Markets
Consumer
Chain Clusters
About this Chart
We book revenue when the trade is executed. However, fees are booked once Raydium collects the accrued fees, which have been swapped to USDC or RAY and sent to their respective treasury wallets.
As a result, there are two major reasons why revenue and fees/cash collected can be different:
- Price Change of Accrued Fees: Accrued fees are denominated in the pool's assets, so price changes in the pool's assets can cause fees collected to be either higher or lower than the revenue reported.
- Backlog of Fee Collection: Not all pools have their fees collected consistently; as a result, when Raydium sweeps all the pools, there can be a significant spike in fees collected. (This also has the effect of underreporting cash collected prior to the sweep).