Fee Efficiency

Which Topaz pools turn volume into revenue — and which don't. Ranked by the gap between a pool's share of volume and its share of fees; a large negative gap means flow is passing through nearly free. Window 2026-07-26 → 2026-08-08 (UTC). 7d14d30d

14d Volume
$1.10B
14d Fees
$100.3K
Blended rate
0.92 bps
fees ÷ volume across all Topaz pools
Under-monetized volume
$939.70M
85.7% of volume earning $67,000
Uplift at blended rate
$19.0K
if that flow survived the change — test on /fee-changes
Flags
41
1 pinned at cap · 39 gauge w/o fees
85.7% of Topaz volume is producing 66.8% of its fees. At the blended 0.92 bps that flow would be worth $18,990 more over 14d — assuming it doesn't route away, which is exactly what fee-change effectiveness measures.

Volume share vs fee share

Where the blue bar towers over the teal, the pool is carrying flow it isn't being paid for.

Trade-size mix

What kind of flow this is. Fee sensitivity is not uniform — retail-sized fills tolerate a wider spread than size shopping for execution, so a book made of small trades has more fee headroom than the raw volume number suggests.

Trade sizeSwapsVolumeShare of volume
< $100847,231$28.14M1.0%
$100 – $1k510,267$103.15M3.5%
$1k – $10k23,705$63.16M2.2%
$10k – $100k3,930$146.95M5.0%
≥ $100k5,838$2.59B88.4%

Emissions vs revenue

A gauge directs TOPAZ emissions to a pool. That is a real, recurring cost, so a live gauge on a pool that produces almost no trading fees is capital going somewhere it isn't earning — and the mirror case, a pool earning well with no gauge, is incentive budget left unspent. Neither question is answerable from fee data alone; both come from the gauge state the subgraph now exposes.

39 live gauges earning under $250 / 14d
PairFeesVolumeLiquidityFee
EARN/WBNB$15$5.1K$108.6K30 bps
44/WBNB$103$2.6K$58.7K208.88 bps
Airo/USDT$217$21.7K$53.9K100 bps
EARN/GRASS$0$0$19.4K100 bps
WBNB/BOOK$0$2$11.9K100 bps
XRP/WBNB$97$123.7K$9.5K7.67 bps
WBNB/TOPAZ$99$9.9K$8.1K100 bps
QQQB/USDT$14$27.9K$7.2K5 bps
TQB/USDT$72$24.0K$5.5K30 bps
QQQB/TQB$0$0$5.2K30 bps
DOGE/WBNB$1$650$3.2K11.18 bps
USDT/SPCXB$30$59.2K$3.0K5 bps
NianNian/WBNB$34$11.4K$2.9K30 bps
NVDAB/USDT$12$24.6K$2.7K5 bps
USDT/SPYB$7$13.2K$2.3K5 bps
LAB/WBNB$39$17.1K$2.1K21.65 bps
GENIUS/WBNB$20$6.6K$1.7K30 bps
USDT/BULLA$6$2.4K$1.6K21.30 bps
WBNB/ClipX$7$2.4K$1.1K30 bps
USDT/SKYAI$0$205$1.1K13.15 bps
WBNB/BOOK$1$186$1.1K80 bps
USDT/SPCXon$21$8.6K$92621.25 bps
4/WBNB$5$1.7K$89830 bps
OCEAN/WBNB$22$7.4K$82430 bps
SPCXon/TOPAZ$7$3.3K$51213.85 bps
WBNB/SPCXon$9$3.4K$48925.22 bps
Broccoli/WBNB$4$1.3K$34930 bps
VELVET/WBNB$1$282$32330 bps
WBNB/Korico$0$147$31730 bps
币安人生/WBNB$0$40$21930 bps
SIREN/WBNB$1$528$1678.02 bps
USDT/B$0$1$15433.20 bps
B4/WBNB$0$0$9230 bps
TWT/WBNB$0$0$5116.48 bps
WBNB/BUSS$0$5$3530 bps
ASTER/USDT$0$74$275 bps
PUP/WBNB$0$0$2230 bps
Cake/WBNB$0$5$2030 bps
CaptainBNB/WBNB$0$0$1730 bps

Per-pool efficiency

Fee is the pool's live fee from the subgraph, not its factory tier — those differ on every custom/dynamic-fee pool. Realized is fees ÷ volume actually achieved.

PairVolumeFeesVol shareFee shareGapFeeRealizedCapKGaugeFlags
ETH/BTCB
tier 5 bps
$858.39M$66.6K78.3%66.4%-11.9 pt1.27 bps0.78 bps5 bps
16% used
7000000liveunder-monetized
USDT/USDC
tier 1 bps
$81.31M$4077.4%0.4%-7.0 pt0.05 bps0.05 bps——liveunder-monetizednear-zero fee
USDT/WBNB
tier 5 bps
$58.07M$2.9K5.3%2.9%-2.4 pt0.43 bps0.51 bps2.50 bps
20% used
7700000live
USDT/USD1
tier 1 bps
$28.78M$2882.6%0.3%-2.3 pt0.10 bps0.10 bps——livenear-zero fee
USDT/BTCB
tier 5 bps
$11.27M$6901.0%0.7%-0.3 pt0.36 bps0.61 bps3 bps
20% used
6000000live
BTCB/WBNB
tier 5 bps
$17.39M$1.4K1.6%1.4%-0.2 pt0.62 bps0.79 bps5 bps
16% used
6000000live
ETH/WBNB
tier 5 bps
$11.40M$1.0K1.0%1.0%-0.0 pt1.04 bps0.89 bps5 bps
18% used
6000000live
WBNB/BUSD$0$00.0%0.0%+0.0 pt30 bps30.00 bps——none
TWT/WBNB
tier 5 bps
$0$00.0%0.0%+0.0 pt16.48 bps17.40 bps20 bps
87% used
4000000liveemissions, no fees
PUP/WBNB$0$00.0%0.0%+0.0 pt30 bps30 bps——liveemissions, no fees
CaptainBNB/WBNB$0$00.0%0.0%+0.0 pt30 bps30.00 bps——liveemissions, no fees
B4/WBNB$0$00.0%0.0%+0.0 pt30 bps30.00 bps——liveemissions, no fees
USDT/B
tier 5 bps
$1$00.0%0.0%+0.0 pt33.20 bps46.10 bps50 bps
92% used
5000000liveemissions, no fees
Cake/WBNB$5$00.0%0.0%+0.0 pt30 bps30.00 bps——liveemissions, no fees
WBNB/BUSS$5$00.0%0.0%+0.0 pt30 bps30.00 bps——liveemissions, no fees
USDT/BUD$39$00.0%0.0%+0.0 pt5 bps5 bps——none
WBNB/BOOK$2$00.0%0.0%+0.0 pt100 bps100 bps——liveemissions, no fees
ASTER/USDT$74$00.0%0.0%+0.0 pt5 bps5.00 bps——liveemissions, no fees
币安人生/WBNB$40$00.0%0.0%+0.0 pt30 bps30 bps——liveemissions, no fees
USDT/SKYAI
tier 5 bps
$205$00.0%0.0%+0.0 pt13.15 bps11.61 bps30 bps
39% used
5000000liveemissions, no fees
WBNB/Korico$147$00.0%0.0%+0.0 pt30 bps30.00 bps——liveemissions, no fees
SIREN/WBNB
tier 30 bps
$528$10.0%0.0%+0.0 pt8.02 bps11.69 bps50 bps
23% used
2500000liveemissions, no fees
DOGE/WBNB
tier 5 bps
$650$10.0%0.0%+0.0 pt11.18 bps10.66 bps15 bps
71% used
2000000liveemissions, no fees
VELVET/WBNB$282$10.0%0.0%+0.0 pt30 bps30.00 bps——liveemissions, no fees
WBNB/BOOK
tier 30 bps
$186$10.0%0.0%+0.0 pt80 bps80.00 bps——liveemissions, no fees
Broccoli/WBNB$1.3K$40.0%0.0%+0.0 pt30 bps30.00 bps——liveemissions, no fees
4/WBNB$1.7K$50.0%0.0%+0.0 pt30 bps30.00 bps——liveemissions, no fees
USDT/SPYB$13.2K$70.0%0.0%+0.0 pt5 bps5 bps——liveemissions, no fees
USDT/BULLA
tier 30 bps
$2.4K$60.0%0.0%+0.0 pt21.30 bps26.73 bps50 bps
53% used
6000000liveemissions, no fees
SPCXon/TOPAZ
tier 5 bps
$3.3K$70.0%0.0%+0.0 pt13.85 bps21.29 bps50 bps
43% used
5000000liveemissions, no fees
WBNB/ClipX$2.4K$70.0%0.0%+0.0 pt30 bps30 bps——liveemissions, no fees
WBNB/SPCXon
tier 5 bps
$3.4K$90.0%0.0%+0.0 pt25.22 bps25.76 bps50 bps
52% used
6000000liveemissions, no fees
NVDAB/USDT$24.6K$120.0%0.0%+0.0 pt5 bps5 bps——liveemissions, no fees
QQQB/USDT$27.9K$140.0%0.0%+0.0 pt5 bps5.00 bps——liveemissions, no fees
EARN/WBNB$5.1K$150.0%0.0%+0.0 pt30 bps30 bps——liveemissions, no fees
GENIUS/WBNB$6.6K$200.0%0.0%+0.0 pt30 bps30 bps——liveemissions, no fees
USDT/SPCXon
tier 5 bps
$8.6K$210.0%0.0%+0.0 pt21.25 bps24.29 bps50 bps
49% used
5000000liveemissions, no fees
OCEAN/WBNB$7.4K$220.0%0.0%+0.0 pt30 bps30 bps——liveemissions, no fees
USDT/SPCXB$59.2K$300.0%0.0%+0.0 pt5 bps5 bps——liveemissions, no fees
NianNian/WBNB$11.4K$340.0%0.0%+0.0 pt30 bps30.00 bps——liveemissions, no fees
LAB/WBNB
tier 30 bps
$17.1K$390.0%0.0%+0.0 pt21.65 bps22.85 bps75 bps
30% used
5000000liveemissions, no fees
ASTEROID/TOPAZ$18.3K$550.0%0.1%+0.1 pt30 bps30.00 bps——none
TQB/USDT$24.0K$720.0%0.1%+0.1 pt30 bps30 bps——liveemissions, no fees
XRP/WBNB
tier 30 bps
$123.7K$970.0%0.1%+0.1 pt7.67 bps7.80 bps25 bps
31% used
2500000liveemissions, no fees
WBNB/TOPAZ
tier 30 bps
$9.9K$990.0%0.1%+0.1 pt100 bps100.00 bps——liveemissions, no fees
44/WBNB
tier 30 bps
$2.6K$1030.0%0.1%+0.1 pt208.88 bps399.90 bps444.44 bps
90% used
444444444liveemissions, no fees
Airo/USDT$21.7K$2170.0%0.2%+0.2 pt100 bps100.00 bps——liveemissions, no fees
ETH/USDT
tier 5 bps
$6.27M$8210.6%0.8%+0.2 pt1.49 bps1.31 bps10 bps
13% used
3500000live
ZEC/USDT
tier 5 bps
$487.3K$3900.0%0.4%+0.3 pt8.07 bps8.01 bps25 bps
32% used
2500000live
ZEC/WBNB
tier 5 bps
$422.5K$4790.0%0.5%+0.4 pt10.14 bps11.34 bps100 bps
11% used
7000000live
SOL/WBNB
tier 5 bps
$1.21M$6640.1%0.7%+0.6 pt5.15 bps5.47 bps30 bps
18% used
5000000live
WBNB/TOPAZ$75.5K$7550.0%0.8%+0.7 pt100 bps100 bps——live
XRP/USDT
tier 5 bps
$858.7K$8590.1%0.9%+0.8 pt10 bps10 bps10 bps
100% used
2000000livepinned at cap
UB/USDT
tier 5 bps
$2.18M$1.6K0.2%1.6%+1.4 pt4.03 bps7.40 bps20 bps
37% used
7000000live
USDT/SOL
tier 5 bps
$4.60M$3.8K0.4%3.8%+3.3 pt7.78 bps8.21 bps30 bps
27% used
7000000live
UB/WBNB$379.2K$3.8K0.0%3.8%+3.7 pt100 bps100.00 bps——live
ETH/SOL
tier 5 bps
$12.53M$12.9K1.1%12.9%+11.7 pt10.28 bps10.32 bps30 bps
34% used
3500000live