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fix(futarchy-amm): correct fee accounting for both swap legs #2

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fix(futarchy-amm): correct fee accounting for both swap legs #2

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cb8f8c4
fix(futarchy-amm): correct fee accounting for both swap legs
meta-reid Jun 1, 2026
86f25e0
fix for conditional market fees and adds new pools
metanallok Jun 1, 2026
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6 changes: 5 additions & 1 deletion fees/futarchy-amm/index.ts
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Original file line number Diff line number Diff line change
Expand Up @@ -21,7 +21,10 @@ const fetch = async (_a: any, _b: any, options: FetchOptions) => {
return typeof row.trading_date === 'string' && row.trading_date.slice(0, 10) === targetDate
})
matched.forEach((row: any) => {
const fees = row.token_fees_usdc ?? 0
// Every SpotSwap pays the 0.5% taker fee on its input, so both legs count:
// usdc_fees is the buy-side (USDC in), token_fees_usdc is the sell-side (token in → USDC).
// The buy-side was previously omitted, under-counting futarchy fees.
const fees = (row.usdc_fees ?? 0) + (row.token_fees_usdc ?? 0)
dailyFees.addUSDValue(fees, 'futarchy_amm')
})

Expand Down Expand Up @@ -68,6 +71,7 @@ const breakdownMethodology = {
Fees: {
'meteora_damm': 'Ownership-weighted LP fees from Meteora DAMM pools based on actual DAO liquidity positions',
'futarchy_amm': '0.5% fees from Futarchy AMM swaps',
'futarchy_conditional': '0.5% fees from winning Futarchy Conditional Market swaps',
},
}

Expand Down
140 changes: 127 additions & 13 deletions helpers/queries/futarchy.sql
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Original file line number Diff line number Diff line change
@@ -1,13 +1,14 @@
/*
Futarchy Protocol Fees

Combines fees from two sources:
1. Meteora DAMM pools - ownership-weighted LP fees based on actual liquidity positions
2. Futarchy AMM direct swaps (0.5% fee)


Combines fees from three sources:
1. Meteora DAMM pools - ownership-weighted LP fees based on actual liquidity positions
2. Futarchy AMM spot swaps - direct SpotSwap (0.5% fee)
3. Futarchy conditional - winning-market ConditionalSwap fees (0.5%, realized only)

Parameters:
{{start}} - Unix timestamp for start of period
{{end}} - Unix timestamp for end of period
{{end}} - Unix timestamp for end of period
*/

WITH pool_map AS (
Expand All @@ -32,6 +33,24 @@ WITH pool_map AS (
UNION ALL SELECT '2zsbECzM7roqnDcuv2TNGpfv5PAnuqGmMo5YPtqmUz5p',
'w1BDxR4FvN4KryBuJwcEuohYKHkyDzD1beNH3AhF6Wn',
'98SPcyUZ2rqM2dgjCqqSXS4gJrNTLSNUAAVCF38xYj9u' -- Solomon / USDC
UNION ALL SELECT '5M3oyxAhZ68tJXaNJiTPaHXZwgBEsYDCKiYVsvN8Gq8G',
'85QbV1KLqXXCVRt3GeVezJ2zPDToKEnhetijpNSmCkWU',
'Dv5axGVuk3qcoEBNofNLerFFEE3VemmuH8VsmNWUTSR5' -- Jurassic Finance / USDC
UNION ALL SELECT '2foMdp9Y9hWttCvHedQef8GUWtCKwCfTgTiciUrTdQFF',
'EunUNcHufVkRpaj17TdKJgZZ3isZj3n5TQxrtBhuPwUh',
'9Rykf7i9fxUaXD8iD6GSGpRaoWQQP51Uiq1oxSE9oDzx' -- P2P / USDC
UNION ALL SELECT '9uuneA2PrNhDUi2nVEqKK3nTF3q5BiRw6mBm1X9QV1Dv',
'2FxsHe576R2jQKmYNVYZ2hrKVFoFF8n1tmPMuQ5jPFQA',
'6VsC8PuKkXm5xo54c2vbrAaSfQipkpGHqNuKTxXFySx6' -- Umbra New / USDC
UNION ALL SELECT 'JBFvVa5nVLjR3tsDqQwa7ZYBBVceDebQSr6DoCPqwRf8', -- pool
'44t9nPMNEf3WBGaayP2B9xrufk1f7PEK4J13tHinqiht', -- position
'8s6Jdoh7tgUqmU3D2EmpNJHSvuN5U4NybpLAdsiMitwB' -- Omnipair / USDC -- owner
UNION ALL SELECT 'E7Dt6DwBNhK5339oH7UsL4MVEm4wNjLhtb9Qmj4VYp9a', -- pool
'FPzs9xcJzTokwf375XqCt4YxNrzkhZSbRTK4EWfNHHjD', -- position
'5ZPnwQDU7dEKdMGqaY5oCQkiuQpwjtYSJNMNpiStTNvU' -- Superclaw / USDC -- owner
UNION ALL SELECT '7LWeTej42aKgcsJBTtgK1vFV152G8hUgHJZehrKYX1VT', -- pool
'A4c6o7Wby6T8BYyknD8HLKe7QgH8D2zSgvGvh7ZpUANR', -- position
'FeMyhpB3LJuuuA1oLzXFDuZ48EJz46gyyk3w2xuQA8uw' -- Futardio Cult / USDC -- owner
),

target_pools AS (
Expand Down Expand Up @@ -175,7 +194,7 @@ meteora_aggregated AS (
LEFT JOIN ownership_shares o ON f.pool = o.pool
),

-- FUTARCHY AMM
-- FUTARCHY AMM (SPOT)
futarchy_swaps AS (
SELECT
block_time,
Expand All @@ -191,7 +210,7 @@ futarchy_swaps AS (
varbinary_to_bigint(varbinary_reverse(varbinary_substring(data, 106, 8))) / 1e6 AS input_amount,
varbinary_to_bigint(varbinary_reverse(varbinary_substring(data, 114, 8))) / 1e6 AS output_amount
FROM solana.instruction_calls
WHERE
WHERE
block_time >= from_unixtime({{start}})
AND block_time <= from_unixtime({{end}})
AND tx_success = true
Expand All @@ -216,19 +235,107 @@ futarchy_token_filtered AS (
WHEN swap_type = 'sell' THEN output_amount / NULLIF(input_amount, 0)
END AS price
FROM futarchy_swaps
WHERE
WHERE
input_amount > 0
AND output_amount > 0
AND token IS NOT NULL
),

futarchy_aggregated AS (
SELECT
SUM(CASE WHEN swap_type = 'buy' THEN input_amount ELSE 0 END) AS buy_volume_usdc,
SUM(CASE WHEN swap_type = 'sell' THEN input_amount ELSE 0 END) AS sell_volume_tokens,
AVG(price) AS avg_price
SUM(CASE WHEN swap_type = 'buy' THEN input_amount ELSE 0 END) AS buy_volume_usdc,
SUM(CASE WHEN swap_type = 'sell' THEN output_amount ELSE 0 END) AS sell_volume_usdc
FROM futarchy_token_filtered
WHERE price > 0
),

-- FUTARCHY CONDITIONAL MARKETS (winning side only, realized fees)
-- NOTE: not time-bounded on purpose. A swap inside [start, end] can belong to a
-- proposal that finalizes outside the window; we need the full finalization
-- universe to resolve which side won.
finalized_proposals AS (
SELECT DISTINCT
to_base58(varbinary_substring(data, 41, 32)) AS proposal,
CASE varbinary_substring(data, 153, 1)
WHEN 0x02 THEN 'Passed'
WHEN 0x03 THEN 'Failed'
END AS state
FROM solana.instruction_calls
WHERE
tx_success = true
AND is_inner = true
AND executing_account = 'FUTARELBfJfQ8RDGhg1wdhddq1odMAJUePHFuBYfUxKq'
AND inner_executing_account = 'FUTARELBfJfQ8RDGhg1wdhddq1odMAJUePHFuBYfUxKq'
AND account_arguments[1] = 'DGEympSS4qLvdr9r3uGHTfACdN8snShk4iGdJtZPxuBC'
AND cardinality(account_arguments) = 1
AND varbinary_starts_with(data, 0xe445a52e51cb9a1d)
AND any_match(log_messages, x -> strpos(x, 'FinalizeProposal') > 0)
AND varbinary_substring(data, 153, 1) IN (0x02, 0x03)
),

conditional_swaps AS (
SELECT
block_time,
tx_id,
to_base58(varbinary_substring(data, 73, 32)) AS proposal,
CASE
WHEN varbinary_length(data) = 439 THEN to_base58(varbinary_substring(data, 312, 32))
WHEN varbinary_length(data) = 703 THEN to_base58(varbinary_substring(data, 576, 32))
END AS token,
CASE varbinary_substring(data, 137, 1)
WHEN 0x01 THEN 'pass'
WHEN 0x02 THEN 'fail'
END AS market,
CASE varbinary_substring(data, 138, 1)
WHEN 0x00 THEN 'buy'
WHEN 0x01 THEN 'sell'
END AS swap_type,
varbinary_to_bigint(varbinary_reverse(varbinary_substring(data, 139, 8))) / 1e6 AS input_amount,
varbinary_to_bigint(varbinary_reverse(varbinary_substring(data, 147, 8))) / 1e6 AS output_amount
FROM solana.instruction_calls
WHERE
block_time >= from_unixtime({{start}})
AND block_time < from_unixtime({{end}})
AND tx_success = true
AND is_inner = true
AND executing_account = 'FUTARELBfJfQ8RDGhg1wdhddq1odMAJUePHFuBYfUxKq'
AND inner_executing_account = 'FUTARELBfJfQ8RDGhg1wdhddq1odMAJUePHFuBYfUxKq'
AND account_arguments[1] = 'DGEympSS4qLvdr9r3uGHTfACdN8snShk4iGdJtZPxuBC'
AND cardinality(account_arguments) = 1
AND varbinary_starts_with(data, 0xe445a52e51cb9a1d)
AND varbinary_length(data) IN (439, 703)
AND any_match(log_messages, x -> strpos(x, 'ConditionalSwap') > 0)
),

winning_market_swaps AS (
SELECT
c.swap_type,
c.input_amount,
c.output_amount,
CASE
WHEN c.swap_type = 'buy' THEN c.input_amount / NULLIF(c.output_amount, 0)
WHEN c.swap_type = 'sell' THEN c.output_amount / NULLIF(c.input_amount, 0)
END AS price
FROM conditional_swaps c
JOIN finalized_proposals p ON p.proposal = c.proposal
WHERE
c.input_amount > 0
AND c.output_amount > 0
AND c.token IS NOT NULL
AND c.market IN ('pass', 'fail')
AND (
(p.state = 'Passed' AND c.market = 'pass')
OR
(p.state = 'Failed' AND c.market = 'fail')
)
),

conditional_aggregated AS (
SELECT
SUM(CASE WHEN swap_type = 'buy' THEN input_amount ELSE 0 END) AS buy_volume_usdc,
SUM(CASE WHEN swap_type = 'sell' THEN output_amount ELSE 0 END) AS sell_volume_usdc
FROM winning_market_swaps
WHERE price > 0
)

SELECT
Expand All @@ -240,5 +347,12 @@ UNION ALL

SELECT
'futarchy_amm' AS source,
COALESCE(buy_volume_usdc * 0.005, 0) + COALESCE(sell_volume_tokens * COALESCE(avg_price, 0) * 0.005, 0) AS total_fees_usd
(COALESCE(buy_volume_usdc, 0) + COALESCE(sell_volume_usdc, 0)) * 0.005 AS total_fees_usd
FROM futarchy_aggregated

UNION ALL

SELECT
'futarchy_conditional' AS source,
(COALESCE(buy_volume_usdc, 0) + COALESCE(sell_volume_usdc, 0)) * 0.005 AS total_fees_usd
FROM conditional_aggregated
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