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 2026-08-02 → 2026-08-08 (UTC). 7d14d30d
7d Volume
$992.63M
7d Fees
$91.1K
Blended rate
0.92 bps
fees ÷ volume across all Topaz pools
Under-monetized volume
$855.67M
86.2% of volume earning $66,353
Uplift at blended rate
$12.2K
if that flow survived the change — test on /fee-changes
Flags
40
2 pinned at cap · 40 gauge w/o fees
86.2% of Topaz volume is producing 72.9% of its fees. At the blended 0.92 bps that flow would be worth $12,150 more over 7d — 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 | 463,787 | $14.35M | 0.5% |
| $100 – $1k | 260,637 | $56.11M | 2.0% |
| $1k – $10k | 12,776 | $35.03M | 1.2% |
| $10k – $100k | 3,424 | $134.91M | 4.8% |
| ≥ $100k | 5,821 | $2.59B | 91.5% |
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.
40 live gauges earning under $250 / 7d
| Pair | Fees | Volume | Liquidity | Fee |
|---|---|---|---|---|
| USDT/USDC | $237 | $47.43M | $343.7K | 0.05 bps |
| EARN/WBNB | $1 | $455 | $84.0K | 30 bps |
| USDT/USD1 | $121 | $12.14M | $68.6K | 0.10 bps |
| 44/WBNB | $92 | $2.2K | $58.7K | 208.88 bps |
| Airo/USDT | $89 | $8.9K | $53.9K | 100 bps |
| ZEC/USDT | $172 | $214.7K | $18.6K | 8.07 bps |
| EARN/GRASS | $0 | $0 | $17.0K | 100 bps |
| ZEC/WBNB | $239 | $209.4K | $11.4K | 10.14 bps |
| WBNB/BOOK | $0 | $1 | $9.6K | 100 bps |
| XRP/WBNB | $33 | $41.9K | $9.5K | 7.67 bps |
| QQQB/USDT | $14 | $27.4K | $7.2K | 5 bps |
| TQB/USDT | $72 | $24.0K | $5.5K | 30 bps |
| WBNB/TOPAZ | $28 | $2.8K | $5.3K | 100 bps |
| QQQB/TQB | $0 | $0 | $5.2K | 30 bps |
| USDT/SPCXB | $28 | $56.3K | $3.0K | 5 bps |
| DOGE/WBNB | $0 | $6 | $2.9K | 11.18 bps |
| NVDAB/USDT | $12 | $24.6K | $2.7K | 5 bps |
| USDT/SPYB | $7 | $13.2K | $2.3K | 5 bps |
| LAB/WBNB | $13 | $5.5K | $2.1K | 21.65 bps |
| USDT/BULLA | $0 | $147 | $1.3K | 21.30 bps |
| NianNian/WBNB | $10 | $3.3K | $1.2K | 30 bps |
| GENIUS/WBNB | $0 | $88 | $1.1K | 30 bps |
| WBNB/ClipX | $6 | $2.0K | $1.1K | 30 bps |
| USDT/SKYAI | $0 | $5 | $1.1K | 13.15 bps |
| USDT/SPCXon | $16 | $6.7K | $926 | 21.25 bps |
| WBNB/BOOK | $0 | $37 | $909 | 80 bps |
| WBNB/SPCXon | $3 | $1.0K | $489 | 25.22 bps |
| SPCXon/TOPAZ | $1 | $965 | $437 | 13.85 bps |
| 4/WBNB | $0 | $2 | $358 | 30 bps |
| Broccoli/WBNB | $1 | $313 | $349 | 30 bps |
| VELVET/WBNB | $1 | $280 | $323 | 30 bps |
| WBNB/Korico | $0 | $59 | $289 | 30 bps |
| 币安人生/WBNB | $0 | $19 | $209 | 30 bps |
| SIREN/WBNB | $0 | $342 | $167 | 8.02 bps |
| OCEAN/WBNB | $2 | $815 | $125 | 30 bps |
| B4/WBNB | $0 | $0 | $92 | 30 bps |
| WBNB/BUSS | $0 | $4 | $35 | 30 bps |
| ASTER/USDT | $0 | $50 | $27 | 5 bps |
| Cake/WBNB | $0 | $4 | $20 | 30 bps |
| CaptainBNB/WBNB | $0 | $0 | $17 | 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 | $855.67M | $66.4K | 86.2% | 72.9% | -13.3 pt | 1.27 bps | 0.78 bps | 5 bps 16% used | 7000000 | live | under-monetized |
| USDT/USDC tier 1 bps | $47.43M | $237 | 4.8% | 0.3% | -4.5 pt | 0.05 bps | 0.05 bps | — | — | live | near-zero feeemissions, no fees |
| USDT/WBNB tier 5 bps | $33.45M | $1.6K | 3.4% | 1.8% | -1.6 pt | 0.43 bps | 0.48 bps | 2.50 bps 19% used | 7700000 | live | |
| USDT/USD1 tier 1 bps | $12.14M | $121 | 1.2% | 0.1% | -1.1 pt | 0.10 bps | 0.10 bps | — | — | live | near-zero feeemissions, no fees |
| USDT/BTCB tier 5 bps | $7.78M | $441 | 0.8% | 0.5% | -0.3 pt | 0.36 bps | 0.57 bps | 3 bps 19% used | 6000000 | live | |
| BTCB/WBNB tier 5 bps | $9.32M | $716 | 0.9% | 0.8% | -0.2 pt | 0.62 bps | 0.77 bps | 5 bps 15% used | 6000000 | live | |
| ETH/WBNB tier 5 bps | $5.79M | $478 | 0.6% | 0.5% | -0.1 pt | 1.04 bps | 0.83 bps | 5 bps 17% used | 6000000 | live | |
| WBNB/BUSD | $0 | $0 | 0.0% | 0.0% | +0.0 pt | 30 bps | 30 bps | — | — | none | |
| CaptainBNB/WBNB | $0 | $0 | 0.0% | 0.0% | +0.0 pt | 30 bps | 30.00 bps | — | — | live | emissions, no fees |
| B4/WBNB | $0 | $0 | 0.0% | 0.0% | +0.0 pt | 30 bps | 30 bps | — | — | live | emissions, no fees |
| USDT/BUD | $10 | $0 | 0.0% | 0.0% | +0.0 pt | 5 bps | 5 bps | — | — | none | |
| 4/WBNB | $2 | $0 | 0.0% | 0.0% | +0.0 pt | 30 bps | 30 bps | — | — | live | emissions, no fees |
| DOGE/WBNB tier 5 bps | $6 | $0 | 0.0% | 0.0% | +0.0 pt | 11.18 bps | 11.77 bps | 15 bps 78% used | 2000000 | live | emissions, no fees |
| WBNB/BOOK | $1 | $0 | 0.0% | 0.0% | +0.0 pt | 100 bps | 100 bps | — | — | live | emissions, no fees |
| Cake/WBNB | $4 | $0 | 0.0% | 0.0% | +0.0 pt | 30 bps | 30.00 bps | — | — | live | emissions, no fees |
| WBNB/BUSS | $4 | $0 | 0.0% | 0.0% | +0.0 pt | 30 bps | 30 bps | — | — | live | emissions, no fees |
| USDT/SKYAI tier 5 bps | $5 | $0 | 0.0% | 0.0% | +0.0 pt | 13.15 bps | 28.87 bps | 30 bps 96% used | 5000000 | live | pinned at capemissions, no fees |
| ASTER/USDT | $50 | $0 | 0.0% | 0.0% | +0.0 pt | 5 bps | 5.00 bps | — | — | live | emissions, no fees |
| 币安人生/WBNB | $19 | $0 | 0.0% | 0.0% | +0.0 pt | 30 bps | 30 bps | — | — | live | emissions, no fees |
| WBNB/Korico | $59 | $0 | 0.0% | 0.0% | +0.0 pt | 30 bps | 30.00 bps | — | — | live | emissions, no fees |
| GENIUS/WBNB | $88 | $0 | 0.0% | 0.0% | +0.0 pt | 30 bps | 30.00 bps | — | — | live | emissions, no fees |
| WBNB/BOOK tier 30 bps | $37 | $0 | 0.0% | 0.0% | +0.0 pt | 80 bps | 80.00 bps | — | — | live | emissions, no fees |
| USDT/BULLA tier 30 bps | $147 | $0 | 0.0% | 0.0% | +0.0 pt | 21.30 bps | 22.91 bps | 50 bps 46% used | 6000000 | live | emissions, no fees |
| SIREN/WBNB tier 30 bps | $342 | $0 | 0.0% | 0.0% | +0.0 pt | 8.02 bps | 13.23 bps | 50 bps 26% used | 2500000 | live | emissions, no fees |
| VELVET/WBNB | $280 | $1 | 0.0% | 0.0% | +0.0 pt | 30 bps | 30.00 bps | — | — | live | emissions, no fees |
| Broccoli/WBNB | $313 | $1 | 0.0% | 0.0% | +0.0 pt | 30 bps | 30.00 bps | — | — | live | emissions, no fees |
| EARN/WBNB | $455 | $1 | 0.0% | 0.0% | +0.0 pt | 30 bps | 30 bps | — | — | live | emissions, no fees |
| SPCXon/TOPAZ tier 5 bps | $965 | $1 | 0.0% | 0.0% | +0.0 pt | 13.85 bps | 15.23 bps | 50 bps 30% used | 5000000 | live | emissions, no fees |
| OCEAN/WBNB | $815 | $2 | 0.0% | 0.0% | +0.0 pt | 30 bps | 30.00 bps | — | — | live | emissions, no fees |
| WBNB/SPCXon tier 5 bps | $1.0K | $3 | 0.0% | 0.0% | +0.0 pt | 25.22 bps | 27.06 bps | 50 bps 54% used | 6000000 | 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/ClipX | $2.0K | $6 | 0.0% | 0.0% | +0.0 pt | 30 bps | 30 bps | — | — | live | emissions, no fees |
| NianNian/WBNB | $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 |
| QQQB/USDT | $27.4K | $14 | 0.0% | 0.0% | +0.0 pt | 5 bps | 5 bps | — | — | live | emissions, no fees |
| LAB/WBNB tier 30 bps | $5.5K | $13 | 0.0% | 0.0% | +0.0 pt | 21.65 bps | 22.79 bps | 75 bps 30% used | 5000000 | live | emissions, no fees |
| USDT/SPCXon tier 5 bps | $6.7K | $16 | 0.0% | 0.0% | +0.0 pt | 21.25 bps | 24.34 bps | 50 bps 49% used | 5000000 | live | emissions, no fees |
| USDT/SPCXB | $56.3K | $28 | 0.0% | 0.0% | +0.0 pt | 5 bps | 5 bps | — | — | live | emissions, no fees |
| WBNB/TOPAZ tier 30 bps | $2.8K | $28 | 0.0% | 0.0% | +0.0 pt | 100 bps | 100 bps | — | — | live | emissions, no fees |
| XRP/WBNB tier 30 bps | $41.9K | $33 | 0.0% | 0.0% | +0.0 pt | 7.67 bps | 7.87 bps | 25 bps 31% used | 2500000 | live | emissions, no fees |
| ASTEROID/TOPAZ | $18.3K | $55 | 0.0% | 0.1% | +0.1 pt | 30 bps | 30.00 bps | — | — | none | |
| TQB/USDT | $24.0K | $72 | 0.0% | 0.1% | +0.1 pt | 30 bps | 30 bps | — | — | live | emissions, no fees |
| Airo/USDT | $8.9K | $89 | 0.0% | 0.1% | +0.1 pt | 100 bps | 100.00 bps | — | — | live | emissions, no fees |
| 44/WBNB tier 30 bps | $2.2K | $92 | 0.0% | 0.1% | +0.1 pt | 208.88 bps | 415.78 bps | 444.44 bps 94% used | 444444444 | live | emissions, no fees |
| ETH/USDT tier 5 bps | $2.88M | $372 | 0.3% | 0.4% | +0.1 pt | 1.49 bps | 1.29 bps | 10 bps 13% used | 3500000 | live | |
| ZEC/USDT tier 5 bps | $214.7K | $172 | 0.0% | 0.2% | +0.2 pt | 8.07 bps | 8.00 bps | 25 bps 32% used | 2500000 | live | emissions, no fees |
| ZEC/WBNB tier 5 bps | $209.4K | $239 | 0.0% | 0.3% | +0.2 pt | 10.14 bps | 11.40 bps | 100 bps 11% used | 7000000 | live | emissions, no fees |
| SOL/WBNB tier 5 bps | $610.0K | $333 | 0.1% | 0.4% | +0.3 pt | 5.15 bps | 5.46 bps | 30 bps 18% used | 5000000 | live | |
| XRP/USDT tier 5 bps | $346.9K | $347 | 0.0% | 0.4% | +0.3 pt | 10 bps | 10.00 bps | 10 bps 100% used | 2000000 | live | pinned at cap |
| WBNB/TOPAZ | $32.2K | $322 | 0.0% | 0.4% | +0.3 pt | 100 bps | 100 bps | — | — | live | |
| UB/USDT tier 5 bps | $1.15M | $942 | 0.1% | 1.0% | +0.9 pt | 4.03 bps | 8.16 bps | 20 bps 41% used | 7000000 | live | |
| USDT/SOL tier 5 bps | $2.59M | $2.1K | 0.3% | 2.3% | +2.1 pt | 7.78 bps | 8.20 bps | 30 bps 27% used | 7000000 | live | |
| UB/WBNB | $289.7K | $2.9K | 0.0% | 3.2% | +3.2 pt | 100 bps | 100.00 bps | — | — | live | |
| ETH/SOL tier 5 bps | $12.47M | $12.9K | 1.3% | 14.1% | +12.9 pt | 10.28 bps | 10.31 bps | 30 bps 34% used | 3500000 | live |