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 2026-10-02 → 2026-10-08 (UTC). 7d14d30d

7d Volume
$97.82M
7d Fees
$16.8K
Blended rate
1.72 bps
fees ÷ volume across all Topaz pools
Under-monetized volume
$82.58M
84.4% of volume earning $2,274
Uplift at blended rate
$11.9K
if that flow survived the change — test on /fee-changes
Flags
37
1 pinned at cap · 52 gauge w/o fees
84.4% of Topaz volume is producing 13.5% of its fees. At the blended 1.72 bps that flow would be worth $11,909 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 sizeSwapsVolumeShare of volume
< $100369,126$11.75M12.0%
$100 – $1k151,484$33.76M34.5%
$1k – $10k10,320$28.04M28.7%
$10k – $100k1,059$22.91M23.4%
≥ $100k9$1.35M1.4%

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.

52 live gauges earning under $250 / 7d
PairFeesVolumeLiquidityFee
USDT/USDC$250$49.96M$293.0K0.05 bps
USDT/USD1$74$7.44M$68.1K0.10 bps
44/WBNB$38$960$65.8K124.44 bps
ETH/BTCB$127$499.4K$36.8K2.21 bps
NVDAB/USDT$73$90.1K$15.9K7.85 bps
ETH/SOL$130$99.6K$11.3K12.81 bps
UB/USDT$39$63.6K$8.0K5.19 bps
USDT/BTCB$48$194.5K$7.8K2.18 bps
ETH/USDT$64$219.4K$4.8K2.67 bps
EARN/GRASS$0$0$3.3K100 bps
WBNB/BUSS$0$0$2.0K30 bps
WBNB/BOOK$0$0$1.3K100 bps
QQQB/USDT$8$14.5K$1.1K5.15 bps
EARN/WBNB$0$0$94130 bps
WBNB/ClipX$2$814$90730 bps
USDT/SPCXB$1$510$73910.35 bps
USDT/SPYB$2$3.5K$7125 bps
USDT/SPCXon$4$1.6K$60720.85 bps
CaptainBNB/WBNB$0$0$46930 bps
USDT/BULLA$0$0$38850 bps
WBNB/SPCXon$1$233$33427.56 bps
WBNB/BOOK$0$0$32480 bps
LAB/WBNB$3$1.0K$28522.25 bps
4/WBNB$0$2$17630 bps
WBNB/TOPAZ$6$368$142160 bps
XRP/WBNB$0$0$1267.75 bps
QQQB/TQB$0$0$3030 bps
WBNB/Korico$0$1$2730 bps
币安人生/WBNB$0$2$2030 bps
GENIUS/WBNB$0$13$2030 bps
SIREN/WBNB$0$1$178.22 bps
Trusty/WBNB$0$4$1330 bps
NianNian/WBNB$0$3$1030 bps
Broccoli/WBNB$0$0$730 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
Cake/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
PUP/WBNB$0$0$030 bps
USDT/SKYAI$0$0$020.65 bps
USDT/B$0$0$033.20 bps
CLZD/WBNB$0$0$030 bps
ASTER/USDT$0$0$05 bps
TQB/USDT$0$0$030 bps
2 pools earning with no gauge — incentive candidates
PairFeesVolumeLiquidityFee
USDT/Stonks$572$57.2K$8.9K100 bps
USDT/Stonks$309$103.0K$7.9K30 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
$49.96M$25051.1%1.5%-49.6 pt0.05 bps0.05 bps——liveunder-monetizednear-zero feeemissions, no fees
USDT/WBNB
tier 5 bps
$13.33M$76513.6%4.6%-9.1 pt0.35 bps0.57 bps2.50 bps
23% used
7700000liveunder-monetized
USDT/USD1
tier 1 bps
$7.44M$747.6%0.4%-7.2 pt0.10 bps0.10 bps——liveunder-monetizednear-zero feeemissions, no fees
BNCB/USDT$11.85M$1.2K12.1%7.1%-5.1 pt1 bps1.00 bps——liveunder-monetized
USDT/TOPAZ$0$00.0%0.0%-0.0 pt1 bps1.00 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
Cake/WBNB$0$00.0%0.0%+0.0 pt30 bps30.00 bps——liveemissions, no fees
WBNB/BUSS$0$00.0%0.0%+0.0 pt30 bps30 bps——liveemissions, 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
DOGE/WBNB
tier 5 bps
$1$00.0%0.0%+0.0 pt10.80 bps13.61 bps15 bps
91% used
2000000liveemissions, no fees
SIREN/WBNB
tier 30 bps
$1$00.0%0.0%+0.0 pt8.22 bps13.41 bps50 bps
27% used
2500000liveemissions, no fees
Broccoli/WBNB$0$00.0%0.0%+0.0 pt30 bps30.00 bps——liveemissions, no fees
WBNB/Korico$1$00.0%0.0%+0.0 pt30 bps30 bps——liveemissions, no fees
BNCB/USDT$1$00.0%0.0%+0.0 pt30 bps30.00 bps——none
币安人生/WBNB$2$00.0%0.0%+0.0 pt30 bps30 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
BNCB/USDT$1$00.0%0.0%+0.0 pt100 bps100 bps——none
Trusty/WBNB$4$00.0%0.0%+0.0 pt30 bps30 bps——liveemissions, no fees
GENIUS/WBNB$13$00.0%0.0%+0.0 pt30 bps30.00 bps——liveemissions, no fees
USDT/SPCXB
tier 5 bps
$510$10.0%0.0%+0.0 pt10.35 bps10.15 bps15 bps
68% used
5000000liveemissions, no fees
USDT/xTOPAZ$44$00.0%0.0%+0.0 pt100 bps100.00 bps——none
WBNB/SPCXon
tier 5 bps
$233$10.0%0.0%+0.0 pt27.56 bps25.10 bps50 bps
50% used
6000000liveemissions, no fees
USDT/SPYB$3.5K$20.0%0.0%+0.0 pt5 bps5.31 bps15 bps
35% used
5000000liveemissions, no fees
WBNB/ClipX$814$20.0%0.0%+0.0 pt30 bps30 bps——liveemissions, no fees
LAB/WBNB
tier 30 bps
$1.0K$30.0%0.0%+0.0 pt22.25 bps24.89 bps75 bps
33% used
5000000liveemissions, no fees
USDT/SPCXon
tier 5 bps
$1.6K$40.0%0.0%+0.0 pt20.85 bps23.36 bps50 bps
47% used
5000000liveemissions, no fees
TOPAZ/xTOPAZ$1.4K$40.0%0.0%+0.0 pt30 bps30.00 bps——none
QQQB/USDT
tier 5 bps
$14.5K$80.0%0.0%+0.0 pt5.15 bps5.35 bps15 bps
36% used
5000000liveemissions, no fees
WBNB/TOPAZ
tier 30 bps
$368$60.0%0.0%+0.0 pt160 bps171.20 bps300 bps
57% used
8000000liveemissions, no fees
USDT/BTCB
tier 5 bps
$194.5K$480.2%0.3%+0.1 pt2.18 bps2.46 bps3 bps
82% used
6000000liveemissions, no fees
ETH/USDT
tier 5 bps
$219.4K$640.2%0.4%+0.2 pt2.67 bps2.92 bps10 bps
29% used
3500000liveemissions, no fees
UB/USDT
tier 5 bps
$63.6K$390.1%0.2%+0.2 pt5.19 bps6.10 bps20 bps
30% used
7000000liveemissions, no fees
44/WBNB
tier 30 bps
$960$380.0%0.2%+0.2 pt124.44 bps392.87 bps444.44 bps
88% used
444444444liveemissions, no fees
ETH/BTCB
tier 5 bps
$499.4K$1270.5%0.8%+0.2 pt2.21 bps2.55 bps5 bps
51% used
7000000liveemissions, no fees
NVDAB/USDT
tier 5 bps
$90.1K$730.1%0.4%+0.3 pt7.85 bps8.05 bps15 bps
54% used
5000000liveemissions, no fees
BNCB/USDT$70.2K$700.1%0.4%+0.3 pt10 bps10.00 bps——none
ETH/SOL
tier 5 bps
$99.6K$1300.1%0.8%+0.7 pt12.81 bps13.01 bps30 bps
43% used
3500000liveemissions, no fees
BTCB/WBNB
tier 5 bps
$1.50M$4371.5%2.6%+1.1 pt2.56 bps2.91 bps5 bps
58% used
6000000live
ETH/WBNB
tier 5 bps
$1.90M$5591.9%3.3%+1.4 pt2.50 bps2.93 bps5 bps
59% used
6000000live
UB/WBNB$28.8K$2880.0%1.7%+1.7 pt100 bps100 bps——live
USDT/Stonks$103.0K$3090.1%1.8%+1.7 pt30 bps30 bps——noneearning, no gauge
USDT/SOL
tier 5 bps
$488.1K$3870.5%2.3%+1.8 pt7.40 bps7.94 bps30 bps
26% used
9000000live
XRP/USDT
tier 5 bps
$357.8K$4580.4%2.7%+2.4 pt12.66 bps12.79 bps20 bps
64% used
2000000live
WBNB/TOPAZ
tier 100 bps
$35.6K$4040.0%2.4%+2.4 pt102.70 bps113.25 bps200 bps
57% used
5000000live
USDT/Stonks$57.2K$5720.1%3.4%+3.3 pt100 bps100.00 bps——noneearning, no gauge
SOL/WBNB
tier 5 bps
$1.14M$7921.2%4.7%+3.6 pt6.64 bps6.97 bps30 bps
23% used
8000000live
ZEC/WBNB
tier 5 bps
$2.22M$3.2K2.3%18.8%+16.5 pt13.48 bps14.24 bps100 bps
14% used
7000000live
ZEC/USDT
tier 5 bps
$6.15M$6.5K6.3%38.9%+32.7 pt10.20 bps10.64 bps25 bps
43% used
2500000live