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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Derivative exchanges

Vertex

# Vertex Notional trading volume Methodology

## 1. Overview

Notional trading volume measures the total USD value of trades executed on the Vertex protocol across all supported blockchain networks. This metric captures perpetual derivatives trading activity by aggregating the USD value of all completed trades on a daily basis. It answers the business question: "What is the total dollar value of trading activity on Vertex protocol?" The calculation uses blockchain event logs to track trade executions and applies deduplication logic to ensure accurate volume reporting.

## 2. Data sources

- **Blockchain events**: Parsed `FillOrder` events from Vertex protocol smart contracts deployed on Arbitrum, Base, Blast (Blitz), Sonic, and Avalanche networks
- **Contract data**: Event logs from `OffchainExchange` and `OffchainBook` contract types that handle trade execution
- **Transaction metadata**: Block timestamps and transaction hashes for temporal aggregation and deduplication
- **Trade execution data**: Order fill details including USD trade values, maker/taker flags, and account addresses

## 3. Step-by-step calculation

### Component A: Raw trade event extraction
- **Purpose**: Extracts all trade execution events from Vertex protocol contracts across multiple blockchain networks
- **Logic**: The system queries `FillOrder` event logs from Vertex smart contracts on five different chains. For Arbitrum, it processes events from both `OffchainExchange` and `OffchainBook` contract types, while other chains only use `OffchainExchange` contracts. Each event contains trade execution details including the USD value of the trade (`quoteDelta`), maker/taker identification (`isTaker`), and account information. The system assigns chain identifiers and product names based on the source blockchain and protocol version.
- **Key fields**: `quoteDelta` (trade value in 18-decimal USD format), `isTaker` (boolean flag identifying taker orders), `block_timestamp` (execution time), `account_address` (trader address)

### Component B: Deduplication and volume calculation  
- **Purpose**: Eliminates double-counting and calculates actual trade volumes in standard USD format
- **Logic**: Since each trade generates `FillOrder` events for both maker and taker sides, the system filters to retain only taker-side events (`isTaker = true`) to prevent double-counting. The `quoteDelta` values can be negative for opposing positions, so absolute values are applied to capture the true trade volume regardless of direction. The 18-decimal blockchain format is converted to standard USD by dividing by 10^18. Each trade is classified as perpetual derivatives trading within the derivatives market sector.
- **Key fields**: Converted `amount` (standard USD trade value), `chain` (blockchain identifier), business classification fields

### Final aggregation
- **Combining components**: All processed trade events from different chains and contract types are combined into a single dataset
- **Currency conversion**: No additional currency conversion needed as `quoteDelta` is already denominated in USD
- **Time aggregation**: Block timestamps are truncated to daily boundaries, with all trades within a 24-hour period aggregated together
- **Final calculation**: The final notional trading volume equals the sum of all absolute `quoteDelta` values (converted from 18-decimal format) for taker-side orders within each daily time period, grouped by chain and business segment classifications

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

Total USD value of derivative contracts executed on the protocol.

VertexVRTX

Notional trading volume

Notional trading volume

Competitive landscape

Chain breakdown