Omni charges zero explicit trading fees; the user's cost is the bid-ask spread OLP quotes. Variational's revenue is a share of that spread, swept from settlement pools into a protocol treasury wallet, with the remainder retained by OLP.

Users request a quote and OLP, Variational's in-house market maker, is the sole counterparty on Omni; trades are priced, agreed, and booked off-chain, with the chain holding only USDC collateral. Each user is deployed a bilateral settlement pool by a factory contract, and every state-changing function is oracle-gated, so an off-chain operator drives settlement.

Variational is an RFQ perpetuals venue on Arbitrum. Its consumer app, Omni, lets users trade perpetual futures against the protocol's own market maker, OLP.

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Variational

# Variational Average fees per user (AFPU) Methodology

## 1. Overview

Average fees per user (AFPU) is calculated to represent the average amount of fees paid by each active user of Variational over a 24-hour period. This metric is calculated by dividing the total daily fees generated by the protocol by the number of active users (daily). Insight into the economic activity and fee burden per individual participant on the platform is provided by this metric. By analyzing this metric, the average transaction cost and user monetization efficiency of Variational can be evaluated over time.

## 2. Data sources

- **Fees**: Derived from the Fees metric
- **Active users (daily)**: Derived from the Active users (daily) metric

## 3. Step-by-step calculation

### Component A: Daily active user tracking

- **Purpose**: To ensure unique active users (daily) are identified and aggregated
- **Logic**: Unique user addresses are extracted from settlement pool interactions. These are identified as the depositor address from `Deposited` events, the withdrawer address from `Withdrawn` events, the trader address from `DepositedAtomic` events, and the fee payer and other counterparty addresses from `PoolCreated` events. Protocol-owned addresses, including the settlement pool factory, OLP hedging wallet, protocol treasury, settlement routers, OLP vault, and oracle addresses, are explicitly excluded from the active user count. The active users (daily) (daily) metric is then calculated as the daily distinct count of these user addresses.
- **Key fields**: `payer`, `payee`, `partyTwoAddress`, `feePaidBy`, `otherAddresses`, and `user_address`

### Component B: Fee extraction and gross-up

- **Purpose**: To ensure the total fees paid by users, including fixed fees and grossed-up spreads, are calculated
- **Logic**: USDC transfers from settlement pools to the protocol treasury are tracked. Transfers are classified as either fixed fees (deposit and withdraw fees, identified as multiples of 100,000 units up to a cap of 200,000,000 units) or spread fees. To reconstruct the total spread paid by users, the treasury's share of the spread is grossed up by dividing it by the date-effective protocol take rate. These fee components are summed, normalized by decimal precision, and converted to USD using end-of-day price feeds to determine the total daily fees.
- **Key fields**: `value`, `from_address`, `to_address`, `token_address`, and `take_rate`

### Component C: Average fees per user calculation

- **Purpose**: To ensure the final average fees paid per active user are calculated
- **Logic**: The total daily fees (calculated in Component B) are divided by the active users (daily) (calculated in Component A) for each day. If no activity or fees are recorded for a given day, the metric is filled with zero.
- **Key fields**: `fees`, `user_dau`, and `afpu`

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

VariationalVAR

Average fees per user (AFPU)

Average fees per user (AFPU)

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