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 2026-09-25 → 2026-10-08 (UTC). 7d14d30d

14d Volume
$196.81M
14d Fees
$36.6K
Blended rate
1.86 bps
fees ÷ volume across all Topaz pools
Under-monetized volume
$143.27M
72.8% of volume earning $2,733
Uplift at blended rate
$23.9K
if that flow survived the change — test on /fee-changes
Flags
36
1 pinned at cap · 51 gauge w/o fees
72.8% of Topaz volume is producing 7.5% of its fees. At the blended 1.86 bps that flow would be worth $23,920 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
< $100704,854$23.20M11.8%
$100 – $1k345,368$76.44M38.8%
$1k – $10k19,311$50.97M25.9%
$10k – $100k1,903$42.86M21.8%
≥ $100k22$3.33M1.7%

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.

51 live gauges earning under $250 / 14d
PairFeesVolumeLiquidityFee
USDT/USD1$141$14.08M$68.1K0.10 bps
44/WBNB$54$1.5K$66.2K124.44 bps
ETH/BTCB$248$1.45M$45.7K2.21 bps
USDT/BTCB$125$920.3K$18.3K2.18 bps
NVDAB/USDT$151$200.9K$17.3K7.85 bps
ETH/USDT$161$715.2K$15.2K2.67 bps
ETH/SOL$196$157.1K$11.3K12.81 bps
WBNB/TOPAZ$12$716$3.9K160 bps
EARN/GRASS$0$0$3.3K100 bps
WBNB/BUSS$0$0$2.2K30 bps
XRP/WBNB$0$0$2.0K7.75 bps
PUP/WBNB$0$0$1.6K30 bps
WBNB/ClipX$17$5.8K$1.4K30 bps
WBNB/BOOK$0$0$1.4K100 bps
USDT/SPCXB$6$7.8K$1.3K10.35 bps
GENIUS/WBNB$0$28$1.2K30 bps
QQQB/USDT$9$16.0K$1.1K5.15 bps
EARN/WBNB$0$0$94130 bps
USDT/SPCXon$6$2.8K$92820.85 bps
WBNB/BOOK$0$3$88580 bps
USDT/SKYAI$0$0$81020.65 bps
USDT/SPYB$2$3.7K$7125 bps
BUD/TOPAZ$0$0$64030 bps
LAB/WBNB$7$2.9K$58222.25 bps
QQQB/TQB$0$0$55430 bps
4/WBNB$0$2$53630 bps
WBNB/SPCXon$1$357$50727.56 bps
CaptainBNB/WBNB$0$0$46930 bps
USDT/BULLA$0$0$38850 bps
NianNian/WBNB$0$3$31930 bps
币安人生/WBNB$0$2$20630 bps
CLZD/WBNB$0$0$12530 bps
Trusty/WBNB$0$8$10130 bps
WBNB/Korico$0$1$2730 bps
SIREN/WBNB$0$1$178.22 bps
Broccoli/WBNB$0$1$730 bps
Cake/WBNB$0$0$630 bps
bibi/WBNB$0$0$230 bps
DOGE/WBNB$0$1$110.80 bps
B4/WBNB$0$0$130 bps
OCEAN/WBNB$0$0$030 bps
BULLA/WBNB$0$0$030 bps
VELVET/WBNB$0$0$030 bps
SPCXon/TOPAZ$0$0$030.25 bps
TWT/WBNB$0$0$016.48 bps
背手负鼠/WBNB$0$0$026.98 bps
$RISE/WBNB$0$0$030 bps
QQQB/SPYB$0$0$05.20 bps
USDT/B$0$0$033.20 bps
ASTER/USDT$0$0$05 bps
TQB/USDT$0$0$030 bps
2 pools earning with no gauge — incentive candidates
PairFeesVolumeLiquidityFee
USDT/Stonks$3,454$345.4K$15.1K100 bps
USDT/Stonks$688$229.4K$8.2K30 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
USDT/USDC
tier 1 bps
$92.75M$46447.1%1.3%-45.9 pt0.05 bps0.05 bps——liveunder-monetizednear-zero fee
USDT/WBNB
tier 5 bps
$36.44M$2.1K18.5%5.8%-12.7 pt0.35 bps0.58 bps2.50 bps
23% used
7700000liveunder-monetized
USDT/USD1
tier 1 bps
$14.08M$1417.2%0.4%-6.8 pt0.10 bps0.10 bps——liveunder-monetizednear-zero feeemissions, no fees
BNCB/USDT$14.58M$1.5K7.4%4.0%-3.4 pt1 bps1 bps——live
ETH/WBNB
tier 5 bps
$6.19M$1.1K3.1%3.0%-0.2 pt2.50 bps1.74 bps5 bps
35% used
6000000live
USDT/BTCB
tier 5 bps
$920.3K$1250.5%0.3%-0.1 pt2.18 bps1.36 bps3 bps
45% used
6000000liveemissions, no fees
BTCB/WBNB
tier 5 bps
$4.29M$7612.2%2.1%-0.1 pt2.56 bps1.77 bps5 bps
35% used
6000000live
ETH/BTCB
tier 5 bps
$1.45M$2480.7%0.7%-0.1 pt2.21 bps1.71 bps5 bps
34% used
7000000liveemissions, no fees
USDT/TOPAZ$0$00.0%0.0%-0.0 pt1 bps1 bps——none
XRP/WBNB
tier 30 bps
$0$00.0%0.0%+0.0 pt7.75 bps9.21 bps25 bps
37% used
2500000liveemissions, no fees
EARN/WBNB$0$00.0%0.0%+0.0 pt30 bps30.00 bps——liveemissions, no fees
USDT/BULLA
tier 30 bps
$0$00.0%0.0%+0.0 pt50 bps50.00 bps50 bps
100% used
6000000livepinned at capemissions, no fees
CaptainBNB/WBNB$0$00.0%0.0%+0.0 pt30 bps30 bps——liveemissions, no fees
WBNB/BOOK$0$00.0%0.0%+0.0 pt100 bps100 bps——liveemissions, no fees
Cake/WBNB$0$00.0%0.0%+0.0 pt30 bps30.00 bps——liveemissions, no fees
DOGE/WBNB
tier 5 bps
$1$00.0%0.0%+0.0 pt10.80 bps13.48 bps15 bps
90% used
2000000liveemissions, no fees
WBNB/BUSS$0$00.0%0.0%+0.0 pt30 bps30 bps——liveemissions, no fees
SIREN/WBNB
tier 30 bps
$1$00.0%0.0%+0.0 pt8.22 bps13.12 bps50 bps
26% used
2500000liveemissions, no fees
WBNB/Korico$1$00.0%0.0%+0.0 pt30 bps30 bps——liveemissions, no fees
Broccoli/WBNB$1$00.0%0.0%+0.0 pt30 bps30 bps——liveemissions, no fees
币安人生/WBNB$2$00.0%0.0%+0.0 pt30 bps30.00 bps——liveemissions, no fees
4/WBNB$2$00.0%0.0%+0.0 pt30 bps30.00 bps——liveemissions, no fees
NianNian/WBNB$3$00.0%0.0%+0.0 pt30 bps30.00 bps——liveemissions, no fees
Trusty/WBNB$8$00.0%0.0%+0.0 pt30 bps30.00 bps——liveemissions, no fees
WBNB/BOOK
tier 30 bps
$3$00.0%0.0%+0.0 pt80 bps80 bps——liveemissions, no fees
GENIUS/WBNB$28$00.0%0.0%+0.0 pt30 bps30.00 bps——liveemissions, no fees
USDT/BUD$723$00.0%0.0%+0.0 pt5 bps5.00 bps——none
USDT/xTOPAZ$72$10.0%0.0%+0.0 pt100 bps100.00 bps——none
BNCB/USDT$77$10.0%0.0%+0.0 pt100 bps100.00 bps——none
WBNB/SPCXon
tier 5 bps
$357$10.0%0.0%+0.0 pt27.56 bps24.90 bps50 bps
50% used
6000000liveemissions, no fees
USDT/SPYB$3.7K$20.0%0.0%+0.0 pt5 bps5.32 bps15 bps
35% used
5000000liveemissions, no fees
BNCB/USDT$717$20.0%0.0%+0.0 pt30 bps30 bps——none
TOPAZ/xTOPAZ$1.4K$40.0%0.0%+0.0 pt30 bps30.00 bps——none
USDT/SPCXB
tier 5 bps
$7.8K$60.0%0.0%+0.0 pt10.35 bps7.80 bps15 bps
52% used
5000000liveemissions, no fees
QQQB/USDT
tier 5 bps
$16.0K$90.0%0.0%+0.0 pt5.15 bps5.39 bps15 bps
36% used
5000000liveemissions, no fees
USDT/SPCXon
tier 5 bps
$2.8K$60.0%0.0%+0.0 pt20.85 bps22.91 bps50 bps
46% used
5000000liveemissions, no fees
LAB/WBNB
tier 30 bps
$2.9K$70.0%0.0%+0.0 pt22.25 bps23.56 bps75 bps
31% used
5000000liveemissions, no fees
WBNB/TOPAZ
tier 30 bps
$716$120.0%0.0%+0.0 pt160 bps171.22 bps300 bps
57% used
8000000liveemissions, no fees
WBNB/ClipX$5.8K$170.0%0.0%+0.0 pt30 bps30 bps——liveemissions, no fees
ETH/USDT
tier 5 bps
$715.2K$1610.4%0.4%+0.1 pt2.67 bps2.25 bps10 bps
23% used
3500000liveemissions, no fees
44/WBNB
tier 30 bps
$1.5K$540.0%0.1%+0.1 pt124.44 bps361.69 bps444.44 bps
81% used
444444444liveemissions, no fees
BNCB/USDT$99.3K$990.1%0.3%+0.2 pt10 bps10 bps——none
NVDAB/USDT
tier 5 bps
$200.9K$1510.1%0.4%+0.3 pt7.85 bps7.51 bps15 bps
50% used
5000000liveemissions, no fees
UB/USDT
tier 5 bps
$480.7K$2540.2%0.7%+0.4 pt5.19 bps5.28 bps20 bps
26% used
7000000live
ETH/SOL
tier 5 bps
$157.1K$1960.1%0.5%+0.5 pt12.81 bps12.48 bps30 bps
42% used
3500000liveemissions, no fees
USDT/Stonks$229.4K$6880.1%1.9%+1.8 pt30 bps30 bps——noneearning, no gauge
UB/WBNB$67.4K$6740.0%1.8%+1.8 pt100 bps100 bps——live
XRP/USDT
tier 5 bps
$858.4K$1.0K0.4%2.8%+2.3 pt12.66 bps11.74 bps20 bps
59% used
2000000live
WBNB/TOPAZ
tier 100 bps
$86.5K$9900.0%2.7%+2.7 pt102.70 bps114.42 bps200 bps
57% used
5000000live
USDT/SOL
tier 5 bps
$2.18M$1.5K1.1%4.0%+2.9 pt7.40 bps6.75 bps30 bps
23% used
9000000live
SOL/WBNB
tier 5 bps
$2.91M$1.6K1.5%4.5%+3.0 pt6.64 bps5.62 bps30 bps
19% used
8000000live
USDT/Stonks$345.4K$3.5K0.2%9.4%+9.3 pt100 bps100 bps——noneearning, no gauge
ZEC/WBNB
tier 5 bps
$4.86M$6.5K2.5%17.9%+15.4 pt13.48 bps13.47 bps100 bps
13% used
7000000live
ZEC/USDT
tier 5 bps
$12.88M$12.8K6.5%34.8%+28.3 pt10.20 bps9.91 bps25 bps
40% used
2500000live