Value capture
Verified buybacks follow official mechanisms; Variational uses a clearly labeled experimental reference, paired with trailing 24-hour volume at each UTC boundary.
2026-09-25 → UTC · 90D window
2026-09-17 → UTC · 90D experimental basis: sum of positive daily balance changes
- 7D annualized reference
- 40,582,340.55 USDC/yr
- 30D annualized reference
- — USDC/yr
2026-09-25 → UTC · 90D window
No verified cumulative value
Hyperliquid
The cumulative value includes only complete executions captured by perpdex.io in the latest 90 UTC days, not protocol-lifetime buybacks.
Variational
“Positive treasury balance change” is an experimental reference based on daily USDC balance movements. Variational intends to use 100% of treasury-directed revenue for VAR buy-and-burn after TGE, but deposits, transfers and other flows also change balances, so this is not audited revenue or an executed buyback.
Aster
The cumulative value includes only complete executions captured by perpdex.io in the latest 90 UTC days, not protocol-lifetime buybacks.
Lighter
The Lighter public L2 trade ledger is connected, but only partially covered days exist; amounts are observed subtotals, not complete-day buybacks.
Value captured per USD 1B traded
Calculated from same-day buyback or reference value ÷ trailing 24H volume × USD 1 billion, with all protocols shown together.
The Variational line is an experimental reference. USDC and USDT retain native units; permanent USD parity is not assumed.
Swap / Perp volume and positive treasury balance change
Compares daily Swap volume, Perp volume, positive treasury balance change and the balance change normalized per USD 1B of same-day volume, to inspect whether business mix and treasury movements vary together; correlation does not establish causation.
Experimental reference: positive balance change = max(current-day treasury balance − prior-day balance, 0). Balance change per USD 1B = same-day positive balance change ÷ (Perp volume + Swap volume) × USD 1B. Deposits and transfers also change balances, so this is not audited revenue.
Series are archived at the UTC day boundary and collected at 00:10 UTC. The UI shows 90 days while PostgreSQL retains a rolling 92-day window with no offsite archive. Volume is the official trailing-24h value at capture time, not an exact calendar-day total; stablecoins retain native units.