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[fix] CallPut - correct fees and revenue accounting #8771

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[fix] CallPut - correct fees and revenue accounting #8771

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173 changes: 59 additions & 114 deletions fees/callput/index.ts
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Original file line number Diff line number Diff line change
@@ -1,29 +1,21 @@
import { FetchOptions, FetchResult, SimpleAdapter } from "../../adapters/types";
import { CHAIN } from "../../helpers/chains";

// CallPut Controller and FeeDistributor proxies on Base:
import { summarizeCallPutFees } from "./logic";

// CallPut Controller proxy on Base:
// https://basescan.org/address/0xfc61ba50AE7B9C4260C9f04631Ff28D5A2Fa4EB2
// https://basescan.org/address/0x780b6b94C0FfCf8E659727CE421e976C1b6784Bc
const CONTROLLER = "0xfc61ba50AE7B9C4260C9f04631Ff28D5A2Fa4EB2";
const FEE_DISTRIBUTOR = "0x780b6b94C0FfCf8E659727CE421e976C1b6784Bc";
// USD values emitted by Vault fee events are scaled by 1e30.
const PRICE_PRECISION = 1e30;

const POSITION_FEE_EVENT =
"event CollectPositionFees(address indexed account, address indexed token, uint256 feeUsd, uint256 feeAmount, bool indexed isSettle)";
const LIQUIDITY_FEE_EVENT =
"event CollectFees(address indexed token, uint256 feeUsd, uint256 feeAmount)";
const FEE_REBATE_EVENT =
"event FeeRebate(address indexed from, address indexed to, address token, uint256 feeRebateAmount, uint256 feeAmount, uint256 afterFeePaidAmount, uint256 tokenSpotPrice, address indexed underlyingAsset, uint256 size, uint256 price, bool isSettle, bool isCopyTrade)";
const PENDING_AMOUNT_EVENT =
"event NotifyPendingAmount(uint8 indexed priceType, address indexed token, uint256 pendingUsd, uint256 pendingAmount)";

const OPTIONS_FEES = "Options Trading Fees";
const LIQUIDITY_FEES = "Liquidity and Swap Fees";
const OPTIONS_FEES_TO_PROTOCOL = "Options Trading Fees To Protocol";
const LIQUIDITY_FEES_TO_PROTOCOL = "Liquidity and Swap Fees To Protocol";
const OPTIONS_FEES_TO_LPS = "Options Trading Fees To LPs";
const LIQUIDITY_FEES_TO_LPS = "Liquidity and Swap Fees To LPs";
const REFERRAL_REBATES = "Options Fee Rebates To Referrers";
const COPY_TRADING_REBATES = "Options Fee Rebates To Copy Traders";
const TRADE_FEES = "Options Trade Fees";
const RISK_PREMIUM = "Risk Premium";
const TRADE_FEES_TO_PROTOCOL = "Options Trade Fees To Protocol";
const RISK_PREMIUM_TO_OLPS = "Risk Premium To OLPs";

const fetch = async (options: FetchOptions): Promise<FetchResult> => {
const dailyFees = options.createBalances();
Expand All @@ -35,77 +27,34 @@ const fetch = async (options: FetchOptions): Promise<FetchResult> => {
target: CONTROLLER,
abi: "function getVaults() view returns (address[3])",
});
const vaultUtils: string[] = await options.toApi.multiCall({
calls: vaults,
abi: "address:vaultUtils",
});

const positionFeeLogs = await options.getLogs({
targets: vaults,
eventAbi: POSITION_FEE_EVENT,
});
const liquidityFeeLogs = await options.getLogs({
targets: vaults,
eventAbi: LIQUIDITY_FEE_EVENT,
const pendingAmountLogs = await options.getLogs({
targets: vaultUtils,
eventAbi: PENDING_AMOUNT_EVENT,
});
const rebateLogs = await options.getLogs({
targets: vaults,
eventAbi: FEE_REBATE_EVENT,
});

const positionFeesUsd = positionFeeLogs.reduce(
(sum, log) => sum + Number(log.feeUsd) / PRICE_PRECISION,
0,
);
const liquidityFeesUsd = liquidityFeeLogs.reduce(
(sum, log) => sum + Number(log.feeUsd) / PRICE_PRECISION,
0,
);

dailyFees.addUSDValue(positionFeesUsd, OPTIONS_FEES);
dailyFees.addUSDValue(liquidityFeesUsd, LIQUIDITY_FEES);

// Rates sum to 100 in FeeDistributor. Treasury and governance allocations
// are retained by the protocol; OLP rewards are paid to liquidity providers.
const olpRewardRate = Number(
await options.toApi.call({
target: FEE_DISTRIBUTOR,
abi: "uint256:olpRewardRate",
}),
);
const lpShare = olpRewardRate / 100;
const protocolShare = 1 - lpShare;
const summary = summarizeCallPutFees(positionFeeLogs, pendingAmountLogs);

dailyRevenue.addUSDValue(
positionFeesUsd * protocolShare,
OPTIONS_FEES_TO_PROTOCOL,
);
dailyRevenue.addUSDValue(
liquidityFeesUsd * protocolShare,
LIQUIDITY_FEES_TO_PROTOCOL,
);
dailyProtocolRevenue.addUSDValue(
positionFeesUsd * protocolShare,
OPTIONS_FEES_TO_PROTOCOL,
);
dailyFees.addUSDValue(summary.tradeFeesUsd, TRADE_FEES);
dailyFees.addUSDValue(summary.riskPremiumUsd, RISK_PREMIUM);
dailyRevenue.addUSDValue(summary.revenueUsd, TRADE_FEES_TO_PROTOCOL);
dailyProtocolRevenue.addUSDValue(
liquidityFeesUsd * protocolShare,
LIQUIDITY_FEES_TO_PROTOCOL,
summary.revenueUsd,
TRADE_FEES_TO_PROTOCOL,
);
dailySupplySideRevenue.addUSDValue(
positionFeesUsd * lpShare,
OPTIONS_FEES_TO_LPS,
);
dailySupplySideRevenue.addUSDValue(
liquidityFeesUsd * lpShare,
LIQUIDITY_FEES_TO_LPS,
summary.supplySideRevenueUsd,
RISK_PREMIUM_TO_OLPS,
);

// Referral and copy-trading rebates are paid from the protocol's fee share,
// not additional user fees.
for (const log of rebateLogs) {
const rebateLabel = log.isCopyTrade ? COPY_TRADING_REBATES : REFERRAL_REBATES;
dailyRevenue.subtractToken(log.token, log.feeRebateAmount, OPTIONS_FEES_TO_PROTOCOL);
dailyProtocolRevenue.subtractToken(log.token, log.feeRebateAmount, OPTIONS_FEES_TO_PROTOCOL);
dailySupplySideRevenue.add(log.token, log.feeRebateAmount, rebateLabel);
}

return {
dailyFees,
dailyRevenue,
Expand All @@ -114,51 +63,47 @@ const fetch = async (options: FetchOptions): Promise<FetchResult> => {
};
};

const methodology = {
Fees:
"Options trade fees plus risk-premium execution-price spreads paid by CallPut users.",
Revenue:
"Options trade fees collected by CallPut. Risk premium is excluded from revenue and attributed to OLP liquidity providers.",
ProtocolRevenue:
"Options trade fees collected by CallPut, excluding risk premium.",
SupplySideRevenue:
"Risk premiums accrued to CallPut OLP liquidity providers.",
};

const breakdownMethodology = {
Fees: {
[TRADE_FEES]:
"Fees charged when users open, close, or settle options positions.",
[RISK_PREMIUM]:
"Execution-price spread relative to mark price charged to options traders.",
},
Revenue: {
[TRADE_FEES_TO_PROTOCOL]:
"Options trade fees collected by CallPut, excluding risk premium.",
},
ProtocolRevenue: {
[TRADE_FEES_TO_PROTOCOL]:
"Options trade fees collected by CallPut, excluding risk premium.",
},
SupplySideRevenue: {
[RISK_PREMIUM_TO_OLPS]:
"Risk premiums accrued to OLP liquidity providers through VaultUtils pending RP amounts.",
},
};

const adapter: SimpleAdapter = {
version: 2,
pullHourly: true,
chains: [CHAIN.BASE],
fetch,
// First production Controller volume event on Base.
// First production Controller fee activity on Base.
start: "2026-01-30",
methodology: {
Fees:
"Options trading fees and liquidity and swap fees paid by CallPut users.",
Revenue:
"The share of fees allocated to the CallPut treasury and governance addresses, based on the FeeDistributor's onchain OLP reward rate, minus referral and copy-trading rebates.",
ProtocolRevenue:
"The share of fees allocated to the CallPut treasury and governance addresses, minus referral and copy-trading rebates.",
SupplySideRevenue:
"Referral and copy-trading rebates, and any share of net fees allocated by FeeDistributor to OLPs.",
},
breakdownMethodology: {
Fees: {
[OPTIONS_FEES]:
"Fees charged when users open, close, or settle options positions.",
[LIQUIDITY_FEES]:
"Fees charged when users mint or redeem vault liquidity tokens or swap supported collateral assets.",
},
Revenue: {
[OPTIONS_FEES_TO_PROTOCOL]:
"Options trading fees allocated to CallPut treasury and governance addresses, net of referral and copy-trading rebates.",
[LIQUIDITY_FEES_TO_PROTOCOL]:
"Net liquidity and swap fees allocated to CallPut treasury and governance addresses.",
},
ProtocolRevenue: {
[OPTIONS_FEES_TO_PROTOCOL]:
"Options trading fees allocated to CallPut treasury and governance addresses, net of referral and copy-trading rebates.",
[LIQUIDITY_FEES_TO_PROTOCOL]:
"Net liquidity and swap fees allocated to CallPut treasury and governance addresses.",
},
SupplySideRevenue: {
[REFERRAL_REBATES]: "Options fee rebates paid to referral partners.",
[COPY_TRADING_REBATES]: "Options fee rebates paid to copy traders.",
[OPTIONS_FEES_TO_LPS]:
"Net options trading fees allocated to OLP liquidity providers.",
[LIQUIDITY_FEES_TO_LPS]:
"Net liquidity and swap fees allocated to OLP liquidity providers.",
},
},
methodology,
breakdownMethodology,
};

export default adapter;
51 changes: 51 additions & 0 deletions fees/callput/logic.ts
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Original file line number Diff line number Diff line change
@@ -0,0 +1,51 @@
export type PositionFeeLog = {
feeUsd: string | number;
};

export type PendingAmountLog = {
priceType: string | number;
pendingUsd: string | number;
};

export type CallPutFeeSummary = {
tradeFeesUsd: number;
riskPremiumUsd: number;
feesUsd: number;
revenueUsd: number;
supplySideRevenueUsd: number;
};

// Vault and VaultUtils emit USD-denominated values with 1e30 precision.
const PRICE_PRECISION = 1e30;
// IVaultUtils.PriceType enum: MP = 0, RP = 1.
const RISK_PREMIUM_PRICE_TYPE = 1;

function fromPricePrecision(value: string | number): number {
return Number(value) / PRICE_PRECISION;
}

export function summarizeCallPutFees(
positionFeeLogs: PositionFeeLog[],
pendingAmountLogs: PendingAmountLog[],
): CallPutFeeSummary {
const tradeFeesUsd = positionFeeLogs.reduce(
(sum, log) => sum + fromPricePrecision(log.feeUsd),
0,
);
const riskPremiumUsd = pendingAmountLogs.reduce(
(sum, log) =>
sum +
(Number(log.priceType) === RISK_PREMIUM_PRICE_TYPE
? fromPricePrecision(log.pendingUsd)
: 0),
0,
);

return {
tradeFeesUsd,
riskPremiumUsd,
feesUsd: tradeFeesUsd + riskPremiumUsd,
revenueUsd: tradeFeesUsd,
supplySideRevenueUsd: riskPremiumUsd,
};
}
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