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 Revenue Methodology

## 1. Overview

Vertex revenue represents the total USD value of trading fees collected by the Vertex protocol across all supported blockchain networks. Revenue is calculated as 100% of trading fees, reflecting Vertex's business model where market makers are primarily incentivized through bid-ask spreads rather than explicit fee sharing. This metric captures fees from both spot and perpetual derivatives trading on the decentralized exchange.

## 2. Data sources

- **Blockchain event logs**: Parsed `OffchainExchange_FillOrder_event` logs from Arbitrum, Base, Sonic, and Avalanche networks
- **Additional event logs**: Parsed `OffchainBook_FillOrder_event` logs from Arbitrum network  
- **Third-party protocol data**: Parsed `OffchainExchange_FillOrder_event` logs from Blast network (Blitz product)
- **Event data structure**: Each event contains fee amounts denominated in USD with 18-decimal precision, trader addresses, transaction identifiers, and taker/maker flags

## 3. Step-by-step calculation

### Component A: Fee extraction from trading events
- **Purpose**: Extract fee data from all trading activity across supported chains
- **Logic**: Process `OffchainExchange_FillOrder_event` and `OffchainBook_FillOrder_event` logs from multiple blockchain networks. Filter specifically for taker transactions by requiring `isTaker` equals true, which prevents double-counting since Vertex emits separate events for both the maker and taker sides of each trade. Extract the `feeAmount` field which represents fees already denominated in USD with 18-decimal precision. Classify each transaction by chain (Arbitrum, Base, Blast, Sonic, Avalanche), business line (perpetual trading), market sector (derivatives), and product identifier (Vertex or Blitz).
- **Key fields**: `feeAmount` (18-decimal USD fee amount), `isTaker` (transaction side flag), `account_address` (trader address), `transaction_hash` and `log_index` (event identifiers)

### Component B: Fee aggregation and standardization  
- **Purpose**: Aggregate fees daily and convert to standard USD denomination
- **Logic**: Convert fee amounts from 18-decimal precision to standard USD values by dividing by 10^18. Aggregate fees by day using timestamp truncation to daily boundaries. Group results by chain, market sector, business segment, and product identifier. Apply the finalize metric macro to ensure data quality, validate identifiers, and fill any missing days with zero values to maintain complete time series.
- **Key fields**: `timestamp` (daily boundary), `chain_id` (blockchain network), `fees` (aggregated USD fee amount), `product_id` (protocol identifier)

### Final aggregation
- **Revenue calculation**: Apply the core business logic where revenue equals 100% of collected fees, reflecting that market makers are incentivized through bid-ask spreads rather than fee sharing arrangements
- **Time aggregation**: Maintain daily granularity with gaps filled using zero values for complete time series coverage
- **Chain filtering**: Apply chain availability filters to ensure only supported blockchain networks are included in final results  
- **Final calculation**: Revenue equals the sum of all trading fees collected daily across all chains and products, with no adjustments or deductions applied since the protocol retains 100% of fees

*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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