

- **Trading events**: Parsed `Trade` events from SynFutures v1 contracts across Ethereum, Arbitrum, BSC, and Polygon networks containing trade size and price information
- **V2 trading data**: Parsed `Trade` events from SynFutures v2 contracts on Polygon including explicit trading and reserve fee amounts
- **V3 trading data**: Parsed `Trade` and `Sweep` events from SynFutures v3 contracts on Base and Blast networks containing entry notional amounts
- **Trading pair definitions**: Contract events that establish trading pairs including `NewChainlinkPair`, `NewUniswapPair`, `NewBitcoinMiningDifficultyPair` from factory contracts, `NewUnderlying` events from router contracts, and `NewInstrument` events from gate contracts
- **Fee parameters**: `UpdateParam` events from v3 instrument contracts that track changes in trading and protocol fee rates over time
- **Price feeds**: End-of-day token price feeds from external price APIs for USD conversion
- **Token metadata**: Token contract information including decimal places and address mappings

## 3. Step-by-step calculation

### Component A: V1 revenue calculation
- **Purpose**: Calculate protocol revenue from SynFutures v1 trading by applying fixed percentage rates to notional trading volumes
- **Logic**: Extract `Trade` events from various contract types across multiple chains including Chainlink-based pairs, Uniswap-based pairs, and Bitcoin futures contracts. Calculate notional trading volume by taking the absolute value of trade size divided by 1e18 (to convert from wei) and multiplying by trade price divided by 1e18. Join with trading pair dimensions to identify the quote token address for each trade. Apply a time-based fee rate of 0.0005 for trades before September 29, 2021, and 0.0001 for trades after that date
- **Key fields**: `trade_size` (position size in wei), `trade_price` (execution price in wei), `token_address` (quote token), and calculated `amount` (notional volume in standard units)

### Component B: V2 revenue calculation  
- **Purpose**: Extract protocol revenue directly from explicit fee amounts in SynFutures v2 trading events
- **Logic**: Process `Trade` events from the WMATIC-USDC-DEXV2 contract on Polygon, which contain both trading fees and reserve fees. Use the reserve fee amount directly as protocol revenue by converting from wei to standard units. Join with trading pair dimensions established through `NewUnderlying` router events to map trading accounts to quote token addresses
- **Key fields**: `reserve_fee` (protocol fee in wei), `trading_fee` (total trading fee), and `token_address` (quote token from pair mapping)

### Component C: V3 revenue calculation
- **Purpose**: Calculate protocol revenue using dynamic fee rates applied to USD-converted notional amounts
- **Logic**: Extract `Trade` and `Sweep` events containing entry notional amounts from Base and Blast instrument contracts. Join with trading pair dimensions from `NewInstrument` gate events to identify quote tokens and determine the appropriate price chain for USD conversion. Join with fee parameter data derived from `UpdateParam` events to find the applicable protocol fee rate based on event timestamp. The fee parameters model tracks changes in `protocolFeeRatio` over time using timestamp intervals to ensure correct rates are applied. Convert notional amounts to USD using end-of-day price feeds, then calculate revenue by multiplying the USD amount by the protocol fee basis points and dividing by 10000
- **Key fields**: `trade_size` (entry notional in wei), `protocol_fee_basis_points` (dynamic fee rate), `amount` (USD-converted notional), and calculated revenue

### Final aggregation
- **Combining components**: Union all three revenue streams (v1 percentage-based, v2 explicit fees, v3 dynamic rates) into a single dataset with consistent schema including timestamp, chain, business metadata, and revenue amounts
- **Currency conversion**: V3 amounts are converted to USD using end-of-day price feeds joined by timestamp, token address, and chain. V1 and V2 amounts remain in quote token units
- **Time aggregation**: All timestamps are truncated to daily boundaries for consistent aggregation periods across all versions
- **Final calculation**: Apply the `finalize_metric_revenue` macro which fills missing days with zeros, adds project metadata, and performs final data quality checks. Filter results using chain availability logic to ensure data completeness and accuracy

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

fees * take_rate (illustrative — revenue is observed directly per project, not derived from take_rate)

Fee revenue retained after supply-side payouts. Before cost of revenue (e.g. L2 DA fees) and before operating expenses.

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Revenue

Revenue

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Chain breakdown