Dynamic-Fee Performance & Tuning
How each Topaz dynamic-fee pool's realized fee responds to its own hourly price volatility (|ln(close/open)|), and whether the base fee, scaling factor, or cap should change. Everything is empirical — derived from realized hourly buckets vs the per-pool cap; confidence scales with the high-volatility sample size. Bands: low < 25 bps/hr, moderate 25–75, high ≥ 75. Window: 30 days of hourly data through 2026-07-24 14:00 UTC.
Summary (24 dynamic-fee pools)
| Pair | Cap | Floor fee | Overall fee | Cap util (high) | Vol share | 30d fees | Confidence | Read | |
|---|---|---|---|---|---|---|---|---|---|
| USDT/WBNB | 2 bps | 0.56 | 0.60 | 0% | 2.9% | $4.3K | high | Fee costs share when it scales up — consider gentler scaling. | |
| BTCB/WBNB | 5 bps | 0.83 | 0.84 | 0% | 9.2% | $4.2K | medium | Fee costs share when it scales up — consider gentler scaling. | |
| USDT/SOL | 30 bps | 8.05 | 8.23 | 0% | 91.4% | $3.2K | high | Dynamic fee looks well-tuned for this pair over the window. | |
| UB/USDT | 20 bps | 6.06 | 6.77 | 0% | 91.4% | $2.4K | high | Fee under-responds in moderate volatility — scaling could be steeper. | |
| ETH/USDT | 10 bps | 1.30 | 1.37 | 0% | 8.4% | $1.8K | high | Fee costs share when it scales up — consider gentler scaling. | |
| XRP/USDT | 10 bps | 10.00 | 10.00 | 100% | 25.3% | $1.7K | high | Fee costs share when it scales up — consider gentler scaling. | |
| ETH/WBNB | 5 bps | 0.87 | 0.91 | 0% | 4.1% | $1.6K | high | Fee costs share when it scales up — consider gentler scaling. | |
| SOL/WBNB | 30 bps | 5.47 | 5.55 | 0% | 8.4% | $1.5K | high | Fee costs share when it scales up — consider gentler scaling. | |
| ZEC/USDT | 25 bps | 7.97 | 8.21 | 0% | 11.6% | $1.4K | high | Fee costs share when it scales up — consider gentler scaling. | |
| USDT/BTCB | 3 bps | 0.60 | 0.65 | 0% | 3.1% | $1.3K | high | Fee costs share when it scales up — consider gentler scaling. | |
| ETH/BTCB | 5 bps | 0.84 | 0.92 | 0% | 5.7% | $1.3K | medium | Dynamic fee looks well-tuned for this pair over the window. | |
| ZEC/WBNB | 100 bps | 11.46 | 11.75 | 0% | 65.2% | $1.2K | high | Fee costs share when it scales up — consider gentler scaling. | |
| ETH/SOL | 30 bps | 10.44 | 10.56 | 0% | 61.7% | $690 | high | Room to lift the base fee — comfortable discount to competitors at the floor. | |
| XRP/WBNB | 25 bps | 7.73 | 7.79 | 0% | 21.8% | $658 | high | Fee costs share when it scales up — consider gentler scaling. | |
| USDT/BULLA | 50 bps | 20.23 | 23.50 | 0% | 10.2% | $632 | high | Fee under-responds in moderate volatility — scaling could be steeper. | |
| USDT/SPCXon | 50 bps | 21.30 | 22.31 | 0% | 76.1% | $243 | high | Room to lift the base fee — comfortable discount to competitors at the floor. | |
| DOGE/WBNB | 15 bps | 10.28 | 10.37 | 0% | 5.4% | $136 | high | Dynamic fee looks well-tuned for this pair over the window. | |
| WBNB/SPCXon | 50 bps | 21.98 | 23.11 | 0% | 95.0% | $106 | high | Room to lift the base fee — comfortable discount to competitors at the floor. | |
| USDT/B | 50 bps | 21.85 | 24.23 | 0% | 36.6% | $20 | high | Room to lift the base fee — comfortable discount to competitors at the floor. | |
| SPCXon/TOPAZ | 50 bps | 13.69 | 16.25 | 2% | 100.0% | $16 | high | Fee under-responds in moderate volatility — scaling could be steeper. | |
| TWT/WBNB | 20 bps | 6.41 | 7.77 | 0% | 0.7% | $10 | high | Fee costs share when it scales up — consider gentler scaling. | |
| 背手负鼠/WBNB | 50 bps | 43.02 | 45.08 | 73% | 100.0% | $5 | medium | Cap likely too low — fee pins at 50 bps in spikes while share holds. | |
| SIREN/WBNB | 50 bps | 7.01 | 7.57 | 0% | 0.0% | $1 | medium | Dynamic fee looks well-tuned for this pair over the window. | |
| BULLA/WBNB | 30 bps | 11.51 | 11.98 | 0% | 100.0% | $1 | medium | Room to lift the base fee — comfortable discount to competitors at the floor. |
Per-pool analysis
Detailed below for the 24 pools with ≥ 24 active hours.
USDT/WBNB dynamic fee high
cap 2 bps · realized floor 0.56 bps · overall 0.60 bps · 528 active hours · 8 competitor pool(s) · cheapest competitor 1.00 bps
Fee costs share when it scales up — consider gentler scaling.
Base feeHOLD
high confidence
Cheapest competitor is ≈1.00 bps and Topaz holds only 3.5% at the floor — the base fee must stay low to win routing.
Scaling factorGENTLER
high confidence
Share erodes as the fee scales up (3.5%→1.7% from low→high vol). A gentler scaling factor would defend routing in volatile periods.
CapHOLD
high confidence
Fee rarely approaches the 2 bps cap (max 0.0% of high-vol volume at the cap). The cap is not the binding constraint.
Fee & share by volatility band
Realized fee vs volatility (each point = 1 hour)
| Band | Hours | Time share | Topaz fee | Fee/cap | Cap util | Vol share | Fees/hr | Avg vol |
|---|---|---|---|---|---|---|---|---|
| low | 303 | 57.4% | 0.56 bps | 37% | 0% | 3.5% | $7 | 11.6 bps |
| moderate | 184 | 34.8% | 0.62 bps | 42% | 0% | 2.9% | $9 | 42.0 bps |
| high | 41 | 7.8% | 0.73 bps | 49% | 0% | 1.7% | $14 | 122.0 bps |
| all | 528 | 100.0% | 0.60 bps | 40% | 0% | 2.9% | $8 | 34.5 bps |
BTCB/WBNB dynamic fee medium
cap 5 bps · realized floor 0.83 bps · overall 0.84 bps · 528 active hours · 7 competitor pool(s) · cheapest competitor 1.00 bps
Fee costs share when it scales up — consider gentler scaling.
Base feeHOLD
medium confidence
Cheapest competitor is ≈1.00 bps and Topaz holds only 10.9% at the floor — the base fee must stay low to win routing.
Scaling factorGENTLER
medium confidence
Share erodes as the fee scales up (10.9%→5.0% from low→high vol). A gentler scaling factor would defend routing in volatile periods.
CapHOLD
medium confidence
Fee rarely approaches the 5 bps cap (max 0.0% of high-vol volume at the cap). The cap is not the binding constraint.
Fee & share by volatility band
Realized fee vs volatility (each point = 1 hour)
| Band | Hours | Time share | Topaz fee | Fee/cap | Cap util | Vol share | Fees/hr | Avg vol |
|---|---|---|---|---|---|---|---|---|
| low | 409 | 77.5% | 0.83 bps | 17% | 0% | 10.9% | $8 | 10.4 bps |
| moderate | 111 | 21.0% | 0.89 bps | 18% | 0% | 6.0% | $7 | 38.3 bps |
| high | 8 | 1.5% | 0.98 bps | 20% | 0% | 5.0% | $13 | 100.2 bps |
| all | 528 | 100.0% | 0.84 bps | 17% | 0% | 9.2% | $8 | 17.5 bps |
USDT/SOL dynamic fee high
cap 30 bps · realized floor 8.05 bps · overall 8.23 bps · 528 active hours · 5 competitor pool(s) · cheapest competitor 5.00 bps
Dynamic fee looks well-tuned for this pair over the window.
Base feeHOLD
high confidence
Floor fee 8.05 bps vs cheapest competitor 5.00 bps with 93.5% share — base looks reasonably placed.
Scaling factorHOLD
high confidence
Fee scales smoothly with volatility (8.05 bps→8.13 bps→8.57 bps) and share holds; scaling looks well-tuned.
CapHOLD
high confidence
Fee rarely approaches the 30 bps cap (max 0.0% of high-vol volume at the cap). The cap is not the binding constraint.
Fee & share by volatility band
Realized fee vs volatility (each point = 1 hour)
| Band | Hours | Time share | Topaz fee | Fee/cap | Cap util | Vol share | Fees/hr | Avg vol |
|---|---|---|---|---|---|---|---|---|
| low | 225 | 42.6% | 8.05 bps | 27% | 0% | 93.5% | $5 | 12.7 bps |
| moderate | 217 | 41.1% | 8.13 bps | 27% | 0% | 91.5% | $5 | 46.9 bps |
| high | 86 | 16.3% | 8.57 bps | 29% | 0% | 89.1% | $11 | 156.3 bps |
| all | 528 | 100.0% | 8.23 bps | 27% | 0% | 91.4% | $6 | 67.8 bps |
UB/USDT dynamic fee high
cap 20 bps · realized floor 6.06 bps · overall 6.77 bps · 528 active hours · 4 competitor pool(s) · cheapest competitor 1.00 bps
Fee under-responds in moderate volatility — scaling could be steeper.
Base feeHOLD
high confidence
Floor fee 6.06 bps vs cheapest competitor 1.00 bps with 92.4% share — base looks reasonably placed.
Scaling factorSTEEPER
high confidence
Fee barely moves through moderate vol (6.06 bps→5.27 bps) and only jumps in extremes. A steeper scaling factor would capture moderate-vol volatility too.
CapHOLD
high confidence
Fee rarely approaches the 20 bps cap (max 0.0% of high-vol volume at the cap). The cap is not the binding constraint.
Fee & share by volatility band
Realized fee vs volatility (each point = 1 hour)
| Band | Hours | Time share | Topaz fee | Fee/cap | Cap util | Vol share | Fees/hr | Avg vol |
|---|---|---|---|---|---|---|---|---|
| low | 53 | 10.0% | 6.06 bps | 30% | 0% | 92.4% | $3 | 11.3 bps |
| moderate | 111 | 21.0% | 5.27 bps | 26% | 0% | 93.2% | $3 | 48.5 bps |
| high | 364 | 68.9% | 7.20 bps | 36% | 0% | 90.9% | $5 | 358.3 bps |
| all | 528 | 100.0% | 6.77 bps | 34% | 0% | 91.4% | $4 | 275.8 bps |
ETH/USDT dynamic fee high
cap 10 bps · realized floor 1.30 bps · overall 1.37 bps · 528 active hours · 8 competitor pool(s) · cheapest competitor 1.00 bps
Fee costs share when it scales up — consider gentler scaling.
Base feeHOLD
high confidence
Cheapest competitor is ≈1.00 bps and Topaz holds only 11.0% at the floor — the base fee must stay low to win routing.
Scaling factorGENTLER
high confidence
Share erodes as the fee scales up (11.0%→4.5% from low→high vol). A gentler scaling factor would defend routing in volatile periods.
CapHOLD
high confidence
Fee rarely approaches the 10 bps cap (max 0.0% of high-vol volume at the cap). The cap is not the binding constraint.
Fee & share by volatility band
Realized fee vs volatility (each point = 1 hour)
| Band | Hours | Time share | Topaz fee | Fee/cap | Cap util | Vol share | Fees/hr | Avg vol |
|---|---|---|---|---|---|---|---|---|
| low | 265 | 50.2% | 1.30 bps | 13% | 0% | 11.0% | $3 | 12.5 bps |
| moderate | 203 | 38.4% | 1.37 bps | 14% | 0% | 8.3% | $3 | 43.5 bps |
| high | 60 | 11.4% | 1.66 bps | 17% | 0% | 4.5% | $5 | 142.9 bps |
| all | 528 | 100.0% | 1.37 bps | 14% | 0% | 8.4% | $3 | 41.3 bps |
XRP/USDT dynamic fee high
cap 10 bps · realized floor 10.00 bps · overall 10.00 bps · 526 active hours · 4 competitor pool(s) · cheapest competitor 25.00 bps
Fee costs share when it scales up — consider gentler scaling.
Base feeRAISE
high confidence
At the floor Topaz charges 10.00 bps vs the cheapest competitor 25.00 bps while holding 31.7% share — room to lift the base fee.
Scaling factorGENTLER
high confidence
Share erodes as the fee scales up (31.7%→17.0% from low→high vol). A gentler scaling factor would defend routing in volatile periods.
CapHOLD
high confidence
Fee reaches the 10 bps cap in high vol but share falls (31.7%→17.0%). The cap is about right — raising it would cost routing.
Fee & share by volatility band
Realized fee vs volatility (each point = 1 hour)
| Band | Hours | Time share | Topaz fee | Fee/cap | Cap util | Vol share | Fees/hr | Avg vol |
|---|---|---|---|---|---|---|---|---|
| low | 247 | 47.0% | 10.00 bps | 100% | 100% | 31.7% | $3 | 12.6 bps |
| moderate | 215 | 40.9% | 10.00 bps | 100% | 100% | 26.4% | $3 | 43.7 bps |
| high | 64 | 12.2% | 10.00 bps | 100% | 100% | 17.0% | $5 | 127.7 bps |
| all | 526 | 100.0% | 10.00 bps | 100% | 100% | 25.3% | $3 | 48.0 bps |
ETH/WBNB dynamic fee high
cap 5 bps · realized floor 0.87 bps · overall 0.91 bps · 528 active hours · 7 competitor pool(s) · cheapest competitor 1.00 bps
Fee costs share when it scales up — consider gentler scaling.
Base feeHOLD
high confidence
Cheapest competitor is ≈1.00 bps and Topaz holds only 5.1% at the floor — the base fee must stay low to win routing.
Scaling factorGENTLER
high confidence
Share erodes as the fee scales up (5.1%→1.5% from low→high vol). A gentler scaling factor would defend routing in volatile periods.
CapHOLD
high confidence
Fee rarely approaches the 5 bps cap (max 0.0% of high-vol volume at the cap). The cap is not the binding constraint.
Fee & share by volatility band
Realized fee vs volatility (each point = 1 hour)
| Band | Hours | Time share | Topaz fee | Fee/cap | Cap util | Vol share | Fees/hr | Avg vol |
|---|---|---|---|---|---|---|---|---|
| low | 373 | 70.6% | 0.87 bps | 17% | 0% | 5.1% | $3 | 11.9 bps |
| moderate | 142 | 26.9% | 0.97 bps | 19% | 0% | 3.6% | $4 | 40.5 bps |
| high | 13 | 2.5% | 1.09 bps | 22% | 0% | 1.5% | $7 | 123.3 bps |
| all | 528 | 100.0% | 0.91 bps | 18% | 0% | 4.1% | $3 | 25.4 bps |
SOL/WBNB dynamic fee high
cap 30 bps · realized floor 5.47 bps · overall 5.55 bps · 528 active hours · 6 competitor pool(s) · cheapest competitor 1.00 bps
Fee costs share when it scales up — consider gentler scaling.
Base feeHOLD
high confidence
Cheapest competitor is ≈1.00 bps and Topaz holds only 9.5% at the floor — the base fee must stay low to win routing.
Scaling factorGENTLER
high confidence
Share erodes as the fee scales up (9.5%→5.7% from low→high vol). A gentler scaling factor would defend routing in volatile periods.
CapHOLD
high confidence
Fee rarely approaches the 30 bps cap (max 0.0% of high-vol volume at the cap). The cap is not the binding constraint.
Fee & share by volatility band
Realized fee vs volatility (each point = 1 hour)
| Band | Hours | Time share | Topaz fee | Fee/cap | Cap util | Vol share | Fees/hr | Avg vol |
|---|---|---|---|---|---|---|---|---|
| low | 313 | 59.3% | 5.47 bps | 18% | 0% | 9.5% | $2 | 10.7 bps |
| moderate | 185 | 35.0% | 5.56 bps | 19% | 0% | 8.1% | $3 | 45.1 bps |
| high | 30 | 5.7% | 5.94 bps | 20% | 0% | 5.7% | $5 | 118.8 bps |
| all | 528 | 100.0% | 5.55 bps | 19% | 0% | 8.4% | $3 | 35.3 bps |
ZEC/USDT dynamic fee high
cap 25 bps · realized floor 7.97 bps · overall 8.21 bps · 528 active hours · 5 competitor pool(s) · cheapest competitor 5.00 bps
Fee costs share when it scales up — consider gentler scaling.
Base feeHOLD
high confidence
Floor fee 7.97 bps vs cheapest competitor 5.00 bps with 14.3% share — base looks reasonably placed.
Scaling factorGENTLER
high confidence
Share erodes as the fee scales up (14.3%→9.5% from low→high vol). A gentler scaling factor would defend routing in volatile periods.
CapHOLD
high confidence
Fee rarely approaches the 25 bps cap (max 0.0% of high-vol volume at the cap). The cap is not the binding constraint.
Fee & share by volatility band
Realized fee vs volatility (each point = 1 hour)
| Band | Hours | Time share | Topaz fee | Fee/cap | Cap util | Vol share | Fees/hr | Avg vol |
|---|---|---|---|---|---|---|---|---|
| low | 141 | 26.7% | 7.97 bps | 32% | 0% | 14.3% | $2 | 12.7 bps |
| moderate | 208 | 39.4% | 8.05 bps | 32% | 0% | 13.4% | $2 | 48.0 bps |
| high | 179 | 33.9% | 8.45 bps | 34% | 0% | 9.5% | $3 | 170.2 bps |
| all | 528 | 100.0% | 8.21 bps | 33% | 0% | 11.6% | $3 | 92.4 bps |
USDT/BTCB dynamic fee high
cap 3 bps · realized floor 0.60 bps · overall 0.65 bps · 528 active hours · 8 competitor pool(s) · cheapest competitor 1.00 bps
Fee costs share when it scales up — consider gentler scaling.
Base feeHOLD
high confidence
Cheapest competitor is ≈1.00 bps and Topaz holds only 3.8% at the floor — the base fee must stay low to win routing.
Scaling factorGENTLER
high confidence
Share erodes as the fee scales up (3.8%→1.4% from low→high vol). A gentler scaling factor would defend routing in volatile periods.
CapHOLD
high confidence
Fee rarely approaches the 3 bps cap (max 0.0% of high-vol volume at the cap). The cap is not the binding constraint.
Fee & share by volatility band
Realized fee vs volatility (each point = 1 hour)
| Band | Hours | Time share | Topaz fee | Fee/cap | Cap util | Vol share | Fees/hr | Avg vol |
|---|---|---|---|---|---|---|---|---|
| low | 311 | 58.9% | 0.60 bps | 20% | 0% | 3.8% | $2 | 12.1 bps |
| moderate | 177 | 33.5% | 0.66 bps | 22% | 0% | 3.1% | $3 | 43.7 bps |
| high | 40 | 7.6% | 0.92 bps | 31% | 0% | 1.4% | $4 | 138.6 bps |
| all | 528 | 100.0% | 0.65 bps | 22% | 0% | 3.1% | $3 | 36.2 bps |
ETH/BTCB dynamic fee medium
cap 5 bps · realized floor 0.84 bps · overall 0.92 bps · 528 active hours · 5 competitor pool(s) · cheapest competitor 1.00 bps
Dynamic fee looks well-tuned for this pair over the window.
Base feeHOLD
medium confidence
Cheapest competitor is ≈1.00 bps and Topaz holds only 9.8% at the floor — the base fee must stay low to win routing.
Scaling factorHOLD
medium confidence
Fee scales smoothly with volatility (0.84 bps→1.01 bps→1.51 bps) and share holds; scaling looks well-tuned.
CapHOLD
medium confidence
Fee rarely approaches the 5 bps cap (max 0.0% of high-vol volume at the cap). The cap is not the binding constraint.
Fee & share by volatility band
Realized fee vs volatility (each point = 1 hour)
| Band | Hours | Time share | Topaz fee | Fee/cap | Cap util | Vol share | Fees/hr | Avg vol |
|---|---|---|---|---|---|---|---|---|
| low | 424 | 80.3% | 0.84 bps | 17% | 0% | 9.8% | $2 | 11.1 bps |
| moderate | 93 | 17.6% | 1.01 bps | 20% | 0% | 2.3% | $3 | 39.1 bps |
| high | 11 | 2.1% | 1.51 bps | 30% | 0% | 8.1% | $11 | 128.3 bps |
| all | 528 | 100.0% | 0.92 bps | 18% | 0% | 5.7% | $2 | 24.1 bps |
ZEC/WBNB dynamic fee high
cap 100 bps · realized floor 11.46 bps · overall 11.75 bps · 485 active hours · 3 competitor pool(s) · cheapest competitor 25.00 bps
Fee costs share when it scales up — consider gentler scaling.
Base feeRAISE
high confidence
At the floor Topaz charges 11.46 bps vs the cheapest competitor 25.00 bps while holding 80.3% share — room to lift the base fee.
Scaling factorGENTLER
high confidence
Share erodes as the fee scales up (80.3%→48.3% from low→high vol). A gentler scaling factor would defend routing in volatile periods.
CapHOLD
high confidence
Fee rarely approaches the 100 bps cap (max 0.0% of high-vol volume at the cap). The cap is not the binding constraint.
Fee & share by volatility band
Realized fee vs volatility (each point = 1 hour)
| Band | Hours | Time share | Topaz fee | Fee/cap | Cap util | Vol share | Fees/hr | Avg vol |
|---|---|---|---|---|---|---|---|---|
| low | 167 | 34.4% | 11.46 bps | 11% | 0% | 80.3% | $2 | 12.9 bps |
| moderate | 201 | 41.4% | 11.38 bps | 11% | 0% | 74.7% | $2 | 47.8 bps |
| high | 117 | 24.1% | 12.50 bps | 13% | 0% | 48.3% | $3 | 8294.7 bps |
| all | 485 | 100.0% | 11.75 bps | 12% | 0% | 65.2% | $2 | 2576.6 bps |
ETH/SOL dynamic fee high
cap 30 bps · realized floor 10.44 bps · overall 10.56 bps · 522 active hours · 4 competitor pool(s) · cheapest competitor 25.00 bps
Room to lift the base fee — comfortable discount to competitors at the floor.
Base feeRAISE
high confidence
At the floor Topaz charges 10.44 bps vs the cheapest competitor 25.00 bps while holding 69.4% share — room to lift the base fee.
Scaling factorHOLD
high confidence
Fee scales smoothly with volatility (10.44 bps→10.61 bps→10.78 bps) and share holds; scaling looks well-tuned.
CapHOLD
high confidence
Fee rarely approaches the 30 bps cap (max 0.0% of high-vol volume at the cap). The cap is not the binding constraint.
Fee & share by volatility band
Realized fee vs volatility (each point = 1 hour)
| Band | Hours | Time share | Topaz fee | Fee/cap | Cap util | Vol share | Fees/hr | Avg vol |
|---|---|---|---|---|---|---|---|---|
| low | 347 | 66.5% | 10.44 bps | 35% | 0% | 69.4% | $1 | 11.4 bps |
| moderate | 150 | 28.7% | 10.61 bps | 35% | 0% | 58.0% | $2 | 43.8 bps |
| high | 25 | 4.8% | 10.78 bps | 36% | 0% | 52.8% | $4 | 136.7 bps |
| all | 522 | 100.0% | 10.56 bps | 35% | 0% | 61.7% | $1 | 42.0 bps |
XRP/WBNB dynamic fee high
cap 25 bps · realized floor 7.73 bps · overall 7.79 bps · 528 active hours · 4 competitor pool(s) · cheapest competitor 5.00 bps
Fee costs share when it scales up — consider gentler scaling.
Base feeHOLD
high confidence
Floor fee 7.73 bps vs cheapest competitor 5.00 bps with 28.4% share — base looks reasonably placed.
Scaling factorGENTLER
high confidence
Share erodes as the fee scales up (28.4%→10.7% from low→high vol). A gentler scaling factor would defend routing in volatile periods.
CapHOLD
high confidence
Fee rarely approaches the 25 bps cap (max 0.0% of high-vol volume at the cap). The cap is not the binding constraint.
Fee & share by volatility band
Realized fee vs volatility (each point = 1 hour)
| Band | Hours | Time share | Topaz fee | Fee/cap | Cap util | Vol share | Fees/hr | Avg vol |
|---|---|---|---|---|---|---|---|---|
| low | 366 | 69.3% | 7.73 bps | 31% | 0% | 28.4% | $1 | 11.9 bps |
| moderate | 148 | 28.0% | 7.82 bps | 31% | 0% | 19.3% | $2 | 42.9 bps |
| high | 14 | 2.7% | 8.11 bps | 32% | 0% | 10.7% | $3 | 113.5 bps |
| all | 528 | 100.0% | 7.79 bps | 31% | 0% | 21.8% | $1 | 31.3 bps |
USDT/BULLA dynamic fee high
cap 50 bps · realized floor 20.23 bps · overall 23.50 bps · 471 active hours · 3 competitor pool(s) · cheapest competitor 5.00 bps
Fee under-responds in moderate volatility — scaling could be steeper.
Base feeHOLD
high confidence
Floor fee 20.23 bps vs cheapest competitor 5.00 bps with 9.2% share — base looks reasonably placed.
Scaling factorSTEEPER
high confidence
Fee barely moves through moderate vol (20.23 bps→19.69 bps) and only jumps in extremes. A steeper scaling factor would capture moderate-vol volatility too — share holds as the fee rises, so the downside is limited.
CapHOLD
high confidence
Fee rarely approaches the 50 bps cap (max 0.0% of high-vol volume at the cap). The cap is not the binding constraint.
Fee & share by volatility band
Realized fee vs volatility (each point = 1 hour)
| Band | Hours | Time share | Topaz fee | Fee/cap | Cap util | Vol share | Fees/hr | Avg vol |
|---|---|---|---|---|---|---|---|---|
| low | 139 | 29.5% | 20.23 bps | 40% | 0% | 9.2% | $0 | 11.3 bps |
| moderate | 123 | 26.1% | 19.69 bps | 39% | 0% | 11.2% | $1 | 47.2 bps |
| high | 209 | 44.4% | 24.98 bps | 50% | 0% | 10.1% | $2 | 349.2 bps |
| all | 471 | 100.0% | 23.50 bps | 47% | 0% | 10.2% | $1 | 257.0 bps |
USDT/SPCXon dynamic fee high
cap 50 bps · realized floor 21.30 bps · overall 22.31 bps · 434 active hours · 1 competitor pool(s) · cheapest competitor 100.00 bps
Room to lift the base fee — comfortable discount to competitors at the floor.
Base feeRAISE
high confidence
At the floor Topaz charges 21.30 bps vs the cheapest competitor 100.00 bps while holding 66.8% share — room to lift the base fee.
Scaling factorHOLD
high confidence
Fee scales smoothly with volatility (21.30 bps→21.99 bps→22.86 bps) and share holds; scaling looks well-tuned.
CapHOLD
high confidence
Fee rarely approaches the 50 bps cap (max 0.0% of high-vol volume at the cap). The cap is not the binding constraint.
Fee & share by volatility band
Realized fee vs volatility (each point = 1 hour)
| Band | Hours | Time share | Topaz fee | Fee/cap | Cap util | Vol share | Fees/hr | Avg vol |
|---|---|---|---|---|---|---|---|---|
| low | 249 | 57.4% | 21.30 bps | 43% | 0% | 66.8% | $0 | 11.4 bps |
| moderate | 108 | 24.9% | 21.99 bps | 44% | 0% | 80.3% | $1 | 47.3 bps |
| high | 77 | 17.7% | 22.86 bps | 46% | 0% | 77.7% | $2 | 188.8 bps |
| all | 434 | 100.0% | 22.31 bps | 45% | 0% | 76.1% | $1 | 113.2 bps |
DOGE/WBNB dynamic fee high
cap 15 bps · realized floor 10.28 bps · overall 10.37 bps · 498 active hours · 4 competitor pool(s) · cheapest competitor 25.00 bps
Dynamic fee looks well-tuned for this pair over the window.
Base feeHOLD
high confidence
Floor fee 10.28 bps vs cheapest competitor 25.00 bps with 5.4% share — base looks reasonably placed.
Scaling factorHOLD
high confidence
Fee scales smoothly with volatility (10.28 bps→10.37 bps→10.67 bps) and share holds; scaling looks well-tuned.
CapHOLD
high confidence
Fee rarely approaches the 15 bps cap (max 0.0% of high-vol volume at the cap). The cap is not the binding constraint.
Fee & share by volatility band
Realized fee vs volatility (each point = 1 hour)
| Band | Hours | Time share | Topaz fee | Fee/cap | Cap util | Vol share | Fees/hr | Avg vol |
|---|---|---|---|---|---|---|---|---|
| low | 348 | 69.9% | 10.28 bps | 69% | 0% | 5.4% | $0 | 10.7 bps |
| moderate | 133 | 26.7% | 10.37 bps | 69% | 0% | 5.4% | $0 | 40.9 bps |
| high | 17 | 3.4% | 10.67 bps | 71% | 0% | 5.2% | $1 | 116.0 bps |
| all | 498 | 100.0% | 10.37 bps | 69% | 0% | 5.4% | $0 | 37.0 bps |
WBNB/SPCXon dynamic fee high
cap 50 bps · realized floor 21.98 bps · overall 23.11 bps · 396 active hours · 1 competitor pool(s) · cheapest competitor 100.00 bps
Room to lift the base fee — comfortable discount to competitors at the floor.
Base feeRAISE
high confidence
At the floor Topaz charges 21.98 bps vs the cheapest competitor 100.00 bps while holding 89.5% share — room to lift the base fee.
Scaling factorHOLD
high confidence
Fee scales smoothly with volatility (21.98 bps→22.52 bps→23.89 bps) and share holds; scaling looks well-tuned.
CapHOLD
high confidence
Fee rarely approaches the 50 bps cap (max 0.1% of high-vol volume at the cap). The cap is not the binding constraint.
Fee & share by volatility band
Realized fee vs volatility (each point = 1 hour)
| Band | Hours | Time share | Topaz fee | Fee/cap | Cap util | Vol share | Fees/hr | Avg vol |
|---|---|---|---|---|---|---|---|---|
| low | 241 | 60.9% | 21.98 bps | 44% | 0% | 89.5% | $0 | 11.5 bps |
| moderate | 93 | 23.5% | 22.52 bps | 45% | 0% | 95.6% | $0 | 47.3 bps |
| high | 62 | 15.7% | 23.89 bps | 48% | 0% | 97.0% | $1 | 5746.8 bps |
| all | 396 | 100.0% | 23.11 bps | 46% | 0% | 95.0% | $0 | 2953.7 bps |
USDT/B dynamic fee high
cap 50 bps · realized floor 21.85 bps · overall 24.23 bps · 350 active hours · 2 competitor pool(s) · cheapest competitor 100.00 bps
Room to lift the base fee — comfortable discount to competitors at the floor.
Base feeRAISE
high confidence
At the floor Topaz charges 21.85 bps vs the cheapest competitor 100.00 bps while holding 33.6% share — room to lift the base fee.
Scaling factorHOLD
high confidence
Fee scales smoothly with volatility (21.85 bps→23.00 bps→25.55 bps) and share holds; scaling looks well-tuned.
CapHOLD
high confidence
Fee rarely approaches the 50 bps cap (max 0.0% of high-vol volume at the cap). The cap is not the binding constraint.
Fee & share by volatility band
Realized fee vs volatility (each point = 1 hour)
| Band | Hours | Time share | Topaz fee | Fee/cap | Cap util | Vol share | Fees/hr | Avg vol |
|---|---|---|---|---|---|---|---|---|
| low | 149 | 42.6% | 21.85 bps | 44% | 0% | 33.6% | $0 | 11.9 bps |
| moderate | 71 | 20.3% | 23.00 bps | 46% | 0% | 91.6% | $0 | 47.7 bps |
| high | 130 | 37.1% | 25.55 bps | 51% | 0% | 28.0% | $0 | 339.3 bps |
| all | 350 | 100.0% | 24.23 bps | 48% | 0% | 36.6% | $0 | 202.4 bps |
SPCXon/TOPAZ dynamic fee high
cap 50 bps · realized floor 13.69 bps · overall 16.25 bps · 396 active hours · 0 competitor pool(s)
Fee under-responds in moderate volatility — scaling could be steeper.
Base feeHOLD
high confidence
Floor fee 13.69 bps vs cheapest competitor n/a with 100.0% share — base looks reasonably placed.
Scaling factorSTEEPER
high confidence
Fee barely moves through moderate vol (13.69 bps→12.86 bps) and only jumps in extremes. A steeper scaling factor would capture moderate-vol volatility too — share holds as the fee rises, so the downside is limited.
CapHOLD
high confidence
Fee rarely approaches the 50 bps cap (max 1.9% of high-vol volume at the cap). The cap is not the binding constraint.
Fee & share by volatility band
Realized fee vs volatility (each point = 1 hour)
| Band | Hours | Time share | Topaz fee | Fee/cap | Cap util | Vol share | Fees/hr | Avg vol |
|---|---|---|---|---|---|---|---|---|
| low | 188 | 47.5% | 13.69 bps | 27% | 0% | 100.0% | $0 | 9.1 bps |
| moderate | 104 | 26.3% | 12.86 bps | 26% | 0% | 100.0% | $0 | 48.7 bps |
| high | 104 | 26.3% | 19.23 bps | 38% | 2% | 100.0% | $0 | 276.9 bps |
| all | 396 | 100.0% | 16.25 bps | 33% | 1% | 100.0% | $0 | 157.6 bps |
TWT/WBNB dynamic fee high
cap 20 bps · realized floor 6.41 bps · overall 7.77 bps · 411 active hours · 1 competitor pool(s) · cheapest competitor 25.00 bps
Fee costs share when it scales up — consider gentler scaling.
Base feeHOLD
high confidence
Floor fee 6.41 bps vs cheapest competitor 25.00 bps with 1.4% share — base looks reasonably placed.
Scaling factorGENTLER
high confidence
Share erodes as the fee scales up (1.4%→0.3% from low→high vol). A gentler scaling factor would defend routing in volatile periods.
CapHOLD
high confidence
Fee rarely approaches the 20 bps cap (max 0.0% of high-vol volume at the cap). The cap is not the binding constraint.
Fee & share by volatility band
Realized fee vs volatility (each point = 1 hour)
| Band | Hours | Time share | Topaz fee | Fee/cap | Cap util | Vol share | Fees/hr | Avg vol |
|---|---|---|---|---|---|---|---|---|
| low | 230 | 56.0% | 6.41 bps | 32% | 0% | 1.4% | $0 | 10.8 bps |
| moderate | 149 | 36.3% | 7.00 bps | 35% | 0% | 1.4% | $0 | 46.2 bps |
| high | 32 | 7.8% | 10.41 bps | 52% | 0% | 0.3% | $0 | 194.1 bps |
| all | 411 | 100.0% | 7.77 bps | 39% | 0% | 0.7% | $0 | 76.5 bps |
背手负鼠/WBNB dynamic fee medium
cap 50 bps · realized floor 43.02 bps · overall 45.08 bps · 202 active hours · 0 competitor pool(s)
Cap likely too low — fee pins at 50 bps in spikes while share holds.
Base feeHOLD
medium confidence
Floor fee 43.02 bps vs cheapest competitor n/a with 100.0% share — base looks reasonably placed.
Scaling factorSTEEPER
medium confidence
Fee barely moves through moderate vol (43.02 bps→39.39 bps) and only jumps in extremes. A steeper scaling factor would capture moderate-vol volatility too — share holds as the fee rises, so the downside is limited.
CapRAISE
medium confidence
Fee pins near the 50 bps cap in 72.7% of high-vol volume while share holds (100.0%→100.0%). The cap is leaving fee revenue on the table when volatility spikes.
Fee & share by volatility band
Realized fee vs volatility (each point = 1 hour)
| Band | Hours | Time share | Topaz fee | Fee/cap | Cap util | Vol share | Fees/hr | Avg vol |
|---|---|---|---|---|---|---|---|---|
| low | 95 | 47.0% | 43.02 bps | 86% | 47% | 100.0% | $0 | 3.4 bps |
| moderate | 8 | 4.0% | 39.39 bps | 79% | 12% | 100.0% | $0 | 45.5 bps |
| high | 99 | 49.0% | 45.63 bps | 91% | 73% | 100.0% | $0 | 1021.7 bps |
| all | 202 | 100.0% | 45.08 bps | 90% | 67% | 100.0% | $0 | 875.5 bps |
SIREN/WBNB dynamic fee medium
cap 50 bps · realized floor 7.01 bps · overall 7.57 bps · 281 active hours · 3 competitor pool(s) · cheapest competitor 5.00 bps
Dynamic fee looks well-tuned for this pair over the window.
Base feeHOLD
medium confidence
Floor fee 7.01 bps vs cheapest competitor 5.00 bps with 0.0% share — base looks reasonably placed.
Scaling factorHOLD
medium confidence
Fee scales smoothly with volatility (7.01 bps→6.91 bps→7.92 bps) and share holds; scaling looks well-tuned.
CapHOLD
medium confidence
Fee rarely approaches the 50 bps cap (max 0.0% of high-vol volume at the cap). The cap is not the binding constraint.
Fee & share by volatility band
Realized fee vs volatility (each point = 1 hour)
| Band | Hours | Time share | Topaz fee | Fee/cap | Cap util | Vol share | Fees/hr | Avg vol |
|---|---|---|---|---|---|---|---|---|
| low | 134 | 47.7% | 7.01 bps | 14% | 0% | 0.0% | $0 | 11.7 bps |
| moderate | 43 | 15.3% | 6.91 bps | 14% | 0% | 0.1% | $0 | 50.7 bps |
| high | 104 | 37.0% | 7.92 bps | 16% | 0% | 0.0% | $0 | 259.9 bps |
| all | 281 | 100.0% | 7.57 bps | 15% | 0% | 0.0% | $0 | 179.3 bps |
BULLA/WBNB dynamic fee medium
cap 30 bps · realized floor 11.51 bps · overall 11.98 bps · 134 active hours · 1 competitor pool(s) · cheapest competitor 100.00 bps
Room to lift the base fee — comfortable discount to competitors at the floor.
Base feeRAISE
medium confidence
At the floor Topaz charges 11.51 bps vs the cheapest competitor 100.00 bps while holding 100.0% share — room to lift the base fee.
Scaling factorHOLD
medium confidence
Fee scales smoothly with volatility (11.51 bps→13.33 bps→11.76 bps) and share holds; scaling looks well-tuned.
CapHOLD
medium confidence
Fee rarely approaches the 30 bps cap (max 0.0% of high-vol volume at the cap). The cap is not the binding constraint.
Fee & share by volatility band
Realized fee vs volatility (each point = 1 hour)
| Band | Hours | Time share | Topaz fee | Fee/cap | Cap util | Vol share | Fees/hr | Avg vol |
|---|---|---|---|---|---|---|---|---|
| low | 47 | 35.1% | 11.51 bps | 38% | 0% | 100.0% | $0 | 11.7 bps |
| moderate | 28 | 20.9% | 13.33 bps | 44% | 0% | 100.0% | $0 | 53.3 bps |
| high | 59 | 44.0% | 11.76 bps | 39% | 0% | 100.0% | $0 | 215.9 bps |
| all | 134 | 100.0% | 11.98 bps | 40% | 0% | 100.0% | $0 | 140.8 bps |