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 2026-07-10 → 2026-08-08 (UTC). 7d14d30d
30d Volume
$1.30B
30d Fees
$120.9K
Blended rate
0.93 bps
fees ÷ volume across all Topaz pools
Under-monetized volume
$1.01B
78.1% of volume earning $67,723
Uplift at blended rate
$26.8K
if that flow survived the change — test on /fee-changes
Flags
39
3 pinned at cap · 38 gauge w/o fees
78.1% of Topaz volume is producing 56.0% of its fees. At the blended 0.93 bps that flow would be worth $26,787 more over 30d — 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 size | Swaps | Volume | Share of volume |
|---|---|---|---|
| < $100 | 1,565,477 | $54.76M | 1.7% |
| $100 – $1k | 878,593 | $169.84M | 5.4% |
| $1k – $10k | 46,768 | $132.79M | 4.2% |
| $10k – $100k | 5,486 | $182.46M | 5.8% |
| ≥ $100k | 5,846 | $2.60B | 82.8% |
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.
38 live gauges earning under $250 / 30d
| Pair | Fees | Volume | Liquidity | Fee |
|---|---|---|---|---|
| EARN/WBNB | $87 | $28.9K | $150.3K | 30 bps |
| EARN/GRASS | $0 | $0 | $21.7K | 100 bps |
| WBNB/BOOK | $8 | $785 | $14.2K | 100 bps |
| QQQB/USDT | $14 | $27.9K | $7.2K | 5 bps |
| TQB/USDT | $72 | $24.0K | $5.5K | 30 bps |
| QQQB/TQB | $0 | $0 | $5.2K | 30 bps |
| DOGE/WBNB | $10 | $9.2K | $3.9K | 11.18 bps |
| USDT/BULLA | $147 | $62.6K | $3.1K | 21.30 bps |
| USDT/SPCXB | $30 | $59.2K | $3.0K | 5 bps |
| NianNian/WBNB | $148 | $49.3K | $3.0K | 30 bps |
| NVDAB/USDT | $12 | $24.6K | $2.7K | 5 bps |
| USDT/SPCXon | $52 | $22.1K | $2.3K | 21.25 bps |
| USDT/SPYB | $7 | $13.2K | $2.3K | 5 bps |
| GENIUS/WBNB | $87 | $28.9K | $1.7K | 30 bps |
| WBNB/BOOK | $6 | $723 | $1.4K | 80 bps |
| WBNB/Korico | $25 | $8.2K | $1.4K | 30 bps |
| WBNB/ClipX | $10 | $3.3K | $1.1K | 30 bps |
| USDT/SKYAI | $10 | $8.8K | $1.1K | 13.15 bps |
| 背手负鼠/WBNB | $0 | $6 | $1.1K | 26.98 bps |
| SPCXon/TOPAZ | $12 | $5.5K | $939 | 13.85 bps |
| 4/WBNB | $13 | $4.2K | $898 | 30 bps |
| OCEAN/WBNB | $22 | $7.4K | $824 | 30 bps |
| WBNB/SPCXon | $13 | $5.0K | $489 | 25.22 bps |
| Broccoli/WBNB | $8 | $2.8K | $359 | 30 bps |
| TWT/WBNB | $1 | $693 | $325 | 16.48 bps |
| VELVET/WBNB | $1 | $305 | $323 | 30 bps |
| Cake/WBNB | $0 | $140 | $274 | 30 bps |
| 币安人生/WBNB | $0 | $126 | $242 | 30 bps |
| USDT/B | $2 | $787 | $231 | 33.20 bps |
| SIREN/WBNB | $1 | $1.2K | $211 | 8.02 bps |
| B4/WBNB | $0 | $5 | $189 | 30 bps |
| $RISE/WBNB | $0 | $0 | $168 | 30 bps |
| WBNB/BUSS | $0 | $61 | $51 | 30 bps |
| Trusty/WBNB | $0 | $15 | $49 | 30 bps |
| ASTER/USDT | $0 | $102 | $27 | 5 bps |
| PUP/WBNB | $0 | $0 | $22 | 30 bps |
| CaptainBNB/WBNB | $0 | $0 | $17 | 30 bps |
| BULLA/WBNB | $0 | $0 | $3 | 30 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.
| Pair | Volume | Fees | Vol share | Fee share | Gap | Fee | Realized | Cap | K | Gauge | Flags |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ETH/BTCB tier 5 bps | $862.79M | $67.0K | 66.6% | 55.4% | -11.2 pt | 1.27 bps | 0.78 bps | 5 bps 16% used | 7000000 | live | under-monetized |
| USDT/USDC tier 1 bps | $149.73M | $749 | 11.6% | 0.6% | -10.9 pt | 0.05 bps | 0.05 bps | — | — | live | under-monetizednear-zero fee |
| USDT/USD1 tier 1 bps | $72.51M | $725 | 5.6% | 0.6% | -5.0 pt | 0.10 bps | 0.10 bps | — | — | live | near-zero fee |
| USDT/WBNB tier 5 bps | $91.57M | $5.6K | 7.1% | 4.6% | -2.5 pt | 0.43 bps | 0.61 bps | 2.50 bps 24% used | 7700000 | live | |
| USDT/BTCB tier 5 bps | $18.72M | $1.3K | 1.4% | 1.1% | -0.3 pt | 0.36 bps | 0.72 bps | 3 bps 24% used | 6000000 | live | |
| BTCB/WBNB tier 5 bps | $33.26M | $2.9K | 2.6% | 2.4% | -0.2 pt | 0.62 bps | 0.88 bps | 5 bps 18% used | 6000000 | live | |
| WBNB/BUSD | $0 | $0 | 0.0% | 0.0% | +0.0 pt | 30 bps | 30.00 bps | — | — | none | |
| BULLA/WBNB tier 5 bps | $0 | $0 | 0.0% | 0.0% | +0.0 pt | 30 bps | 30.00 bps | 30 bps 100% used | 3000000 | live | pinned at capemissions, no fees |
| PUP/WBNB | $0 | $0 | 0.0% | 0.0% | +0.0 pt | 30 bps | 30 bps | — | — | live | emissions, no fees |
| CaptainBNB/WBNB | $0 | $0 | 0.0% | 0.0% | +0.0 pt | 30 bps | 30.00 bps | — | — | live | emissions, no fees |
| USDC/WBNB | $2 | $0 | 0.0% | 0.0% | +0.0 pt | 30 bps | 30 bps | — | — | none | |
| B4/WBNB | $5 | $0 | 0.0% | 0.0% | +0.0 pt | 30 bps | 30.00 bps | — | — | live | emissions, no fees |
| 背手负鼠/WBNB tier 30 bps | $6 | $0 | 0.0% | 0.0% | +0.0 pt | 26.98 bps | 49.42 bps | 50 bps 99% used | 6000000 | live | pinned at capemissions, no fees |
| ASTER/USDT | $102 | $0 | 0.0% | 0.0% | +0.0 pt | 5 bps | 5 bps | — | — | live | emissions, no fees |
| Trusty/WBNB | $15 | $0 | 0.0% | 0.0% | +0.0 pt | 30 bps | 30 bps | — | — | live | emissions, no fees |
| USDT/BUD | $130 | $0 | 0.0% | 0.0% | +0.0 pt | 5 bps | 5.00 bps | — | — | none | |
| WBNB/BUSS | $61 | $0 | 0.0% | 0.0% | +0.0 pt | 30 bps | 30.00 bps | — | — | live | emissions, no fees |
| 币安人生/WBNB | $126 | $0 | 0.0% | 0.0% | +0.0 pt | 30 bps | 30.00 bps | — | — | live | emissions, no fees |
| Cake/WBNB | $140 | $0 | 0.0% | 0.0% | +0.0 pt | 30 bps | 30.00 bps | — | — | live | emissions, no fees |
| TWT/WBNB tier 5 bps | $693 | $1 | 0.0% | 0.0% | +0.0 pt | 16.48 bps | 7.76 bps | 20 bps 39% used | 4000000 | live | emissions, no fees |
| VELVET/WBNB | $305 | $1 | 0.0% | 0.0% | +0.0 pt | 30 bps | 30.00 bps | — | — | live | emissions, no fees |
| SIREN/WBNB tier 30 bps | $1.2K | $1 | 0.0% | 0.0% | +0.0 pt | 8.02 bps | 9.80 bps | 50 bps 20% used | 2500000 | live | emissions, no fees |
| USDT/B tier 5 bps | $787 | $2 | 0.0% | 0.0% | +0.0 pt | 33.20 bps | 30.42 bps | 50 bps 61% used | 5000000 | live | emissions, no fees |
| USDT/SPYB | $13.2K | $7 | 0.0% | 0.0% | +0.0 pt | 5 bps | 5 bps | — | — | live | emissions, no fees |
| WBNB/BOOK tier 30 bps | $723 | $6 | 0.0% | 0.0% | +0.0 pt | 80 bps | 80.00 bps | — | — | live | emissions, no fees |
| WBNB/BOOK | $785 | $8 | 0.0% | 0.0% | +0.0 pt | 100 bps | 100.00 bps | — | — | live | emissions, no fees |
| Broccoli/WBNB | $2.8K | $8 | 0.0% | 0.0% | +0.0 pt | 30 bps | 30.00 bps | — | — | live | emissions, no fees |
| DOGE/WBNB tier 5 bps | $9.2K | $10 | 0.0% | 0.0% | +0.0 pt | 11.18 bps | 10.38 bps | 15 bps 69% used | 2000000 | live | emissions, no fees |
| USDT/SKYAI tier 5 bps | $8.8K | $10 | 0.0% | 0.0% | +0.0 pt | 13.15 bps | 11.46 bps | 30 bps 38% used | 5000000 | live | emissions, no fees |
| WBNB/ClipX | $3.3K | $10 | 0.0% | 0.0% | +0.0 pt | 30 bps | 30.00 bps | — | — | live | emissions, no fees |
| NVDAB/USDT | $24.6K | $12 | 0.0% | 0.0% | +0.0 pt | 5 bps | 5 bps | — | — | live | emissions, no fees |
| SPCXon/TOPAZ tier 5 bps | $5.5K | $12 | 0.0% | 0.0% | +0.0 pt | 13.85 bps | 21.06 bps | 50 bps 42% used | 5000000 | live | emissions, no fees |
| QQQB/USDT | $27.9K | $14 | 0.0% | 0.0% | +0.0 pt | 5 bps | 5.00 bps | — | — | live | emissions, no fees |
| 4/WBNB | $4.2K | $13 | 0.0% | 0.0% | +0.0 pt | 30 bps | 30.00 bps | — | — | live | emissions, no fees |
| WBNB/SPCXon tier 5 bps | $5.0K | $13 | 0.0% | 0.0% | +0.0 pt | 25.22 bps | 25.25 bps | 50 bps 51% used | 6000000 | live | emissions, no fees |
| OCEAN/WBNB | $7.4K | $22 | 0.0% | 0.0% | +0.0 pt | 30 bps | 30 bps | — | — | live | emissions, no fees |
| WBNB/Korico | $8.2K | $25 | 0.0% | 0.0% | +0.0 pt | 30 bps | 30.00 bps | — | — | live | emissions, no fees |
| USDT/SPCXB | $59.2K | $30 | 0.0% | 0.0% | +0.0 pt | 5 bps | 5 bps | — | — | live | emissions, no fees |
| USDT/SPCXon tier 5 bps | $22.1K | $52 | 0.0% | 0.0% | +0.0 pt | 21.25 bps | 23.46 bps | 50 bps 47% used | 5000000 | live | emissions, no fees |
| ASTEROID/TOPAZ | $18.3K | $55 | 0.0% | 0.0% | +0.0 pt | 30 bps | 30.00 bps | — | — | none | |
| ETH/WBNB tier 5 bps | $17.91M | $1.7K | 1.4% | 1.4% | +0.1 pt | 1.04 bps | 0.97 bps | 5 bps 19% used | 6000000 | live | |
| TQB/USDT | $24.0K | $72 | 0.0% | 0.1% | +0.1 pt | 30 bps | 30 bps | — | — | live | emissions, no fees |
| EARN/WBNB | $28.9K | $87 | 0.0% | 0.1% | +0.1 pt | 30 bps | 30.00 bps | — | — | live | emissions, no fees |
| GENIUS/WBNB | $28.9K | $87 | 0.0% | 0.1% | +0.1 pt | 30 bps | 30.00 bps | — | — | live | emissions, no fees |
| USDT/BULLA tier 30 bps | $62.6K | $147 | 0.0% | 0.1% | +0.1 pt | 21.30 bps | 23.53 bps | 50 bps 47% used | 6000000 | live | emissions, no fees |
| NianNian/WBNB | $49.3K | $148 | 0.0% | 0.1% | +0.1 pt | 30 bps | 30.00 bps | — | — | live | emissions, no fees |
| XRP/WBNB tier 30 bps | $404.2K | $314 | 0.0% | 0.3% | +0.2 pt | 7.67 bps | 7.76 bps | 25 bps 31% used | 2500000 | live | |
| WBNB/TOPAZ tier 30 bps | $31.4K | $314 | 0.0% | 0.3% | +0.3 pt | 100 bps | 100.00 bps | — | — | live | |
| 44/WBNB tier 30 bps | $8.6K | $318 | 0.0% | 0.3% | +0.3 pt | 208.88 bps | 370.18 bps | 444.44 bps 83% used | 444444444 | live | |
| Airo/USDT | $36.3K | $363 | 0.0% | 0.3% | +0.3 pt | 100 bps | 100.00 bps | — | — | live | |
| ETH/USDT tier 5 bps | $12.85M | $1.7K | 1.0% | 1.4% | +0.4 pt | 1.49 bps | 1.31 bps | 10 bps 13% used | 3500000 | live | |
| LAB/WBNB tier 30 bps | $221.6K | $640 | 0.0% | 0.5% | +0.5 pt | 21.65 bps | 28.89 bps | 75 bps 39% used | 5000000 | live | |
| ZEC/USDT tier 5 bps | $1.22M | $992 | 0.1% | 0.8% | +0.7 pt | 8.07 bps | 8.10 bps | 25 bps 32% used | 2500000 | live | |
| SOL/WBNB tier 5 bps | $2.09M | $1.1K | 0.2% | 0.9% | +0.8 pt | 5.15 bps | 5.45 bps | 30 bps 18% used | 5000000 | live | |
| ZEC/WBNB tier 5 bps | $1.13M | $1.3K | 0.1% | 1.1% | +1.0 pt | 10.14 bps | 11.52 bps | 100 bps 12% used | 7000000 | live | |
| WBNB/TOPAZ | $154.8K | $1.5K | 0.0% | 1.3% | +1.3 pt | 100 bps | 100 bps | — | — | live | |
| XRP/USDT tier 5 bps | $1.80M | $1.8K | 0.1% | 1.5% | +1.4 pt | 10 bps | 10.00 bps | 10 bps 100% used | 2000000 | live | pinned at cap |
| UB/USDT tier 5 bps | $3.80M | $2.5K | 0.3% | 2.1% | +1.8 pt | 4.03 bps | 6.61 bps | 20 bps 33% used | 7000000 | live | |
| UB/WBNB | $597.7K | $6.0K | 0.0% | 4.9% | +4.9 pt | 100 bps | 100.00 bps | — | — | live | |
| USDT/SOL tier 5 bps | $11.58M | $7.9K | 0.9% | 6.6% | +5.7 pt | 7.78 bps | 6.86 bps | 30 bps 23% used | 7000000 | live | |
| ETH/SOL tier 5 bps | $12.80M | $13.2K | 1.0% | 10.9% | +9.9 pt | 10.28 bps | 10.32 bps | 30 bps 34% used | 3500000 | live |