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 2026-09-09 → 2026-10-08 (UTC). 7d14d30d
30d Volume
$523.97M
30d Fees
$90.2K
Blended rate
1.72 bps
fees ÷ volume across all Topaz pools
Under-monetized volume
$334.70M
63.9% of volume earning $8,115
Uplift at blended rate
$49.5K
if that flow survived the change — test on /fee-changes
Flags
35
2 pinned at cap · 45 gauge w/o fees
63.9% of Topaz volume is producing 9.0% of its fees. At the blended 1.72 bps that flow would be worth $49,514 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 | 1,613,891 | $55.72M | 10.6% |
| $100 – $1k | 1,024,604 | $235.18M | 44.9% |
| $1k – $10k | 47,243 | $122.83M | 23.4% |
| $10k – $100k | 4,139 | $96.56M | 18.4% |
| ≥ $100k | 91 | $13.67M | 2.6% |
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.
45 live gauges earning under $250 / 30d
| Pair | Fees | Volume | Liquidity | Fee |
|---|---|---|---|---|
| 44/WBNB | $74 | $2.2K | $69.0K | 124.44 bps |
| QQQB/USDT | $34 | $64.9K | $14.6K | 5.15 bps |
| USDT/SPCXB | $140 | $243.3K | $6.6K | 10.35 bps |
| WBNB/TOPAZ | $127 | $7.5K | $6.2K | 160 bps |
| USDT/BULLA | $0 | $1 | $5.9K | 50 bps |
| WBNB/BOOK | $1 | $68 | $5.4K | 100 bps |
| QQQB/TQB | $0 | $0 | $5.1K | 30 bps |
| USDT/SPYB | $6 | $11.4K | $3.6K | 5 bps |
| EARN/GRASS | $0 | $0 | $3.3K | 100 bps |
| WBNB/BUSS | $0 | $72 | $2.3K | 30 bps |
| XRP/WBNB | $0 | $202 | $2.0K | 7.75 bps |
| PUP/WBNB | $0 | $0 | $1.6K | 30 bps |
| WBNB/ClipX | $23 | $7.8K | $1.4K | 30 bps |
| BUD/TOPAZ | $2 | $695 | $1.4K | 30 bps |
| GENIUS/WBNB | $0 | $133 | $1.3K | 30 bps |
| USDT/SPCXon | $17 | $7.3K | $964 | 20.85 bps |
| EARN/WBNB | $0 | $7 | $941 | 30 bps |
| WBNB/BOOK | $0 | $40 | $897 | 80 bps |
| USDT/SKYAI | $0 | $0 | $810 | 20.65 bps |
| 4/WBNB | $0 | $8 | $615 | 30 bps |
| LAB/WBNB | $26 | $10.1K | $596 | 22.25 bps |
| DOGE/WBNB | $0 | $1 | $583 | 10.80 bps |
| WBNB/SPCXon | $2 | $864 | $522 | 27.56 bps |
| CaptainBNB/WBNB | $0 | $0 | $469 | 30 bps |
| NianNian/WBNB | $0 | $9 | $361 | 30 bps |
| WBNB/Korico | $0 | $2 | $315 | 30 bps |
| Broccoli/WBNB | $0 | $30 | $295 | 30 bps |
| $RISE/WBNB | $0 | $0 | $230 | 30 bps |
| 背手负鼠/WBNB | $0 | $0 | $226 | 26.98 bps |
| 币安人生/WBNB | $0 | $11 | $220 | 30 bps |
| OCEAN/WBNB | $0 | $0 | $170 | 30 bps |
| SIREN/WBNB | $0 | $9 | $167 | 8.22 bps |
| CLZD/WBNB | $0 | $76 | $126 | 30 bps |
| Trusty/WBNB | $0 | $44 | $106 | 30 bps |
| BULLA/WBNB | $0 | $0 | $14 | 30 bps |
| Cake/WBNB | $0 | $0 | $6 | 30 bps |
| bibi/WBNB | $0 | $0 | $2 | 30 bps |
| B4/WBNB | $0 | $0 | $1 | 30 bps |
| VELVET/WBNB | $0 | $0 | $0 | 30 bps |
| SPCXon/TOPAZ | $0 | $0 | $0 | 30.25 bps |
| TWT/WBNB | $0 | $0 | $0 | 16.48 bps |
| QQQB/SPYB | $0 | $0 | $0 | 5.20 bps |
| USDT/B | $0 | $0 | $0 | 33.20 bps |
| ASTER/USDT | $0 | $0 | $0 | 5 bps |
| TQB/USDT | $0 | $0 | $0 | 30 bps |
2 pools earning with no gauge — incentive candidates
| Pair | Fees | Volume | Liquidity | Fee |
|---|---|---|---|---|
| USDT/Stonks | $7,982 | $798.2K | $46.5K | 100 bps |
| USDT/Stonks | $688 | $229.4K | $8.2K | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| USDT/USDC tier 1 bps | $223.32M | $1.1K | 42.6% | 1.2% | -41.4 pt | 0.05 bps | 0.05 bps | — | — | live | under-monetizednear-zero fee |
| USDT/WBNB tier 5 bps | $111.38M | $7.0K | 21.3% | 7.8% | -13.5 pt | 0.35 bps | 0.63 bps | 2.50 bps 25% used | 7700000 | live | under-monetized |
| USDT/USD1 tier 1 bps | $27.54M | $275 | 5.3% | 0.3% | -5.0 pt | 0.10 bps | 0.10 bps | — | — | live | near-zero fee |
| ETH/WBNB tier 5 bps | $34.15M | $3.5K | 6.5% | 3.9% | -2.6 pt | 2.50 bps | 1.02 bps | 5 bps 20% used | 6000000 | live | |
| BTCB/WBNB tier 5 bps | $22.92M | $2.2K | 4.4% | 2.5% | -1.9 pt | 2.56 bps | 0.98 bps | 5 bps 20% used | 6000000 | live | |
| BNCB/USDT | $14.58M | $1.5K | 2.8% | 1.6% | -1.2 pt | 1 bps | 1 bps | — | — | live | |
| USDT/BTCB tier 5 bps | $9.23M | $696 | 1.8% | 0.8% | -1.0 pt | 2.18 bps | 0.75 bps | 3 bps 25% used | 6000000 | live | |
| ETH/BTCB tier 5 bps | $8.41M | $870 | 1.6% | 1.0% | -0.6 pt | 2.21 bps | 1.03 bps | 5 bps 21% used | 7000000 | live | |
| ETH/USDT tier 5 bps | $4.16M | $641 | 0.8% | 0.7% | -0.1 pt | 2.67 bps | 1.54 bps | 10 bps 15% used | 3500000 | live | |
| USDT/TOPAZ | $0 | $0 | 0.0% | 0.0% | -0.0 pt | 1 bps | 1.00 bps | — | — | none | |
| WBNB/BUSD | $0 | $0 | 0.0% | 0.0% | +0.0 pt | 30 bps | 30.00 bps | — | — | none | |
| OCEAN/WBNB | $0 | $0 | 0.0% | 0.0% | +0.0 pt | 30 bps | 30 bps | — | — | live | emissions, no fees |
| BULLA/WBNB tier 5 bps | $0 | $0 | 0.0% | 0.0% | +0.0 pt | 30 bps | 29.96 bps | 30 bps 100% used | 3000000 | live | pinned at capemissions, no fees |
| CaptainBNB/WBNB | $0 | $0 | 0.0% | 0.0% | +0.0 pt | 30 bps | 30 bps | — | — | live | emissions, no fees |
| DOGE/WBNB tier 5 bps | $1 | $0 | 0.0% | 0.0% | +0.0 pt | 10.80 bps | 13.51 bps | 15 bps 90% used | 2000000 | live | emissions, no fees |
| Cake/WBNB | $0 | $0 | 0.0% | 0.0% | +0.0 pt | 30 bps | 30 bps | — | — | live | emissions, no fees |
| USDT/BULLA tier 30 bps | $1 | $0 | 0.0% | 0.0% | +0.0 pt | 50 bps | 49.66 bps | 50 bps 99% used | 6000000 | live | pinned at capemissions, no fees |
| WBNB/Korico | $2 | $0 | 0.0% | 0.0% | +0.0 pt | 30 bps | 30 bps | — | — | live | emissions, no fees |
| SIREN/WBNB tier 30 bps | $9 | $0 | 0.0% | 0.0% | +0.0 pt | 8.22 bps | 19.77 bps | 50 bps 40% used | 2500000 | live | emissions, no fees |
| EARN/WBNB | $7 | $0 | 0.0% | 0.0% | +0.0 pt | 30 bps | 30 bps | — | — | live | emissions, no fees |
| 4/WBNB | $8 | $0 | 0.0% | 0.0% | +0.0 pt | 30 bps | 30.00 bps | — | — | live | emissions, no fees |
| NianNian/WBNB | $9 | $0 | 0.0% | 0.0% | +0.0 pt | 30 bps | 30.00 bps | — | — | live | emissions, no fees |
| 币安人生/WBNB | $11 | $0 | 0.0% | 0.0% | +0.0 pt | 30 bps | 30.00 bps | — | — | live | emissions, no fees |
| Broccoli/WBNB | $30 | $0 | 0.0% | 0.0% | +0.0 pt | 30 bps | 30.00 bps | — | — | live | emissions, no fees |
| Trusty/WBNB | $44 | $0 | 0.0% | 0.0% | +0.0 pt | 30 bps | 30.00 bps | — | — | live | emissions, no fees |
| XRP/WBNB tier 30 bps | $202 | $0 | 0.0% | 0.0% | +0.0 pt | 7.75 bps | 8.24 bps | 25 bps 33% used | 2500000 | live | emissions, no fees |
| WBNB/BUSS | $72 | $0 | 0.0% | 0.0% | +0.0 pt | 30 bps | 30.00 bps | — | — | live | emissions, no fees |
| CLZD/WBNB | $76 | $0 | 0.0% | 0.0% | +0.0 pt | 30 bps | 30.00 bps | — | — | live | emissions, no fees |
| WBNB/BOOK tier 30 bps | $40 | $0 | 0.0% | 0.0% | +0.0 pt | 80 bps | 80 bps | — | — | live | emissions, no fees |
| GENIUS/WBNB | $133 | $0 | 0.0% | 0.0% | +0.0 pt | 30 bps | 30.00 bps | — | — | live | emissions, no fees |
| USDT/BUD | $1.5K | $1 | 0.0% | 0.0% | +0.0 pt | 5 bps | 5.00 bps | — | — | none | |
| WBNB/BOOK | $68 | $1 | 0.0% | 0.0% | +0.0 pt | 100 bps | 100 bps | — | — | live | emissions, no fees |
| BNCB/USDT | $77 | $1 | 0.0% | 0.0% | +0.0 pt | 100 bps | 100.00 bps | — | — | none | |
| zDOG/USDT | $485 | $1 | 0.0% | 0.0% | +0.0 pt | 30 bps | 30.00 bps | — | — | none | |
| BUD/TOPAZ | $695 | $2 | 0.0% | 0.0% | +0.0 pt | 30 bps | 30 bps | — | — | live | emissions, no fees |
| WBNB/SPCXon tier 5 bps | $864 | $2 | 0.0% | 0.0% | +0.0 pt | 27.56 bps | 24.93 bps | 50 bps 50% used | 6000000 | live | emissions, no fees |
| BNCB/USDT | $717 | $2 | 0.0% | 0.0% | +0.0 pt | 30 bps | 30 bps | — | — | none | |
| TOPAZ/xTOPAZ | $1.4K | $4 | 0.0% | 0.0% | +0.0 pt | 30 bps | 30.00 bps | — | — | none | |
| USDT/SPYB | $11.4K | $6 | 0.0% | 0.0% | +0.0 pt | 5 bps | 5.20 bps | 15 bps 35% used | 5000000 | live | emissions, no fees |
| USDT/xTOPAZ | $885 | $9 | 0.0% | 0.0% | +0.0 pt | 100 bps | 100.00 bps | — | — | none | |
| USDT/SPCXon tier 5 bps | $7.3K | $17 | 0.0% | 0.0% | +0.0 pt | 20.85 bps | 22.84 bps | 50 bps 46% used | 5000000 | live | emissions, no fees |
| WBNB/ClipX | $7.8K | $23 | 0.0% | 0.0% | +0.0 pt | 30 bps | 30 bps | — | — | live | emissions, no fees |
| QQQB/USDT tier 5 bps | $64.9K | $34 | 0.0% | 0.0% | +0.0 pt | 5.15 bps | 5.30 bps | 15 bps 35% used | 5000000 | live | emissions, no fees |
| LAB/WBNB tier 30 bps | $10.1K | $26 | 0.0% | 0.0% | +0.0 pt | 22.25 bps | 25.70 bps | 75 bps 34% used | 5000000 | live | emissions, no fees |
| Airo/USDT | $3.8K | $38 | 0.0% | 0.0% | +0.0 pt | 100 bps | 100 bps | — | — | none | |
| 44/WBNB tier 30 bps | $2.2K | $74 | 0.0% | 0.1% | +0.1 pt | 124.44 bps | 338.47 bps | 444.44 bps 76% used | 444444444 | live | emissions, no fees |
| BNCB/USDT | $99.3K | $99 | 0.0% | 0.1% | +0.1 pt | 10 bps | 10 bps | — | — | none | |
| USDT/SPCXB tier 5 bps | $243.3K | $140 | 0.0% | 0.2% | +0.1 pt | 10.35 bps | 5.77 bps | 15 bps 38% used | 5000000 | live | emissions, no fees |
| WBNB/TOPAZ tier 30 bps | $7.5K | $127 | 0.0% | 0.1% | +0.1 pt | 160 bps | 170.10 bps | 300 bps 57% used | 8000000 | live | emissions, no fees |
| NVDAB/USDT tier 5 bps | $683.0K | $416 | 0.1% | 0.5% | +0.3 pt | 7.85 bps | 6.09 bps | 15 bps 41% used | 5000000 | live | |
| ETH/SOL tier 5 bps | $496.8K | $554 | 0.1% | 0.6% | +0.5 pt | 12.81 bps | 11.15 bps | 30 bps 37% used | 3500000 | live | |
| USDT/Stonks | $229.4K | $688 | 0.0% | 0.8% | +0.7 pt | 30 bps | 30 bps | — | — | none | earning, no gauge |
| UB/USDT tier 5 bps | $1.87M | $986 | 0.4% | 1.1% | +0.7 pt | 5.19 bps | 5.29 bps | 20 bps 26% used | 7000000 | live | |
| SOL/WBNB tier 5 bps | $10.02M | $4.4K | 1.9% | 4.8% | +2.9 pt | 6.64 bps | 4.35 bps | 30 bps 15% used | 8000000 | live | |
| XRP/USDT tier 5 bps | $3.11M | $3.3K | 0.6% | 3.6% | +3.0 pt | 12.66 bps | 10.48 bps | 20 bps 52% used | 2000000 | live | |
| UB/WBNB | $278.5K | $2.8K | 0.1% | 3.1% | +3.0 pt | 100 bps | 100.00 bps | — | — | live | |
| USDT/SOL tier 5 bps | $7.59M | $4.4K | 1.4% | 4.9% | +3.5 pt | 7.40 bps | 5.84 bps | 30 bps 19% used | 9000000 | live | |
| WBNB/TOPAZ tier 100 bps | $340.7K | $3.7K | 0.1% | 4.2% | +4.1 pt | 102.70 bps | 110.04 bps | 200 bps 55% used | 5000000 | live | |
| USDT/Stonks | $798.2K | $8.0K | 0.2% | 8.8% | +8.7 pt | 100 bps | 100.00 bps | — | — | none | earning, no gauge |
| ZEC/WBNB tier 5 bps | $11.82M | $15.1K | 2.3% | 16.7% | +14.5 pt | 13.48 bps | 12.76 bps | 100 bps 13% used | 7000000 | live | |
| ZEC/USDT tier 5 bps | $30.59M | $27.5K | 5.8% | 30.5% | +24.7 pt | 10.20 bps | 9.00 bps | 25 bps 36% used | 2500000 | live |