Dynamic-Fee Performance & Tuning
How each Topaz dynamic-fee pool's realized fee responds to its own hourly price volatility (|ln(close/open)|), and whether the base fee, scaling factor, or cap should change. Everything is empirical — derived from realized hourly buckets vs the per-pool cap; confidence scales with the high-volatility sample size. Bands: low < 25 bps/hr, moderate 25–75, high ≥ 75. Window: 30 days of hourly data through 2026-08-09 18:00 UTC.
Summary (27 dynamic-fee pools)
| Pair | Cap | Floor fee | Overall fee | Cap util (high) | Vol share | 30d fees | Confidence | Read | |
|---|---|---|---|---|---|---|---|---|---|
| ETH/BTCB | 5 bps | 0.79 | 0.85 | 0% | 92.4% | $225.4K | medium | Dynamic fee looks well-tuned for this pair over the window. | |
| ETH/SOL | 30 bps | 10.29 | 10.32 | 0% | 99.6% | $39.5K | medium | Room to lift the base fee — comfortable discount to competitors at the floor. | |
| USDT/SOL | 30 bps | 7.67 | 6.89 | 0% | 96.9% | $8.1K | high | Room to lift the base fee — comfortable discount to competitors at the floor. | |
| USDT/WBNB | 3 bps | 0.55 | 0.61 | 0% | 4.4% | $5.9K | high | Fee costs share when it scales up — consider gentler scaling. | |
| BTCB/WBNB | 5 bps | 0.84 | 0.88 | 0% | 8.1% | $3.1K | medium | Dynamic fee looks well-tuned for this pair over the window. | |
| UB/USDT | 20 bps | 4.72 | 6.55 | 0% | 60.7% | $2.6K | high | Fee costs share when it scales up — consider gentler scaling. | |
| XRP/USDT | 10 bps | 10.00 | 10.00 | 100% | 27.7% | $1.9K | high | Fee costs share when it scales up — consider gentler scaling. | |
| ETH/WBNB | 5 bps | 0.93 | 0.96 | 0% | 4.5% | $1.8K | high | Fee costs share when it scales up — consider gentler scaling. | |
| ETH/USDT | 10 bps | 1.25 | 1.31 | 0% | 6.6% | $1.8K | high | Fee costs share when it scales up — consider gentler scaling. | |
| USDT/BTCB | 3 bps | 0.62 | 0.72 | 0% | 3.9% | $1.4K | high | Fee costs share when it scales up — consider gentler scaling. | |
| ZEC/WBNB | 100 bps | 11.24 | 11.55 | 0% | 64.8% | $1.4K | high | Fee costs share when it scales up — consider gentler scaling. | |
| SOL/WBNB | 30 bps | 5.42 | 5.45 | 0% | 10.6% | $1.2K | high | Dynamic fee looks well-tuned for this pair over the window. | |
| LAB/WBNB | 75 bps | 23.09 | 30.86 | 0% | 83.8% | $1.2K | high | Room to lift the base fee — comfortable discount to competitors at the floor. | |
| ZEC/USDT | 25 bps | 7.95 | 8.10 | 0% | 10.0% | $1.1K | high | Dynamic fee looks well-tuned for this pair over the window. | |
| 44/WBNB | 444 bps | 366.16 | 380.76 | 86% | 100.0% | $447 | medium | Cap likely too low — fee pins at 444 bps in spikes while share holds. | |
| XRP/WBNB | 25 bps | 7.73 | 7.76 | 0% | 15.8% | $329 | high | Fee costs share when it scales up — consider gentler scaling. | |
| USDT/BULLA | 50 bps | 22.09 | 23.62 | 0% | 1.2% | $153 | high | Fee under-responds in moderate volatility — scaling could be steeper. | |
| USDT/SPCXon | 50 bps | 22.18 | 23.27 | 0% | 62.5% | $59 | high | Room to lift the base fee — comfortable discount to competitors at the floor. | |
| WBNB/SPCXon | 50 bps | 22.83 | 25.08 | 0% | 89.8% | $13 | high | Room to lift the base fee — comfortable discount to competitors at the floor. | |
| SPCXon/TOPAZ | 50 bps | 14.49 | 21.10 | 2% | 100.0% | $13 | high | Dynamic fee looks well-tuned for this pair over the window. | |
| USDT/SKYAI | 30 bps | 10.77 | 11.96 | 0% | 0.6% | $12 | high | Fee under-responds in moderate volatility — scaling could be steeper. | |
| DOGE/WBNB | 15 bps | 10.32 | 10.36 | 0% | 0.6% | $10 | medium | Fee costs share when it scales up — consider gentler scaling. | |
| USDT/B | 50 bps | 26.21 | 30.46 | 0% | 4.1% | $3 | medium | Fee under-responds in moderate volatility — scaling could be steeper. | |
| SIREN/WBNB | 50 bps | 7.60 | 9.89 | 0% | 0.1% | $1 | high | Fee under-responds in moderate volatility — scaling could be steeper. | |
| TWT/WBNB | 20 bps | 6.84 | 7.67 | 0% | 0.3% | $1 | medium | Fee costs share when it scales up — consider gentler scaling. | |
| 背手负鼠/WBNB | 50 bps | 49.00 | 49.00 | 100% | 100.0% | $0 | low | Cap likely too low — fee pins at 50 bps in spikes while share holds. | |
| BULLA/WBNB | 30 bps | — | 30.00 | 100% | 100.0% | $0 | low | Fee under-responds in moderate volatility — scaling could be steeper. |
Per-pool analysis
Detailed below for the 26 pools with ≥ 24 active hours. 1 thinner pool(s) are summarized above only.
ETH/BTCB dynamic fee medium
cap 5 bps · realized floor 0.79 bps · overall 0.85 bps · 762 active hours · 5 competitor pool(s) · cheapest competitor 1.00 bps
Dynamic fee looks well-tuned for this pair over the window.
Base feeHOLD
medium confidence
Floor fee 0.79 bps vs cheapest competitor 1.00 bps with 95.9% share — base looks reasonably placed.
Scaling factorHOLD
medium confidence
Fee scales smoothly with volatility (0.79 bps→0.95 bps→1.50 bps) and share holds; scaling looks well-tuned.
CapHOLD
medium confidence
Fee rarely approaches the 5 bps cap (max 0.0% of high-vol volume at the cap). The cap is not the binding constraint.
Fee & share by volatility band
Realized fee vs volatility (each point = 1 hour)
| Band | Hours | Time share | Topaz fee | Fee/cap | Cap util | Vol share | Fees/hr | Avg vol |
|---|---|---|---|---|---|---|---|---|
| low | 643 | 84.4% | 0.79 bps | 16% | 0% | 95.9% | $254 | 5.5 bps |
| moderate | 109 | 14.3% | 0.95 bps | 19% | 0% | 80.0% | $439 | 41.3 bps |
| high | 10 | 1.3% | 1.50 bps | 30% | 0% | 94.0% | $1.4K | 95.4 bps |
| all | 762 | 100.0% | 0.85 bps | 17% | 0% | 92.4% | $296 | 15.5 bps |
ETH/SOL dynamic fee medium
cap 30 bps · realized floor 10.29 bps · overall 10.32 bps · 743 active hours · 4 competitor pool(s) · cheapest competitor 25.00 bps
Room to lift the base fee — comfortable discount to competitors at the floor.
Base feeRAISE
medium confidence
At the floor Topaz charges 10.29 bps vs the cheapest competitor 25.00 bps while holding 99.8% share — room to lift the base fee.
Scaling factorHOLD
medium confidence
Fee scales smoothly with volatility (10.29 bps→10.36 bps→10.49 bps) and share holds; scaling looks well-tuned.
CapHOLD
medium confidence
Fee rarely approaches the 30 bps cap (max 0.0% of high-vol volume at the cap). The cap is not the binding constraint.
Fee & share by volatility band
Realized fee vs volatility (each point = 1 hour)
| Band | Hours | Time share | Topaz fee | Fee/cap | Cap util | Vol share | Fees/hr | Avg vol |
|---|---|---|---|---|---|---|---|---|
| low | 618 | 83.2% | 10.29 bps | 34% | 0% | 99.8% | $46 | 14.4 bps |
| moderate | 117 | 15.7% | 10.36 bps | 35% | 0% | 99.2% | $70 | 43.6 bps |
| high | 8 | 1.1% | 10.49 bps | 35% | 0% | 99.1% | $389 | 75.3 bps |
| all | 743 | 100.0% | 10.32 bps | 34% | 0% | 99.6% | $53 | 25.1 bps |
USDT/SOL dynamic fee high
cap 30 bps · realized floor 7.67 bps · overall 6.89 bps · 762 active hours · 2 competitor pool(s) · cheapest competitor 25.00 bps
Room to lift the base fee — comfortable discount to competitors at the floor.
Base feeRAISE
high confidence
At the floor Topaz charges 7.67 bps vs the cheapest competitor 25.00 bps while holding 96.5% share — room to lift the base fee.
Scaling factorHOLD
high confidence
Fee scales smoothly with volatility (7.67 bps→6.73 bps→6.42 bps) and share holds; scaling looks well-tuned.
CapHOLD
high confidence
Fee rarely approaches the 30 bps cap (max 0.0% of high-vol volume at the cap). The cap is not the binding constraint.
Fee & share by volatility band
Realized fee vs volatility (each point = 1 hour)
| Band | Hours | Time share | Topaz fee | Fee/cap | Cap util | Vol share | Fees/hr | Avg vol |
|---|---|---|---|---|---|---|---|---|
| low | 450 | 59.1% | 7.67 bps | 26% | 0% | 96.5% | $5 | 13.0 bps |
| moderate | 265 | 34.8% | 6.73 bps | 22% | 0% | 97.0% | $15 | 41.0 bps |
| high | 47 | 6.2% | 6.42 bps | 21% | 0% | 97.1% | $39 | 99.0 bps |
| all | 762 | 100.0% | 6.89 bps | 23% | 0% | 96.9% | $11 | 48.1 bps |
USDT/WBNB dynamic fee high
cap 3 bps · realized floor 0.55 bps · overall 0.61 bps · 762 active hours · 8 competitor pool(s) · cheapest competitor 1.00 bps
Fee costs share when it scales up — consider gentler scaling.
Base feeHOLD
high confidence
Cheapest competitor is ≈1.00 bps and Topaz holds only 4.8% at the floor — the base fee must stay low to win routing.
Scaling factorGENTLER
high confidence
Share erodes as the fee scales up (4.8%→2.5% from low→high vol). A gentler scaling factor would defend routing in volatile periods.
CapHOLD
high confidence
Fee rarely approaches the 3 bps cap (max 0.0% of high-vol volume at the cap). The cap is not the binding constraint.
Fee & share by volatility band
Realized fee vs volatility (each point = 1 hour)
| Band | Hours | Time share | Topaz fee | Fee/cap | Cap util | Vol share | Fees/hr | Avg vol |
|---|---|---|---|---|---|---|---|---|
| low | 551 | 72.3% | 0.55 bps | 22% | 0% | 4.8% | $7 | 10.6 bps |
| moderate | 195 | 25.6% | 0.70 bps | 28% | 0% | 3.9% | $10 | 39.3 bps |
| high | 16 | 2.1% | 0.93 bps | 37% | 0% | 2.5% | $15 | 100.0 bps |
| all | 762 | 100.0% | 0.61 bps | 24% | 0% | 4.4% | $8 | 21.5 bps |
BTCB/WBNB dynamic fee medium
cap 5 bps · realized floor 0.84 bps · overall 0.88 bps · 762 active hours · 7 competitor pool(s) · cheapest competitor 1.00 bps
Dynamic fee looks well-tuned for this pair over the window.
Base feeHOLD
medium confidence
Cheapest competitor is ≈1.00 bps and Topaz holds only 8.6% at the floor — the base fee must stay low to win routing.
Scaling factorHOLD
medium confidence
Fee scales smoothly with volatility (0.84 bps→0.97 bps→1.03 bps) and share holds; scaling looks well-tuned.
CapHOLD
medium confidence
Fee rarely approaches the 5 bps cap (max 0.0% of high-vol volume at the cap). The cap is not the binding constraint.
Fee & share by volatility band
Realized fee vs volatility (each point = 1 hour)
| Band | Hours | Time share | Topaz fee | Fee/cap | Cap util | Vol share | Fees/hr | Avg vol |
|---|---|---|---|---|---|---|---|---|
| low | 619 | 81.2% | 0.84 bps | 17% | 0% | 8.6% | $4 | 10.4 bps |
| moderate | 136 | 17.8% | 0.97 bps | 19% | 0% | 6.9% | $6 | 39.6 bps |
| high | 7 | 0.9% | 1.03 bps | 21% | 0% | 7.1% | $11 | 92.3 bps |
| all | 762 | 100.0% | 0.88 bps | 18% | 0% | 8.1% | $4 | 18.8 bps |
UB/USDT dynamic fee high
cap 20 bps · realized floor 4.72 bps · overall 6.55 bps · 762 active hours · 4 competitor pool(s) · cheapest competitor 1.00 bps
Fee costs share when it scales up — consider gentler scaling.
Base feeHOLD
high confidence
Floor fee 4.72 bps vs cheapest competitor 1.00 bps with 86.6% share — base looks reasonably placed.
Scaling factorGENTLER
high confidence
Share erodes as the fee scales up (86.6%→55.6% from low→high vol). A gentler scaling factor would defend routing in volatile periods.
CapHOLD
high confidence
Fee rarely approaches the 20 bps cap (max 0.0% of high-vol volume at the cap). The cap is not the binding constraint.
Fee & share by volatility band
Realized fee vs volatility (each point = 1 hour)
| Band | Hours | Time share | Topaz fee | Fee/cap | Cap util | Vol share | Fees/hr | Avg vol |
|---|---|---|---|---|---|---|---|---|
| low | 95 | 12.5% | 4.72 bps | 24% | 0% | 86.6% | $2 | 11.7 bps |
| moderate | 162 | 21.3% | 5.22 bps | 26% | 0% | 79.0% | $2 | 51.5 bps |
| high | 505 | 66.3% | 7.09 bps | 35% | 0% | 55.6% | $4 | 341.0 bps |
| all | 762 | 100.0% | 6.55 bps | 33% | 0% | 60.7% | $3 | 260.7 bps |
XRP/USDT dynamic fee high
cap 10 bps · realized floor 10.00 bps · overall 10.00 bps · 757 active hours · 4 competitor pool(s) · cheapest competitor 25.00 bps
Fee costs share when it scales up — consider gentler scaling.
Base feeRAISE
high confidence
At the floor Topaz charges 10.00 bps vs the cheapest competitor 25.00 bps while holding 32.5% share — room to lift the base fee.
Scaling factorGENTLER
high confidence
Share erodes as the fee scales up (32.5%→19.4% from low→high vol). A gentler scaling factor would defend routing in volatile periods.
CapHOLD
high confidence
Fee reaches the 10 bps cap in high vol but share falls (32.5%→19.4%). The cap is about right — raising it would cost routing.
Fee & share by volatility band
Realized fee vs volatility (each point = 1 hour)
| Band | Hours | Time share | Topaz fee | Fee/cap | Cap util | Vol share | Fees/hr | Avg vol |
|---|---|---|---|---|---|---|---|---|
| low | 460 | 60.8% | 10.00 bps | 100% | 100% | 32.5% | $2 | 12.6 bps |
| moderate | 262 | 34.6% | 10.00 bps | 100% | 100% | 26.6% | $3 | 44.1 bps |
| high | 35 | 4.6% | 10.00 bps | 100% | 100% | 19.4% | $6 | 109.8 bps |
| all | 757 | 100.0% | 10.00 bps | 100% | 100% | 27.7% | $3 | 37.1 bps |
ETH/WBNB dynamic fee high
cap 5 bps · realized floor 0.93 bps · overall 0.96 bps · 762 active hours · 7 competitor pool(s) · cheapest competitor 1.00 bps
Fee costs share when it scales up — consider gentler scaling.
Base feeHOLD
high confidence
Cheapest competitor is ≈1.00 bps and Topaz holds only 5.4% at the floor — the base fee must stay low to win routing.
Scaling factorGENTLER
high confidence
Share erodes as the fee scales up (5.4%→1.6% from low→high vol). A gentler scaling factor would defend routing in volatile periods.
CapHOLD
high confidence
Fee rarely approaches the 5 bps cap (max 0.0% of high-vol volume at the cap). The cap is not the binding constraint.
Fee & share by volatility band
Realized fee vs volatility (each point = 1 hour)
| Band | Hours | Time share | Topaz fee | Fee/cap | Cap util | Vol share | Fees/hr | Avg vol |
|---|---|---|---|---|---|---|---|---|
| low | 543 | 71.3% | 0.93 bps | 19% | 0% | 5.4% | $2 | 11.0 bps |
| moderate | 200 | 26.2% | 0.99 bps | 20% | 0% | 4.0% | $3 | 41.1 bps |
| high | 19 | 2.5% | 1.26 bps | 25% | 0% | 1.6% | $5 | 103.5 bps |
| all | 762 | 100.0% | 0.96 bps | 19% | 0% | 4.5% | $2 | 24.1 bps |
ETH/USDT dynamic fee high
cap 10 bps · realized floor 1.25 bps · overall 1.31 bps · 762 active hours · 8 competitor pool(s) · cheapest competitor 1.00 bps
Fee costs share when it scales up — consider gentler scaling.
Base feeHOLD
high confidence
Cheapest competitor is ≈1.00 bps and Topaz holds only 8.0% at the floor — the base fee must stay low to win routing.
Scaling factorGENTLER
high confidence
Share erodes as the fee scales up (8.0%→4.1% from low→high vol). A gentler scaling factor would defend routing in volatile periods.
CapHOLD
high confidence
Fee rarely approaches the 10 bps cap (max 0.0% of high-vol volume at the cap). The cap is not the binding constraint.
Fee & share by volatility band
Realized fee vs volatility (each point = 1 hour)
| Band | Hours | Time share | Topaz fee | Fee/cap | Cap util | Vol share | Fees/hr | Avg vol |
|---|---|---|---|---|---|---|---|---|
| low | 468 | 61.4% | 1.25 bps | 13% | 0% | 8.0% | $2 | 11.8 bps |
| moderate | 246 | 32.3% | 1.33 bps | 13% | 0% | 6.1% | $3 | 43.6 bps |
| high | 48 | 6.3% | 1.55 bps | 16% | 0% | 4.1% | $4 | 113.4 bps |
| all | 762 | 100.0% | 1.31 bps | 13% | 0% | 6.6% | $2 | 33.5 bps |
USDT/BTCB dynamic fee high
cap 3 bps · realized floor 0.62 bps · overall 0.72 bps · 762 active hours · 8 competitor pool(s) · cheapest competitor 1.00 bps
Fee costs share when it scales up — consider gentler scaling.
Base feeHOLD
high confidence
Cheapest competitor is ≈1.00 bps and Topaz holds only 4.5% at the floor — the base fee must stay low to win routing.
Scaling factorGENTLER
high confidence
Share erodes as the fee scales up (4.5%→1.7% from low→high vol). A gentler scaling factor would defend routing in volatile periods.
CapHOLD
high confidence
Fee rarely approaches the 3 bps cap (max 0.0% of high-vol volume at the cap). The cap is not the binding constraint.
Fee & share by volatility band
Realized fee vs volatility (each point = 1 hour)
| Band | Hours | Time share | Topaz fee | Fee/cap | Cap util | Vol share | Fees/hr | Avg vol |
|---|---|---|---|---|---|---|---|---|
| low | 550 | 72.2% | 0.62 bps | 21% | 0% | 4.5% | $1 | 10.6 bps |
| moderate | 188 | 24.7% | 0.87 bps | 29% | 0% | 3.5% | $3 | 44.6 bps |
| high | 24 | 3.1% | 1.00 bps | 33% | 0% | 1.7% | $4 | 100.2 bps |
| all | 762 | 100.0% | 0.72 bps | 24% | 0% | 3.9% | $2 | 25.9 bps |
ZEC/WBNB dynamic fee high
cap 100 bps · realized floor 11.24 bps · overall 11.55 bps · 758 active hours · 3 competitor pool(s) · cheapest competitor 25.00 bps
Fee costs share when it scales up — consider gentler scaling.
Base feeRAISE
high confidence
At the floor Topaz charges 11.24 bps vs the cheapest competitor 25.00 bps while holding 74.2% share — room to lift the base fee.
Scaling factorGENTLER
high confidence
Share erodes as the fee scales up (74.2%→47.7% from low→high vol). A gentler scaling factor would defend routing in volatile periods.
CapHOLD
high confidence
Fee rarely approaches the 100 bps cap (max 0.0% of high-vol volume at the cap). The cap is not the binding constraint.
Fee & share by volatility band
Realized fee vs volatility (each point = 1 hour)
| Band | Hours | Time share | Topaz fee | Fee/cap | Cap util | Vol share | Fees/hr | Avg vol |
|---|---|---|---|---|---|---|---|---|
| low | 298 | 39.3% | 11.24 bps | 11% | 0% | 74.2% | $1 | 13.1 bps |
| moderate | 315 | 41.6% | 11.37 bps | 11% | 0% | 76.9% | $2 | 47.2 bps |
| high | 145 | 19.1% | 12.14 bps | 12% | 0% | 47.7% | $3 | 7250.1 bps |
| all | 758 | 100.0% | 11.55 bps | 12% | 0% | 64.8% | $2 | 2092.5 bps |
SOL/WBNB dynamic fee high
cap 30 bps · realized floor 5.42 bps · overall 5.45 bps · 762 active hours · 5 competitor pool(s) · cheapest competitor 1.00 bps
Dynamic fee looks well-tuned for this pair over the window.
Base feeHOLD
high confidence
Cheapest competitor is ≈1.00 bps and Topaz holds only 10.3% at the floor — the base fee must stay low to win routing.
Scaling factorHOLD
high confidence
Fee scales smoothly with volatility (5.42 bps→5.48 bps→5.83 bps) and share holds; scaling looks well-tuned.
CapHOLD
high confidence
Fee rarely approaches the 30 bps cap (max 0.0% of high-vol volume at the cap). The cap is not the binding constraint.
Fee & share by volatility band
Realized fee vs volatility (each point = 1 hour)
| Band | Hours | Time share | Topaz fee | Fee/cap | Cap util | Vol share | Fees/hr | Avg vol |
|---|---|---|---|---|---|---|---|---|
| low | 536 | 70.3% | 5.42 bps | 18% | 0% | 10.3% | $1 | 12.1 bps |
| moderate | 214 | 28.1% | 5.48 bps | 18% | 0% | 11.2% | $2 | 41.7 bps |
| high | 12 | 1.6% | 5.83 bps | 19% | 0% | 10.5% | $4 | 104.1 bps |
| all | 762 | 100.0% | 5.45 bps | 18% | 0% | 10.6% | $2 | 25.8 bps |
LAB/WBNB dynamic fee high
cap 75 bps · realized floor 23.09 bps · overall 30.86 bps · 752 active hours · 1 competitor pool(s) · cheapest competitor 100.00 bps
Room to lift the base fee — comfortable discount to competitors at the floor.
Base feeRAISE
high confidence
At the floor Topaz charges 23.09 bps vs the cheapest competitor 100.00 bps while holding 94.8% share — room to lift the base fee.
Scaling factorHOLD
high confidence
Fee scales smoothly with volatility (23.09 bps→25.28 bps→31.35 bps) and share holds; scaling looks well-tuned.
CapHOLD
high confidence
Fee rarely approaches the 75 bps cap (max 0.0% of high-vol volume at the cap). The cap is not the binding constraint.
Fee & share by volatility band
Realized fee vs volatility (each point = 1 hour)
| Band | Hours | Time share | Topaz fee | Fee/cap | Cap util | Vol share | Fees/hr | Avg vol |
|---|---|---|---|---|---|---|---|---|
| low | 103 | 13.7% | 23.09 bps | 31% | 0% | 94.8% | $0 | 13.3 bps |
| moderate | 203 | 27.0% | 25.28 bps | 34% | 0% | 96.8% | $0 | 42.2 bps |
| high | 446 | 59.3% | 31.35 bps | 42% | 0% | 82.8% | $3 | 627.8 bps |
| all | 752 | 100.0% | 30.86 bps | 41% | 0% | 83.8% | $2 | 582.2 bps |
ZEC/USDT dynamic fee high
cap 25 bps · realized floor 7.95 bps · overall 8.10 bps · 759 active hours · 5 competitor pool(s) · cheapest competitor 5.00 bps
Dynamic fee looks well-tuned for this pair over the window.
Base feeHOLD
high confidence
Floor fee 7.95 bps vs cheapest competitor 5.00 bps with 11.1% share — base looks reasonably placed.
Scaling factorHOLD
high confidence
Fee scales smoothly with volatility (7.95 bps→8.03 bps→8.28 bps) and share holds; scaling looks well-tuned.
CapHOLD
high confidence
Fee rarely approaches the 25 bps cap (max 0.0% of high-vol volume at the cap). The cap is not the binding constraint.
Fee & share by volatility band
Realized fee vs volatility (each point = 1 hour)
| Band | Hours | Time share | Topaz fee | Fee/cap | Cap util | Vol share | Fees/hr | Avg vol |
|---|---|---|---|---|---|---|---|---|
| low | 258 | 34.0% | 7.95 bps | 32% | 0% | 11.1% | $1 | 10.5 bps |
| moderate | 319 | 42.0% | 8.03 bps | 32% | 0% | 11.4% | $1 | 47.5 bps |
| high | 182 | 24.0% | 8.28 bps | 33% | 0% | 8.2% | $2 | 137.4 bps |
| all | 759 | 100.0% | 8.10 bps | 32% | 0% | 10.0% | $1 | 69.8 bps |
44/WBNB dynamic fee medium
cap 444 bps · realized floor 366.16 bps · overall 380.76 bps · 128 active hours · 0 competitor pool(s)
Cap likely too low — fee pins at 444 bps in spikes while share holds.
Base feeHOLD
medium confidence
Floor fee 366.16 bps vs cheapest competitor n/a with 100.0% share — base looks reasonably placed.
Scaling factorSTEEPER
medium confidence
Fee barely moves through moderate vol (366.16 bps→276.77 bps) and only jumps in extremes. A steeper scaling factor would capture moderate-vol volatility too — share holds as the fee rises, so the downside is limited.
CapRAISE
medium confidence
Fee pins near the 444 bps cap in 86.2% of high-vol volume while share holds (100.0%→100.0%). The cap is leaving fee revenue on the table when volatility spikes.
Fee & share by volatility band
Realized fee vs volatility (each point = 1 hour)
| Band | Hours | Time share | Topaz fee | Fee/cap | Cap util | Vol share | Fees/hr | Avg vol |
|---|---|---|---|---|---|---|---|---|
| low | 119 | 93.0% | 366.16 bps | 82% | 61% | 100.0% | $2 | 0.9 bps |
| moderate | 3 | 2.3% | 276.77 bps | 62% | 0% | 100.0% | $3 | 41.8 bps |
| high | 6 | 4.7% | 423.91 bps | 95% | 86% | 100.0% | $24 | 213.8 bps |
| all | 128 | 100.0% | 380.76 bps | 86% | 67% | 100.0% | $3 | 64.6 bps |
XRP/WBNB dynamic fee high
cap 25 bps · realized floor 7.73 bps · overall 7.76 bps · 752 active hours · 4 competitor pool(s) · cheapest competitor 5.00 bps
Fee costs share when it scales up — consider gentler scaling.
Base feeHOLD
high confidence
Floor fee 7.73 bps vs cheapest competitor 5.00 bps with 18.1% share — base looks reasonably placed.
Scaling factorGENTLER
high confidence
Share erodes as the fee scales up (18.1%→9.5% from low→high vol). A gentler scaling factor would defend routing in volatile periods.
CapHOLD
high confidence
Fee rarely approaches the 25 bps cap (max 0.0% of high-vol volume at the cap). The cap is not the binding constraint.
Fee & share by volatility band
Realized fee vs volatility (each point = 1 hour)
| Band | Hours | Time share | Topaz fee | Fee/cap | Cap util | Vol share | Fees/hr | Avg vol |
|---|---|---|---|---|---|---|---|---|
| low | 571 | 75.9% | 7.73 bps | 31% | 0% | 18.1% | $0 | 11.2 bps |
| moderate | 169 | 22.5% | 7.80 bps | 31% | 0% | 13.5% | $1 | 40.0 bps |
| high | 12 | 1.6% | 7.88 bps | 32% | 0% | 9.5% | $1 | 99.0 bps |
| all | 752 | 100.0% | 7.76 bps | 31% | 0% | 15.8% | $0 | 23.9 bps |
USDT/BULLA dynamic fee high
cap 50 bps · realized floor 22.09 bps · overall 23.62 bps · 548 active hours · 3 competitor pool(s) · cheapest competitor 5.00 bps
Fee under-responds in moderate volatility — scaling could be steeper.
Base feeHOLD
high confidence
Floor fee 22.09 bps vs cheapest competitor 5.00 bps with 0.5% share — base looks reasonably placed.
Scaling factorSTEEPER
high confidence
Fee barely moves through moderate vol (22.09 bps→21.36 bps) and only jumps in extremes. A steeper scaling factor would capture moderate-vol volatility too — share holds as the fee rises, so the downside is limited.
CapHOLD
high confidence
Fee rarely approaches the 50 bps cap (max 0.0% of high-vol volume at the cap). The cap is not the binding constraint.
Fee & share by volatility band
Realized fee vs volatility (each point = 1 hour)
| Band | Hours | Time share | Topaz fee | Fee/cap | Cap util | Vol share | Fees/hr | Avg vol |
|---|---|---|---|---|---|---|---|---|
| low | 172 | 31.4% | 22.09 bps | 44% | 0% | 0.5% | $0 | 12.0 bps |
| moderate | 100 | 18.2% | 21.36 bps | 43% | 0% | 1.9% | $0 | 50.7 bps |
| high | 276 | 50.4% | 24.30 bps | 49% | 0% | 1.2% | $0 | 513.5 bps |
| all | 548 | 100.0% | 23.62 bps | 47% | 0% | 1.2% | $0 | 394.3 bps |
USDT/SPCXon dynamic fee high
cap 50 bps · realized floor 22.18 bps · overall 23.27 bps · 545 active hours · 1 competitor pool(s) · cheapest competitor 100.00 bps
Room to lift the base fee — comfortable discount to competitors at the floor.
Base feeRAISE
high confidence
At the floor Topaz charges 22.18 bps vs the cheapest competitor 100.00 bps while holding 58.9% share — room to lift the base fee.
Scaling factorHOLD
high confidence
Fee scales smoothly with volatility (22.18 bps→22.52 bps→24.22 bps) and share holds; scaling looks well-tuned.
CapHOLD
high confidence
Fee rarely approaches the 50 bps cap (max 0.0% of high-vol volume at the cap). The cap is not the binding constraint.
Fee & share by volatility band
Realized fee vs volatility (each point = 1 hour)
| Band | Hours | Time share | Topaz fee | Fee/cap | Cap util | Vol share | Fees/hr | Avg vol |
|---|---|---|---|---|---|---|---|---|
| low | 296 | 54.3% | 22.18 bps | 44% | 0% | 58.9% | $0 | 8.3 bps |
| moderate | 129 | 23.7% | 22.52 bps | 45% | 0% | 66.5% | $0 | 53.0 bps |
| high | 120 | 22.0% | 24.22 bps | 48% | 0% | 62.2% | $0 | 214.5 bps |
| all | 545 | 100.0% | 23.27 bps | 47% | 0% | 62.5% | $0 | 120.6 bps |
WBNB/SPCXon dynamic fee high
cap 50 bps · realized floor 22.83 bps · overall 25.08 bps · 412 active hours · 1 competitor pool(s) · cheapest competitor 100.00 bps
Room to lift the base fee — comfortable discount to competitors at the floor.
Base feeRAISE
high confidence
At the floor Topaz charges 22.83 bps vs the cheapest competitor 100.00 bps while holding 77.7% share — room to lift the base fee.
Scaling factorHOLD
high confidence
Fee scales smoothly with volatility (22.83 bps→24.37 bps→26.77 bps) and share holds; scaling looks well-tuned.
CapHOLD
high confidence
Fee rarely approaches the 50 bps cap (max 0.0% of high-vol volume at the cap). The cap is not the binding constraint.
Fee & share by volatility band
Realized fee vs volatility (each point = 1 hour)
| Band | Hours | Time share | Topaz fee | Fee/cap | Cap util | Vol share | Fees/hr | Avg vol |
|---|---|---|---|---|---|---|---|---|
| low | 258 | 62.6% | 22.83 bps | 46% | 0% | 77.7% | $0 | 6.7 bps |
| moderate | 85 | 20.6% | 24.37 bps | 49% | 0% | 91.3% | $0 | 52.0 bps |
| high | 69 | 16.7% | 26.77 bps | 54% | 0% | 97.6% | $0 | 232.1 bps |
| all | 412 | 100.0% | 25.08 bps | 50% | 0% | 89.8% | $0 | 123.7 bps |
SPCXon/TOPAZ dynamic fee high
cap 50 bps · realized floor 14.49 bps · overall 21.10 bps · 411 active hours · 0 competitor pool(s)
Dynamic fee looks well-tuned for this pair over the window.
Base feeHOLD
high confidence
Floor fee 14.49 bps vs cheapest competitor n/a with 100.0% share — base looks reasonably placed.
Scaling factorHOLD
high confidence
Fee scales smoothly with volatility (14.49 bps→15.32 bps→24.27 bps) and share holds; scaling looks well-tuned.
CapHOLD
high confidence
Fee rarely approaches the 50 bps cap (max 2.3% of high-vol volume at the cap). The cap is not the binding constraint.
Fee & share by volatility band
Realized fee vs volatility (each point = 1 hour)
| Band | Hours | Time share | Topaz fee | Fee/cap | Cap util | Vol share | Fees/hr | Avg vol |
|---|---|---|---|---|---|---|---|---|
| low | 198 | 48.2% | 14.49 bps | 29% | 0% | 100.0% | $0 | 9.1 bps |
| moderate | 86 | 20.9% | 15.32 bps | 31% | 2% | 100.0% | $0 | 50.2 bps |
| high | 127 | 30.9% | 24.27 bps | 49% | 2% | 100.0% | $0 | 601.6 bps |
| all | 411 | 100.0% | 21.10 bps | 42% | 2% | 100.0% | $0 | 408.0 bps |
USDT/SKYAI dynamic fee high
cap 30 bps · realized floor 10.77 bps · overall 11.96 bps · 530 active hours · 5 competitor pool(s) · cheapest competitor 1.00 bps
Fee under-responds in moderate volatility — scaling could be steeper.
Base feeHOLD
high confidence
Cheapest competitor is ≈1.00 bps and Topaz holds only 0.3% at the floor — the base fee must stay low to win routing.
Scaling factorSTEEPER
high confidence
Fee barely moves through moderate vol (10.77 bps→10.60 bps) and only jumps in extremes. A steeper scaling factor would capture moderate-vol volatility too — share holds as the fee rises, so the downside is limited.
CapHOLD
high confidence
Fee rarely approaches the 30 bps cap (max 0.0% of high-vol volume at the cap). The cap is not the binding constraint.
Fee & share by volatility band
Realized fee vs volatility (each point = 1 hour)
| Band | Hours | Time share | Topaz fee | Fee/cap | Cap util | Vol share | Fees/hr | Avg vol |
|---|---|---|---|---|---|---|---|---|
| low | 149 | 28.1% | 10.77 bps | 36% | 0% | 0.3% | $0 | 14.6 bps |
| moderate | 139 | 26.2% | 10.60 bps | 35% | 0% | 0.6% | $0 | 50.1 bps |
| high | 242 | 45.7% | 12.40 bps | 41% | 0% | 0.7% | $0 | 322.3 bps |
| all | 530 | 100.0% | 11.96 bps | 40% | 0% | 0.6% | $0 | 250.6 bps |
DOGE/WBNB dynamic fee medium
cap 15 bps · realized floor 10.32 bps · overall 10.36 bps · 414 active hours · 4 competitor pool(s) · cheapest competitor 25.00 bps
Fee costs share when it scales up — consider gentler scaling.
Base feeHOLD
medium confidence
Floor fee 10.32 bps vs cheapest competitor 25.00 bps with 0.5% share — base looks reasonably placed.
Scaling factorGENTLER
medium confidence
Share erodes as the fee scales up (0.5%→0.2% from low→high vol). A gentler scaling factor would defend routing in volatile periods.
CapHOLD
medium confidence
Fee rarely approaches the 15 bps cap (max 0.0% of high-vol volume at the cap). The cap is not the binding constraint.
Fee & share by volatility band
Realized fee vs volatility (each point = 1 hour)
| Band | Hours | Time share | Topaz fee | Fee/cap | Cap util | Vol share | Fees/hr | Avg vol |
|---|---|---|---|---|---|---|---|---|
| low | 329 | 79.5% | 10.32 bps | 69% | 0% | 0.5% | $0 | 11.3 bps |
| moderate | 74 | 17.9% | 10.38 bps | 69% | 0% | 0.7% | $0 | 36.7 bps |
| high | 11 | 2.7% | 10.97 bps | 73% | 0% | 0.2% | $0 | 94.8 bps |
| all | 414 | 100.0% | 10.36 bps | 69% | 0% | 0.6% | $0 | 23.7 bps |
USDT/B dynamic fee medium
cap 50 bps · realized floor 26.21 bps · overall 30.46 bps · 180 active hours · 2 competitor pool(s) · cheapest competitor 100.00 bps
Fee under-responds in moderate volatility — scaling could be steeper.
Base feeHOLD
medium confidence
Floor fee 26.21 bps vs cheapest competitor 100.00 bps with 1.0% share — base looks reasonably placed.
Scaling factorSTEEPER
medium confidence
Fee barely moves through moderate vol (26.21 bps→23.25 bps) and only jumps in extremes. A steeper scaling factor would capture moderate-vol volatility too — share holds as the fee rises, so the downside is limited.
CapHOLD
medium confidence
Fee rarely approaches the 50 bps cap (max 0.3% of high-vol volume at the cap). The cap is not the binding constraint.
Fee & share by volatility band
Realized fee vs volatility (each point = 1 hour)
| Band | Hours | Time share | Topaz fee | Fee/cap | Cap util | Vol share | Fees/hr | Avg vol |
|---|---|---|---|---|---|---|---|---|
| low | 95 | 52.8% | 26.21 bps | 52% | 4% | 1.0% | $0 | 12.1 bps |
| moderate | 9 | 5.0% | 23.25 bps | 47% | 0% | 16.3% | $0 | 51.3 bps |
| high | 76 | 42.2% | 31.01 bps | 62% | 0% | 5.9% | $0 | 1010.3 bps |
| all | 180 | 100.0% | 30.46 bps | 61% | 1% | 4.1% | $0 | 908.3 bps |
SIREN/WBNB dynamic fee high
cap 50 bps · realized floor 7.60 bps · overall 9.89 bps · 538 active hours · 2 competitor pool(s) · cheapest competitor 5.00 bps
Fee under-responds in moderate volatility — scaling could be steeper.
Base feeHOLD
high confidence
Floor fee 7.60 bps vs cheapest competitor 5.00 bps with 0.0% share — base looks reasonably placed.
Scaling factorSTEEPER
high confidence
Fee barely moves through moderate vol (7.60 bps→7.42 bps) and only jumps in extremes. A steeper scaling factor would capture moderate-vol volatility too — share holds as the fee rises, so the downside is limited.
CapHOLD
high confidence
Fee rarely approaches the 50 bps cap (max 0.0% of high-vol volume at the cap). The cap is not the binding constraint.
Fee & share by volatility band
Realized fee vs volatility (each point = 1 hour)
| Band | Hours | Time share | Topaz fee | Fee/cap | Cap util | Vol share | Fees/hr | Avg vol |
|---|---|---|---|---|---|---|---|---|
| low | 245 | 45.5% | 7.60 bps | 15% | 0% | 0.0% | $0 | 3.5 bps |
| moderate | 104 | 19.3% | 7.42 bps | 15% | 0% | 0.1% | $0 | 51.2 bps |
| high | 189 | 35.1% | 11.18 bps | 22% | 0% | 0.1% | $0 | 371.7 bps |
| all | 538 | 100.0% | 9.89 bps | 20% | 0% | 0.1% | $0 | 249.6 bps |
TWT/WBNB dynamic fee medium
cap 20 bps · realized floor 6.84 bps · overall 7.67 bps · 117 active hours · 1 competitor pool(s) · cheapest competitor 25.00 bps
Fee costs share when it scales up — consider gentler scaling.
Base feeHOLD
medium confidence
Floor fee 6.84 bps vs cheapest competitor 25.00 bps with 0.3% share — base looks reasonably placed.
Scaling factorGENTLER
medium confidence
Share erodes as the fee scales up (0.3%→0.1% from low→high vol). A gentler scaling factor would defend routing in volatile periods.
CapHOLD
medium confidence
Fee rarely approaches the 20 bps cap (max 0.1% of high-vol volume at the cap). The cap is not the binding constraint.
Fee & share by volatility band
Realized fee vs volatility (each point = 1 hour)
| Band | Hours | Time share | Topaz fee | Fee/cap | Cap util | Vol share | Fees/hr | Avg vol |
|---|---|---|---|---|---|---|---|---|
| low | 66 | 56.4% | 6.84 bps | 34% | 0% | 0.3% | $0 | 6.4 bps |
| moderate | 40 | 34.2% | 7.58 bps | 38% | 0% | 0.5% | $0 | 48.9 bps |
| high | 11 | 9.4% | 9.24 bps | 46% | 0% | 0.1% | $0 | 135.3 bps |
| all | 117 | 100.0% | 7.67 bps | 38% | 0% | 0.3% | $0 | 52.6 bps |
背手负鼠/WBNB dynamic fee low
cap 50 bps · realized floor 49.00 bps · overall 49.00 bps · 32 active hours · 0 competitor pool(s)
Cap likely too low — fee pins at 50 bps in spikes while share holds.
Base feeHOLD
low confidence
Floor fee 49.00 bps vs cheapest competitor n/a with 100.0% share — base looks reasonably placed.
Scaling factorHOLD
low confidence
Fee scales smoothly with volatility (49.00 bps→0.00 bps→49.00 bps) and share holds; scaling looks well-tuned.
CapRAISE
low confidence
Fee pins near the 50 bps cap in 100.0% of high-vol volume while share holds (100.0%→100.0%). The cap is leaving fee revenue on the table when volatility spikes.
Fee & share by volatility band
Realized fee vs volatility (each point = 1 hour)
| Band | Hours | Time share | Topaz fee | Fee/cap | Cap util | Vol share | Fees/hr | Avg vol |
|---|---|---|---|---|---|---|---|---|
| low | 20 | 62.5% | 49.00 bps | 98% | 94% | 100.0% | $0 | 0.0 bps |
| moderate | 0 | 0.0% | 0.00 bps | — | 0% | — | $0 | 0.0 bps |
| high | 12 | 37.5% | 49.00 bps | 98% | 100% | 100.0% | $0 | 510.8 bps |
| all | 32 | 100.0% | 49.00 bps | 98% | 98% | 100.0% | $0 | 374.5 bps |