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 Total value locked Methodology

## 1. Overview

Vertex TVL measures the total USD value of assets held in Vertex protocol's collateral accounts across supported blockchains. This metric represents the protocol's Total Value Locked by tracking the aggregate balance of tokens held in predefined treasury/collateral addresses. The calculation treats net deposits (total collateral account balances) as TVL, providing a direct measure of capital deployed within the Vertex derivatives ecosystem.

## 2. Data sources

The calculation relies on several key data sources:
- **Token balance data**: Blockchain state data showing token holdings in specific account addresses across Arbitrum, Blast, Base, Sonic, and Avalanche networks
- **End-of-day price feeds**: USD price data for all tokens held in collateral accounts, used for accurate value conversion
- **Token metadata**: Decimal precision and identification information for proper token balance calculations
- **Blockchain transaction records**: Historical transaction data to track balance changes over time
- **Protocol configuration**: Hardcoded collateral account addresses that represent Vertex protocol's treasury holdings on each supported blockchain

## 3. Step-by-step calculation

### Component A: Portfolio configuration
- **Purpose**: Define the specific account addresses that hold Vertex protocol's collateral on each supported blockchain
- **Logic**: The calculation uses predefined collateral account addresses for each chain: Arbitrum (`0xae1ec28d6225dce2ff787dcb8ce11cf6d3ae064f`), Blast (`0xc748532c202828969b2ee68e0f8487e69cc1d800`), Base (`0xe46cb729f92d287f6459bda6899434e22ecc48ae`), Sonic (`0x447c9aee069f6a13007eb9d2d2a4bb4ad92ab721`), and Avalanche (`0x7069798a5714c5833e36e70df8aefaac7cec9302`). These addresses represent the protocol's treasury or collateral management accounts
- **Key fields**: Chain-specific account addresses that hold protocol assets

### Component B: Balance calculation
- **Purpose**: Calculate the historical USD-denominated balance of all tokens held in the collateral accounts
- **Logic**: The `calculate_portfolio` macro aggregates token balances across all configured account addresses for each supported chain. It tracks historical balance snapshots over time, applies proper decimal corrections for each token type, and converts all balances to USD values using end-of-day price feeds. The macro handles multiple token types within each account and provides time-series balance data
- **Key fields**: `timestamp` for time tracking, `chain` for blockchain identification, `balance` for USD-denominated total value

### Component C: Market classification
- **Purpose**: Categorize the TVL data according to Token Terminal's market taxonomy
- **Logic**: All Vertex TVL is classified as 'derivatives' market sector since Vertex operates as a derivatives trading protocol. The business segment is set to 'perpetual' reflecting the protocol's focus on perpetual futures contracts. Product naming distinguishes between the main Arbitrum deployment ('Vertex') and multi-chain expansions ('Blitz' for Blast, Base, Sonic, and Avalanche)
- **Key fields**: `market_sector_id` set to 'derivatives', `business_segment_id` set to 'perpetual', `product_id` based on chain (Vertex for Arbitrum, Blitz for others)

### Final aggregation
- **Combining components**: The net deposits value (total USD balance of collateral accounts) is directly used as the TVL metric without additional aggregation across components
- **Currency conversion**: All token balances are converted to USD using end-of-day price feeds, with proper decimal correction applied during the portfolio calculation step
- **Time aggregation**: Daily time-series data is maintained with gap filling logic that inserts zero values for any missing time periods to ensure data completeness
- **Final calculation**: TVL equals the total USD value of all tokens held in the protocol's collateral accounts across all supported chains, with standard metric finalization including schema validation, ID validation, and chain availability filtering applied

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

Total value locked (TVL)

Total value locked (TVL) — value deposited into the project's applications.

VertexVRTX

Total value locked

Total value locked

Competitive landscape

Chain breakdown