Liquidity providers deposit funds into Vertex and earn the spread between maker and taker orders.

Vertex is a non-custodial exchange built on Arbitrum that offers spot, perpetuals, and money markets with universal cross-margin accounts. Vertex launched in 2023, and was founded by Darius Tabatabai and Alwin Peng.

The Vertex team own and govern the protocol. They currently take a cut of the total trading fees paid by traders (revenue). Vertex's investors include Wintermute, Hack VC, Jane Street, etc.

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Vertex

# Vertex Fees Methodology

## 1. Overview

Vertex fees measures the total trading fees collected by the Vertex protocol from perpetual trading activities across multiple blockchain networks. This metric captures fee revenue generated from users trading derivatives on Vertex's off-chain order book system, providing insight into the protocol's trading volume and revenue generation. The calculation aggregates taker fees from `FillOrder` events across Arbitrum, Base, Sonic, Avalanche, and Blast networks to daily totals.

## 2. Data sources

The calculation relies on the following raw data sources:
- **Blockchain events**: Parsed `FillOrder` events from Vertex protocol's `OffchainExchange` and `OffchainBook` smart contracts deployed across multiple networks
- **Multi-chain coverage**: Event data from Arbitrum, Base, Sonic, Avalanche, and Blast blockchain networks
- **Product variants**: Includes both Vertex protocol contracts and Blitz protocol contracts (Vertex's deployment on Blast)
- **Transaction metadata**: Block timestamps, transaction hashes, and log indices for event tracking and deduplication
- **Event parameters**: Fee amounts in USD with 18-decimal precision, taker/maker flags, and account addresses

## 3. Step-by-step calculation

### Component A: Raw fee extraction
- **Purpose**: Extracts trading fee data from blockchain events across all supported networks and product variants
- **Logic**: The system collects `FillOrder` events from six different contract-chain combinations: Vertex contracts on Arbitrum (both `OffchainExchange` and `OffchainBook`), Base, Sonic, and Avalanche, plus Blitz contracts on Blast. Each event represents a completed trade on the protocol's off-chain order book system. The extraction process filters events to only include taker orders by checking the `isTaker` flag, which prevents double-counting since both maker and taker events are emitted for each trade execution
- **Key fields**: The `feeAmount` field contains fee values in USD with 18-decimal precision, `isTaker` boolean flag identifies taker vs maker orders, `address` provides the trader's account, and standard blockchain metadata includes `block_timestamp`, `transaction_hash`, and `log_index`

### Component B: Fee processing and standardization  
- **Purpose**: Converts raw fee amounts to standard decimal format and applies business classifications
- **Logic**: Raw fee amounts are converted from 18-decimal blockchain format to standard decimal representation by dividing by 10^18. The system takes the absolute value of fee amounts to handle any potential negative values. Each fee record is classified with business metadata including "Perpetual trading" as the business line, "derivatives" as the market sector, and "perpetual" as the business segment. Product identification distinguishes between "Vertex" and "Blitz" variants based on the source contract
- **Key fields**: The processed `amount` field contains standardized fee values, `chain` identifies the source blockchain, and business classification fields include `business_line`, `market_sector_id`, `business_segment_id`, and `product_id`

### Final aggregation
- **Combining components**: All processed fee records are unioned together across all chains and product variants into a single dataset
- **Currency conversion**: Fee amounts are already denominated in USD from the source events, so no additional currency conversion is required
- **Time aggregation**: Daily aggregation is performed by truncating block timestamps to day boundaries using `timestamp_trunc(block_timestamp, day)`
- **Final calculation**: The metric sums all taker fee amounts by day, chain, and business classifications. The `finalize_metric_fees` macro applies standardization including schema validation, ID verification, and zero-filling for missing days to ensure complete time series data

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

Total value users pay to use a protocol (gross fees, user-paid fees).

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