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 2026-10-09 17:00 UTC.
Summary (34 dynamic-fee pools)
| Pair | Cap | Floor fee | Overall fee | Cap util (high) | Vol share | 30d fees | Confidence | Read | |
|---|---|---|---|---|---|---|---|---|---|
| ZEC/USDT | 25 bps | 8.90 | 8.97 | 0% | 100.0% | $29.4K | high | Dynamic fee looks well-tuned for this pair over the window. | |
| ZEC/WBNB | 100 bps | 12.37 | 12.73 | 0% | 100.0% | $15.7K | high | Dynamic fee looks well-tuned for this pair over the window. | |
| USDT/WBNB | 3 bps | 0.57 | 0.63 | 0% | 100.0% | $7.5K | high | Dynamic fee looks well-tuned for this pair over the window. | |
| USDT/SOL | 30 bps | 5.38 | 5.81 | 0% | 100.0% | $4.8K | high | Dynamic fee looks well-tuned for this pair over the window. | |
| SOL/WBNB | 30 bps | 4.32 | 4.33 | 0% | 100.0% | $4.7K | high | Dynamic fee looks well-tuned for this pair over the window. | |
| WBNB/TOPAZ | 200 bps | 103.84 | 109.84 | 2% | 100.0% | $4.0K | high | Fee under-responds in moderate volatility — scaling could be steeper. | |
| ETH/WBNB | 5 bps | 0.96 | 1.01 | 0% | 100.0% | $3.8K | high | Dynamic fee looks well-tuned for this pair over the window. | |
| XRP/USDT | 20 bps | 10.55 | 10.47 | 0% | 100.0% | $3.6K | high | Dynamic fee looks well-tuned for this pair over the window. | |
| BTCB/WBNB | 5 bps | 0.93 | 0.98 | 0% | 100.0% | $2.5K | high | Dynamic fee looks well-tuned for this pair over the window. | |
| UB/USDT | 20 bps | 3.85 | 5.20 | 0% | 100.0% | $1.0K | high | Dynamic fee looks well-tuned for this pair over the window. | |
| ETH/BTCB | 5 bps | 0.93 | 1.02 | 0% | 100.0% | $942 | medium | Dynamic fee looks well-tuned for this pair over the window. | |
| USDT/BTCB | 3 bps | 0.68 | 0.75 | 2% | 100.0% | $758 | high | Dynamic fee looks well-tuned for this pair over the window. | |
| ETH/USDT | 10 bps | 1.42 | 1.51 | 0% | 100.0% | $734 | high | Dynamic fee looks well-tuned for this pair over the window. | |
| ETH/SOL | 30 bps | 11.08 | 11.14 | 0% | 100.0% | $598 | high | Dynamic fee looks well-tuned for this pair over the window. | |
| NVDAB/USDT | 15 bps | 5.83 | 6.07 | 0% | 100.0% | $463 | high | Dynamic fee looks well-tuned for this pair over the window. | |
| USDT/SPCXB | 15 bps | 5.45 | 5.77 | 0% | 100.0% | $177 | high | Dynamic fee looks well-tuned for this pair over the window. | |
| WBNB/TOPAZ | 300 bps | 169.40 | 169.56 | 0% | 100.0% | $134 | high | Fee under-responds in moderate volatility — scaling could be steeper. | |
| 44/WBNB | 444 bps | 344.37 | 338.39 | 0% | 100.0% | $74 | low | Dynamic fee looks well-tuned for this pair over the window. | |
| QQQB/USDT | 15 bps | 5.22 | 5.27 | 0% | 100.0% | $56 | low | Dynamic fee looks well-tuned for this pair over the window. | |
| LAB/WBNB | 75 bps | 23.10 | 25.74 | 0% | 100.0% | $27 | high | Fee under-responds in moderate volatility — scaling could be steeper. | |
| USDT/SPCXon | 50 bps | 21.60 | 22.79 | 0% | 100.0% | $18 | high | Dynamic fee looks well-tuned for this pair over the window. | |
| USDT/SPYB | 15 bps | 5.18 | 5.19 | 0% | 100.0% | $15 | low | Dynamic fee looks well-tuned for this pair over the window. | |
| WBNB/SPCXon | 50 bps | 23.74 | 24.91 | 0% | 100.0% | $2 | medium | Dynamic fee looks well-tuned for this pair over the window. | |
| XRP/WBNB | 25 bps | 8.30 | 8.32 | 0% | 100.0% | $1 | low | Dynamic fee looks well-tuned for this pair over the window. | |
| SIREN/WBNB | 50 bps | 13.75 | 19.14 | 0% | 100.0% | $0 | low | Fee under-responds in moderate volatility — scaling could be steeper. | |
| USDT/BULLA | 50 bps | 50.00 | 49.66 | 94% | 100.0% | $0 | low | Cap likely too low — fee pins at 50 bps in spikes while share holds. | |
| DOGE/WBNB | 15 bps | 14.14 | 13.51 | 34% | 100.0% | $0 | low | Cap likely too low — fee pins at 15 bps in spikes while share holds. | |
| BULLA/WBNB | 30 bps | 29.51 | 29.96 | 100% | 100.0% | $0 | low | Dynamic fee looks well-tuned for this pair over the window. | |
| QQQB/SPYB | 15 bps | — | 0.00 | 0% | — | $0 | low | Dynamic fee looks well-tuned for this pair over the window. | |
| 背手负鼠/WBNB | 50 bps | — | 0.00 | 0% | — | $0 | low | Dynamic fee looks well-tuned for this pair over the window. | |
| SPCXon/TOPAZ | 50 bps | — | 0.00 | 0% | — | $0 | low | Dynamic fee looks well-tuned for this pair over the window. | |
| TWT/WBNB | 20 bps | — | 0.00 | 0% | — | $0 | low | Dynamic fee looks well-tuned for this pair over the window. | |
| USDT/B | 50 bps | — | 0.00 | 0% | — | $0 | low | Dynamic fee looks well-tuned for this pair over the window. | |
| USDT/SKYAI | 30 bps | — | 0.00 | 0% | — | $0 | low | Dynamic fee looks well-tuned for this pair over the window. |
Per-pool analysis
Detailed below for the 25 pools with ≥ 24 active hours. 9 thinner pool(s) are summarized above only.
ZEC/USDT dynamic fee high
cap 25 bps · realized floor 8.90 bps · overall 8.97 bps · 761 active hours · 0 competitor pool(s)
Dynamic fee looks well-tuned for this pair over the window.
Base feeHOLD
high confidence
Floor fee 8.90 bps vs cheapest competitor n/a with 100.0% share — base looks reasonably placed.
Scaling factorHOLD
high confidence
Fee scales smoothly with volatility (8.90 bps→8.89 bps→9.07 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 | 184 | 24.2% | 8.90 bps | 36% | 0% | 100.0% | $32 | 13.2 bps |
| moderate | 274 | 36.0% | 8.89 bps | 36% | 0% | 100.0% | $35 | 50.1 bps |
| high | 303 | 39.8% | 9.07 bps | 36% | 0% | 100.0% | $46 | 175.2 bps |
| all | 761 | 100.0% | 8.97 bps | 36% | 0% | 100.0% | $39 | 100.9 bps |
ZEC/WBNB dynamic fee high
cap 100 bps · realized floor 12.37 bps · overall 12.73 bps · 761 active hours · 0 competitor pool(s)
Dynamic fee looks well-tuned for this pair over the window.
Base feeHOLD
high confidence
Floor fee 12.37 bps vs cheapest competitor n/a with 100.0% share — base looks reasonably placed.
Scaling factorHOLD
high confidence
Fee scales smoothly with volatility (12.37 bps→12.43 bps→13.13 bps) and share holds; scaling looks well-tuned.
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 | 208 | 27.3% | 12.37 bps | 12% | 0% | 100.0% | $16 | 11.9 bps |
| moderate | 278 | 36.5% | 12.43 bps | 12% | 0% | 100.0% | $18 | 48.1 bps |
| high | 275 | 36.1% | 13.13 bps | 13% | 0% | 100.0% | $27 | 159.9 bps |
| all | 761 | 100.0% | 12.73 bps | 13% | 0% | 100.0% | $21 | 90.8 bps |
USDT/WBNB dynamic fee high
cap 3 bps · realized floor 0.57 bps · overall 0.63 bps · 761 active hours · 0 competitor pool(s)
Dynamic fee looks well-tuned for this pair over the window.
Base feeHOLD
high confidence
Floor fee 0.57 bps vs cheapest competitor n/a with 100.0% share — base looks reasonably placed.
Scaling factorHOLD
high confidence
Fee scales smoothly with volatility (0.57 bps→0.70 bps→0.96 bps) and share holds; scaling looks well-tuned.
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 | 443 | 58.2% | 0.57 bps | 23% | 0% | 100.0% | $9 | 11.8 bps |
| moderate | 281 | 36.9% | 0.70 bps | 28% | 0% | 100.0% | $11 | 43.3 bps |
| high | 37 | 4.9% | 0.96 bps | 38% | 0% | 100.0% | $13 | 108.6 bps |
| all | 761 | 100.0% | 0.63 bps | 25% | 0% | 100.0% | $10 | 28.1 bps |
USDT/SOL dynamic fee high
cap 30 bps · realized floor 5.38 bps · overall 5.81 bps · 761 active hours · 0 competitor pool(s)
Dynamic fee looks well-tuned for this pair over the window.
Base feeHOLD
high confidence
Floor fee 5.38 bps vs cheapest competitor n/a with 100.0% share — base looks reasonably placed.
Scaling factorHOLD
high confidence
Fee scales smoothly with volatility (5.38 bps→5.74 bps→6.57 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 | 339 | 44.5% | 5.38 bps | 18% | 0% | 100.0% | $4 | 12.0 bps |
| moderate | 312 | 41.0% | 5.74 bps | 19% | 0% | 100.0% | $7 | 44.3 bps |
| high | 110 | 14.5% | 6.57 bps | 22% | 0% | 100.0% | $11 | 129.0 bps |
| all | 761 | 100.0% | 5.81 bps | 19% | 0% | 100.0% | $6 | 53.1 bps |
SOL/WBNB dynamic fee high
cap 30 bps · realized floor 4.32 bps · overall 4.33 bps · 761 active hours · 0 competitor pool(s)
Dynamic fee looks well-tuned for this pair over the window.
Base feeHOLD
high confidence
Floor fee 4.32 bps vs cheapest competitor n/a with 100.0% share — base looks reasonably placed.
Scaling factorHOLD
high confidence
Fee scales smoothly with volatility (4.32 bps→4.17 bps→5.17 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 | 452 | 59.4% | 4.32 bps | 14% | 0% | 100.0% | $5 | 11.7 bps |
| moderate | 274 | 36.0% | 4.17 bps | 14% | 0% | 100.0% | $6 | 45.0 bps |
| high | 35 | 4.6% | 5.17 bps | 17% | 0% | 100.0% | $14 | 110.7 bps |
| all | 761 | 100.0% | 4.33 bps | 14% | 0% | 100.0% | $6 | 33.2 bps |
WBNB/TOPAZ dynamic fee high
cap 200 bps · realized floor 103.84 bps · overall 109.84 bps · 751 active hours · 0 competitor pool(s)
Fee under-responds in moderate volatility — scaling could be steeper.
Base feeHOLD
high confidence
Floor fee 103.84 bps vs cheapest competitor n/a with 100.0% share — base looks reasonably placed.
Scaling factorSTEEPER
high confidence
Fee barely moves through moderate vol (103.84 bps→102.40 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 200 bps cap (max 1.6% 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 | 338 | 45.0% | 103.84 bps | 52% | 0% | 100.0% | $2 | 13.2 bps |
| moderate | 228 | 30.4% | 102.40 bps | 51% | 0% | 100.0% | $4 | 47.5 bps |
| high | 185 | 24.6% | 115.05 bps | 58% | 2% | 100.0% | $13 | 401.8 bps |
| all | 751 | 100.0% | 109.84 bps | 55% | 1% | 100.0% | $5 | 242.0 bps |
ETH/WBNB dynamic fee high
cap 5 bps · realized floor 0.96 bps · overall 1.01 bps · 761 active hours · 0 competitor pool(s)
Dynamic fee looks well-tuned for this pair over the window.
Base feeHOLD
high confidence
Floor fee 0.96 bps vs cheapest competitor n/a with 100.0% share — base looks reasonably placed.
Scaling factorHOLD
high confidence
Fee scales smoothly with volatility (0.96 bps→1.08 bps→1.35 bps) and share holds; scaling looks well-tuned.
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 | 523 | 68.7% | 0.96 bps | 19% | 0% | 100.0% | $4 | 11.7 bps |
| moderate | 224 | 29.4% | 1.08 bps | 22% | 0% | 100.0% | $6 | 41.3 bps |
| high | 14 | 1.8% | 1.35 bps | 27% | 0% | 100.0% | $15 | 123.1 bps |
| all | 761 | 100.0% | 1.01 bps | 20% | 0% | 100.0% | $5 | 26.1 bps |
XRP/USDT dynamic fee high
cap 20 bps · realized floor 10.55 bps · overall 10.47 bps · 761 active hours · 0 competitor pool(s)
Dynamic fee looks well-tuned for this pair over the window.
Base feeHOLD
high confidence
Floor fee 10.55 bps vs cheapest competitor n/a with 100.0% share — base looks reasonably placed.
Scaling factorHOLD
high confidence
Fee scales smoothly with volatility (10.55 bps→10.40 bps→10.47 bps) and share holds; scaling looks well-tuned.
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 | 315 | 41.4% | 10.55 bps | 53% | 0% | 100.0% | $4 | 12.9 bps |
| moderate | 304 | 39.9% | 10.40 bps | 52% | 0% | 100.0% | $5 | 44.3 bps |
| high | 142 | 18.7% | 10.47 bps | 52% | 0% | 100.0% | $7 | 155.3 bps |
| all | 761 | 100.0% | 10.47 bps | 52% | 0% | 100.0% | $5 | 63.4 bps |
BTCB/WBNB dynamic fee high
cap 5 bps · realized floor 0.93 bps · overall 0.98 bps · 761 active hours · 0 competitor pool(s)
Dynamic fee looks well-tuned for this pair over the window.
Base feeHOLD
high confidence
Floor fee 0.93 bps vs cheapest competitor n/a with 100.0% share — base looks reasonably placed.
Scaling factorHOLD
high confidence
Fee scales smoothly with volatility (0.93 bps→1.02 bps→1.59 bps) and share holds; scaling looks well-tuned.
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 | 572 | 75.2% | 0.93 bps | 19% | 0% | 100.0% | $3 | 10.9 bps |
| moderate | 176 | 23.1% | 1.02 bps | 20% | 0% | 100.0% | $4 | 41.1 bps |
| high | 13 | 1.7% | 1.59 bps | 32% | 0% | 100.0% | $11 | 89.3 bps |
| all | 761 | 100.0% | 0.98 bps | 20% | 0% | 100.0% | $3 | 22.6 bps |
UB/USDT dynamic fee high
cap 20 bps · realized floor 3.85 bps · overall 5.20 bps · 761 active hours · 0 competitor pool(s)
Dynamic fee looks well-tuned for this pair over the window.
Base feeHOLD
high confidence
Floor fee 3.85 bps vs cheapest competitor n/a with 100.0% share — base looks reasonably placed.
Scaling factorHOLD
high confidence
Fee scales smoothly with volatility (3.85 bps→4.27 bps→5.99 bps) and share holds; scaling looks well-tuned.
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 | 193 | 25.4% | 3.85 bps | 19% | 0% | 100.0% | $0 | 13.3 bps |
| moderate | 281 | 36.9% | 4.27 bps | 21% | 0% | 100.0% | $1 | 47.3 bps |
| high | 287 | 37.7% | 5.99 bps | 30% | 0% | 100.0% | $2 | 278.0 bps |
| all | 761 | 100.0% | 5.20 bps | 26% | 0% | 100.0% | $1 | 174.8 bps |
ETH/BTCB dynamic fee medium
cap 5 bps · realized floor 0.93 bps · overall 1.02 bps · 761 active hours · 0 competitor pool(s)
Dynamic fee looks well-tuned for this pair over the window.
Base feeHOLD
medium confidence
Floor fee 0.93 bps vs cheapest competitor n/a with 100.0% share — base looks reasonably placed.
Scaling factorHOLD
medium confidence
Fee scales smoothly with volatility (0.93 bps→1.17 bps→1.82 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 | 617 | 81.1% | 0.93 bps | 19% | 0% | 100.0% | $1 | 9.7 bps |
| moderate | 134 | 17.6% | 1.17 bps | 23% | 0% | 100.0% | $2 | 40.5 bps |
| high | 10 | 1.3% | 1.82 bps | 36% | 0% | 100.0% | $6 | 139.0 bps |
| all | 761 | 100.0% | 1.02 bps | 20% | 0% | 100.0% | $1 | 22.1 bps |
USDT/BTCB dynamic fee high
cap 3 bps · realized floor 0.68 bps · overall 0.75 bps · 761 active hours · 0 competitor pool(s)
Dynamic fee looks well-tuned for this pair over the window.
Base feeHOLD
high confidence
Floor fee 0.68 bps vs cheapest competitor n/a with 100.0% share — base looks reasonably placed.
Scaling factorHOLD
high confidence
Fee scales smoothly with volatility (0.68 bps→0.80 bps→1.23 bps) and share holds; scaling looks well-tuned.
CapHOLD
high confidence
Fee rarely approaches the 3 bps cap (max 2.1% 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 | 515 | 67.7% | 0.68 bps | 23% | 0% | 100.0% | $1 | 11.4 bps |
| moderate | 209 | 27.5% | 0.80 bps | 27% | 0% | 100.0% | $1 | 41.7 bps |
| high | 37 | 4.9% | 1.23 bps | 41% | 2% | 100.0% | $2 | 118.4 bps |
| all | 761 | 100.0% | 0.75 bps | 25% | 0% | 100.0% | $1 | 27.5 bps |
ETH/USDT dynamic fee high
cap 10 bps · realized floor 1.42 bps · overall 1.51 bps · 761 active hours · 0 competitor pool(s)
Dynamic fee looks well-tuned for this pair over the window.
Base feeHOLD
high confidence
Floor fee 1.42 bps vs cheapest competitor n/a with 100.0% share — base looks reasonably placed.
Scaling factorHOLD
high confidence
Fee scales smoothly with volatility (1.42 bps→1.52 bps→1.81 bps) and share holds; scaling looks well-tuned.
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 | 449 | 59.0% | 1.42 bps | 14% | 0% | 100.0% | $1 | 11.1 bps |
| moderate | 250 | 32.9% | 1.52 bps | 15% | 0% | 100.0% | $1 | 42.4 bps |
| high | 62 | 8.1% | 1.81 bps | 18% | 0% | 100.0% | $2 | 120.9 bps |
| all | 761 | 100.0% | 1.51 bps | 15% | 0% | 100.0% | $1 | 38.2 bps |
ETH/SOL dynamic fee high
cap 30 bps · realized floor 11.08 bps · overall 11.14 bps · 747 active hours · 0 competitor pool(s)
Dynamic fee looks well-tuned for this pair over the window.
Base feeHOLD
high confidence
Floor fee 11.08 bps vs cheapest competitor n/a with 100.0% share — base looks reasonably placed.
Scaling factorHOLD
high confidence
Fee scales smoothly with volatility (11.08 bps→11.06 bps→11.81 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 | 533 | 71.4% | 11.08 bps | 37% | 0% | 100.0% | $1 | 12.8 bps |
| moderate | 195 | 26.1% | 11.06 bps | 37% | 0% | 100.0% | $1 | 42.8 bps |
| high | 19 | 2.5% | 11.81 bps | 39% | 0% | 100.0% | $3 | 117.4 bps |
| all | 747 | 100.0% | 11.14 bps | 37% | 0% | 100.0% | $1 | 32.6 bps |
NVDAB/USDT dynamic fee high
cap 15 bps · realized floor 5.83 bps · overall 6.07 bps · 749 active hours · 0 competitor pool(s)
Dynamic fee looks well-tuned for this pair over the window.
Base feeHOLD
high confidence
Floor fee 5.83 bps vs cheapest competitor n/a with 100.0% share — base looks reasonably placed.
Scaling factorHOLD
high confidence
Fee scales smoothly with volatility (5.83 bps→6.34 bps→6.95 bps) and share holds; scaling looks well-tuned.
CapHOLD
high 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 | 608 | 81.2% | 5.83 bps | 39% | 0% | 100.0% | $0 | 9.7 bps |
| moderate | 123 | 16.4% | 6.34 bps | 42% | 0% | 100.0% | $1 | 42.1 bps |
| high | 18 | 2.4% | 6.95 bps | 46% | 0% | 100.0% | $3 | 105.4 bps |
| all | 749 | 100.0% | 6.07 bps | 40% | 0% | 100.0% | $1 | 27.1 bps |
USDT/SPCXB dynamic fee high
cap 15 bps · realized floor 5.45 bps · overall 5.77 bps · 598 active hours · 0 competitor pool(s)
Dynamic fee looks well-tuned for this pair over the window.
Base feeHOLD
high confidence
Floor fee 5.45 bps vs cheapest competitor n/a with 100.0% share — base looks reasonably placed.
Scaling factorHOLD
high confidence
Fee scales smoothly with volatility (5.45 bps→5.91 bps→6.59 bps) and share holds; scaling looks well-tuned.
CapHOLD
high 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 | 434 | 72.6% | 5.45 bps | 36% | 0% | 100.0% | $0 | 9.3 bps |
| moderate | 122 | 20.4% | 5.91 bps | 39% | 0% | 100.0% | $0 | 45.2 bps |
| high | 42 | 7.0% | 6.59 bps | 44% | 0% | 100.0% | $1 | 185.4 bps |
| all | 598 | 100.0% | 5.77 bps | 38% | 0% | 100.0% | $0 | 46.8 bps |
WBNB/TOPAZ dynamic fee high
cap 300 bps · realized floor 169.40 bps · overall 169.56 bps · 394 active hours · 0 competitor pool(s)
Fee under-responds in moderate volatility — scaling could be steeper.
Base feeHOLD
high confidence
Floor fee 169.40 bps vs cheapest competitor n/a with 100.0% share — base looks reasonably placed.
Scaling factorSTEEPER
high confidence
Fee barely moves through moderate vol (169.40 bps→156.69 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 300 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 | 241 | 61.2% | 169.40 bps | 56% | 0% | 100.0% | $0 | 3.7 bps |
| moderate | 65 | 16.5% | 156.69 bps | 52% | 0% | 100.0% | $0 | 47.0 bps |
| high | 88 | 22.3% | 173.50 bps | 58% | 0% | 100.0% | $1 | 412.1 bps |
| all | 394 | 100.0% | 169.56 bps | 57% | 0% | 100.0% | $0 | 227.6 bps |
44/WBNB dynamic fee low
cap 444 bps · realized floor 344.37 bps · overall 338.39 bps · 31 active hours · 0 competitor pool(s)
Dynamic fee looks well-tuned for this pair over the window.
Base feeHOLD
low confidence
Floor fee 344.37 bps vs cheapest competitor n/a with 100.0% share — base looks reasonably placed.
Scaling factorHOLD
low confidence
Fee scales smoothly with volatility (344.37 bps→225.41 bps→0.00 bps) and share holds; scaling looks well-tuned.
CapHOLD
low confidence
Only 0 high-volatility hour(s) in this window — not enough to judge the 444 bps cap.
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 | 30 | 96.8% | 344.37 bps | 77% | 46% | 100.0% | $2 | 1.4 bps |
| moderate | 1 | 3.2% | 225.41 bps | 51% | 0% | 100.0% | $2 | 34.5 bps |
| high | 0 | 0.0% | 0.00 bps | — | 0% | — | $0 | 0.0 bps |
| all | 31 | 100.0% | 338.39 bps | 76% | 44% | 100.0% | $2 | 3.1 bps |
QQQB/USDT dynamic fee low
cap 15 bps · realized floor 5.22 bps · overall 5.27 bps · 567 active hours · 0 competitor pool(s)
Dynamic fee looks well-tuned for this pair over the window.
Base feeHOLD
low confidence
Floor fee 5.22 bps vs cheapest competitor n/a with 100.0% share — base looks reasonably placed.
Scaling factorHOLD
low confidence
Fee scales smoothly with volatility (5.22 bps→5.41 bps→5.78 bps) and share holds; scaling looks well-tuned.
CapHOLD
low 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 | 525 | 92.6% | 5.22 bps | 35% | 0% | 100.0% | $0 | 8.4 bps |
| moderate | 39 | 6.9% | 5.41 bps | 36% | 0% | 100.0% | $0 | 35.3 bps |
| high | 3 | 0.5% | 5.78 bps | 39% | 0% | 100.0% | $0 | 284.7 bps |
| all | 567 | 100.0% | 5.27 bps | 35% | 0% | 100.0% | $0 | 18.1 bps |
LAB/WBNB dynamic fee high
cap 75 bps · realized floor 23.10 bps · overall 25.74 bps · 645 active hours · 0 competitor pool(s)
Fee under-responds in moderate volatility — scaling could be steeper.
Base feeHOLD
high confidence
Floor fee 23.10 bps vs cheapest competitor n/a with 100.0% share — base looks reasonably placed.
Scaling factorSTEEPER
high confidence
Fee barely moves through moderate vol (23.10 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
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 | 205 | 31.8% | 23.10 bps | 31% | 0% | 100.0% | $0 | 7.1 bps |
| moderate | 184 | 28.5% | 23.25 bps | 31% | 0% | 100.0% | $0 | 46.6 bps |
| high | 256 | 39.7% | 27.14 bps | 36% | 0% | 100.0% | $0 | 350.8 bps |
| all | 645 | 100.0% | 25.74 bps | 34% | 0% | 100.0% | $0 | 237.6 bps |
USDT/SPCXon dynamic fee high
cap 50 bps · realized floor 21.60 bps · overall 22.79 bps · 372 active hours · 0 competitor pool(s)
Dynamic fee looks well-tuned for this pair over the window.
Base feeHOLD
high confidence
Floor fee 21.60 bps vs cheapest competitor n/a with 100.0% share — base looks reasonably placed.
Scaling factorHOLD
high confidence
Fee scales smoothly with volatility (21.60 bps→22.00 bps→24.23 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 | 249 | 66.9% | 21.60 bps | 43% | 0% | 100.0% | $0 | 7.7 bps |
| moderate | 86 | 23.1% | 22.00 bps | 44% | 0% | 100.0% | $0 | 45.5 bps |
| high | 37 | 9.9% | 24.23 bps | 48% | 0% | 100.0% | $0 | 199.7 bps |
| all | 372 | 100.0% | 22.79 bps | 46% | 0% | 100.0% | $0 | 97.5 bps |
USDT/SPYB dynamic fee low
cap 15 bps · realized floor 5.18 bps · overall 5.19 bps · 192 active hours · 0 competitor pool(s)
Dynamic fee looks well-tuned for this pair over the window.
Base feeHOLD
low confidence
Floor fee 5.18 bps vs cheapest competitor n/a with 100.0% share — base looks reasonably placed.
Scaling factorHOLD
low confidence
Fee scales smoothly with volatility (5.18 bps→5.26 bps→0.00 bps) and share holds; scaling looks well-tuned.
CapHOLD
low confidence
Only 0 high-volatility hour(s) in this window — not enough to judge the 15 bps cap.
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 | 184 | 95.8% | 5.18 bps | 35% | 0% | 100.0% | $0 | 6.7 bps |
| moderate | 8 | 4.2% | 5.26 bps | 35% | 0% | 100.0% | $0 | 28.0 bps |
| high | 0 | 0.0% | 0.00 bps | — | 0% | — | $0 | 0.0 bps |
| all | 192 | 100.0% | 5.19 bps | 35% | 0% | 100.0% | $0 | 8.2 bps |
WBNB/SPCXon dynamic fee medium
cap 50 bps · realized floor 23.74 bps · overall 24.91 bps · 299 active hours · 0 competitor pool(s)
Dynamic fee looks well-tuned for this pair over the window.
Base feeHOLD
medium confidence
Floor fee 23.74 bps vs cheapest competitor n/a with 100.0% share — base looks reasonably placed.
Scaling factorHOLD
medium confidence
Fee scales smoothly with volatility (23.74 bps→25.39 bps→26.00 bps) and share holds; scaling looks well-tuned.
CapHOLD
medium 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 | 234 | 78.3% | 23.74 bps | 47% | 0% | 100.0% | $0 | 2.7 bps |
| moderate | 30 | 10.0% | 25.39 bps | 51% | 0% | 100.0% | $0 | 51.2 bps |
| high | 35 | 11.7% | 26.00 bps | 52% | 0% | 100.0% | $0 | 343.9 bps |
| all | 299 | 100.0% | 24.91 bps | 50% | 0% | 100.0% | $0 | 145.6 bps |
XRP/WBNB dynamic fee low
cap 25 bps · realized floor 8.30 bps · overall 8.32 bps · 52 active hours · 0 competitor pool(s)
Dynamic fee looks well-tuned for this pair over the window.
Base feeHOLD
low confidence
Floor fee 8.30 bps vs cheapest competitor n/a with 100.0% share — base looks reasonably placed.
Scaling factorHOLD
low confidence
Fee scales smoothly with volatility (8.30 bps→8.33 bps→8.36 bps) and share holds; scaling looks well-tuned.
CapHOLD
low 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 | 33 | 63.5% | 8.30 bps | 33% | 0% | 100.0% | $0 | 12.2 bps |
| moderate | 15 | 28.8% | 8.33 bps | 33% | 0% | 100.0% | $0 | 49.0 bps |
| high | 4 | 7.7% | 8.36 bps | 33% | 0% | 100.0% | $0 | 96.1 bps |
| all | 52 | 100.0% | 8.32 bps | 33% | 0% | 100.0% | $0 | 35.1 bps |
SIREN/WBNB dynamic fee low
cap 50 bps · realized floor 13.75 bps · overall 19.14 bps · 47 active hours · 0 competitor pool(s)
Fee under-responds in moderate volatility — scaling could be steeper.
Base feeHOLD
low confidence
Floor fee 13.75 bps vs cheapest competitor n/a with 100.0% share — base looks reasonably placed.
Scaling factorSTEEPER
low confidence
Fee barely moves through moderate vol (13.75 bps→0.00 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
low 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 | 43 | 91.5% | 13.75 bps | 27% | 0% | 100.0% | $0 | 0.0 bps |
| moderate | 0 | 0.0% | 0.00 bps | — | 0% | — | $0 | 0.0 bps |
| high | 4 | 8.5% | 28.36 bps | 57% | 0% | 100.0% | $0 | 948.2 bps |
| all | 47 | 100.0% | 19.14 bps | 38% | 0% | 100.0% | $0 | 350.0 bps |