Flying Tulip
Workspaces

Protocol workspace

Revenue

What the first-party fee ledger reports, which products produce it, and how signed application activity is attributed.

Headline revenue

First-party
Application fees (lifetime)
Current · 44m ago
$45.2K
Synthetic-free
Claimable on-chain
Current · 6m ago
$8.3K
DefiLlama, same protocol$4.01M89x our first-party figure — and both are correct. See below.
Revenue

Application fees per day

Connected source

All fees: latest $249.20 (2026-07-17 00:00 UTC). Over the last 30 days it moved down $244.55, from $493.75 to $249.20. Range low $249.20 on 2026-07-17, high $2.1K on 2026-06-22, across 30 observations. Sources: Flying Tulip API · /fees/application.

Current · 11h ago·Flying Tulip API · /fees/application··
Source, methodology and coverage
Observed at2026-07-17 00:00:00 UTC
Classobserved — Read directly from the source. Not derived.
MethodologyUpstream-reported application-fee value for each calendar day (UTC) — the flow, as opposed to the running lifetime total. The one fee metric that genuinely SUMS: these are daily flows, so a 30-day total is the sum of 30 days. Daily series since 2026-01-27. Days before that do not exist and are rendered as gaps, never as zeros — a zero would claim the protocol earned nothing that day. Full methodology
SourceFlying Tulip API · /fees/application — First-party application-fee totals and product, chain and fee-type composition. Collection contract is enabled on a cadence of 15 minutes.
Revenue

Fees by product, small multiples

Connected source

Lending: latest $248.50 (2026-07-17 00:00 UTC). Over the last 30 days it moved down $239.52, from $488.02 to $248.50. Range low $248.50 on 2026-07-17, high $653.37 on 2026-07-05, across 30 observations. ftUSD: latest $0.7055 (2026-07-17 00:00 UTC). Over the last 30 days it moved down $5.0274, from $5.7329 to $0.7055. Range low $0.0002 on 2026-07-12, high $202.09 on 2026-07-10, across 30 observations. RFQ: latest $0.00 (2026-07-17 00:00 UTC). Over the last 30 days it moved unchanged, from $0.00 to $0.00. Range low -$0.0068 on 2026-07-08, high $1.5K on 2026-06-22, across 30 observations. PUT marketplace: latest $0.00 (2026-07-17 00:00 UTC). Over the last 30 days it moved down $0.0008, from $0.0008 to $0.00. Range low $0.00 on 2026-06-20, high $404.40 on 2026-06-26, across 30 observations. Sources: Flying Tulip API · /fees/application.

Current · 11h ago·Flying Tulip API · /fees/application··
Source, methodology and coverage
Observed at2026-07-17 00:00:00 UTC
Classobserved — Read directly from the source. Not derived.
MethodologyApplication fees earned on each calendar day (UTC), split by which product earned them. This is the flow — what came in that day — as opposed to the running lifetime total. A genuine daily FLOW, so it SUMS: a 30-day product total is the sum of that product's 30 days. This is the only fee breakdown that can honestly be range-scoped, and it is what the ranked contribution list on the Revenue workspace ranks. Daily since 2026-01-27, 161 points at capture. Days before that do not exist and render as gaps — a zero would claim the product earned nothing that day. Drives the product small multiples of signature visualization E. Full methodology
SourceFlying Tulip API · /fees/application — First-party application-fee totals and product, chain and fee-type composition. Collection contract is enabled on a cadence of 15 minutes.
Each link comes from an upstream indexed event

Application flow: chain → product → asset

Connected source

687 events form 18 observed paths with a net event value of $20.9K across $20.9K of signed application activity in the last 30 days. The largest activity path is Ethereum → Lend → FT, net $11.9K.

Positive event value $20.9KCosts and negative offsets $0.0146

Observed event coverage runs from 2026-06-17 11:03 UTC to 2026-07-17 09:39 UTC. Range choices wider than this window show the available rolling-window evidence only; earlier application fees are not backfilled from aggregate totals.

  1. Ethereum → Lend → FT

    104 events · Borrow Interest

    57.0%
    $11.9K

  2. Sonic → RFQ → wS

    27 events · Liquidation Bonus

    16.4%
    $3.4K

  3. Sonic → Lend → FT

    81 events · Borrow Interest

    10.0%
    $2.1K

  4. Ethereum → ftUSD → ftUSD

    107 events · Mint, Redeem

    7.5%
    $1.6K

  5. Ethereum → ftUSD → ftUSD

    18 events · Mint, Redeem

    5.1%
    $1.1K

  6. Ethereum → Put Marketplace → USDT

    9 events · Marketplace

    3.1%
    $649.65

  7. Sonic → ftUSD → ftUSD

    95 events · Mint, Redeem

    0.6%
    $116.32

  8. Ethereum → Put Marketplace → USDC

    14 events · Marketplace

    0.3%
    $65.44

  9. Sonic → ftUSD → ftUSD

    11 events · Mint

    0.0%
    $2.5166

  10. Sonic → Leverage → USDC

    117 events · Close Leverage, Collateral Swap, Open Leverage

    0.0%
    $0.8747

  11. Sonic → Leverage → wS

    51 events · Close Leverage, Collateral Swap, Open Leverage

    0.0%
    $0.7828

  12. Sonic → RFQ → WETH

    2 events · Liquidation Bonus

    0.0%
    $0.0768

Showing the 12 largest paths above; the table includes all 18 paths in the selected range.

View range-filtered fee paths as a table
Signed application paths for the last 30 days
ChainProductAssetEvent typesEventsPositive valueCostsNet valueLatest event
EthereumLendFTBorrow Interest104$11.9K$0.00$11.9K
SonicRFQwSLiquidation Bonus27$3.4K$0.0068$3.4K
SonicLendFTBorrow Interest81$2.1K$0.00$2.1K
EthereumftUSDftUSDMint, Redeem107$1.6K$0.00$1.6K
EthereumftUSDftUSDMint, Redeem18$1.1K$0.00$1.1K
EthereumPut MarketplaceUSDTMarketplace9$649.65$0.00$649.65
SonicftUSDftUSDMint, Redeem95$116.32$0.00$116.32
EthereumPut MarketplaceUSDCMarketplace14$65.44$0.00$65.44
SonicftUSDftUSDMint11$2.5166$0.00$2.5166
SonicLeverageUSDCClose Leverage, Collateral Swap, Open Leverage117$0.8747$0.00$0.8747
SonicLeveragewSClose Leverage, Collateral Swap, Open Leverage51$0.7828$0.00$0.7828
SonicRFQWETHLiquidation Bonus2$0.0768$0.00$0.0768
SonicLeverageWBTCClose Leverage, Open Leverage14$0.0538$0.00$0.0538
SonicRFQstSLiquidation Bonus2$0.0338$0.0050$0.0288
SonicLeverageWETHClose Leverage, Open Leverage19$0.0321$0.00$0.0321
SonicLeverageftUSDCollateral Swap10$0.0161$0.00$0.0161
SonicRFQWBTCLiquidation Bonus1$0.00$0.0028-$0.0028
SonicLeveragestSClose Leverage5$0.0012$0.00$0.0012
Current · 1h ago·Flying Tulip API · /fees/application/events··
Source, methodology and coverage
Observed at2026-07-17 10:03:26 UTC
Classobserved — Read directly from the source. Not derived.
MethodologyUpstream-reported signed application-event values keyed by product and asset, retaining transaction identity so the public flow view can aggregate without losing same-timestamp events. This is the same upstream amountUsd as fees_events, re-keyed with the upstream product and asset address so a chain to product to asset flow can be computed without parsing display labels. Alternate index only: it is the same dollars as fees_events and therefore never counts toward a claimable or fee total a second time. Flow totals are net event values. The visualization also separates positive activity from negative costs so a signed RFQ liquidation result cannot disappear behind an absolute-value bar. Product and asset describe the upstream event path; they do not establish protocol ownership of the value. Range controls operate only over the event window the upstream endpoint actually exposes. The panel prints that observed coverage so a 90-day or All selection cannot be mistaken for 90 days or lifetime of receipts. Each entity ends in txHash and logIndex. Those fields have zero duplicates in the live feed and prevent legitimate same-time events from overwriting one another. The asset symbol is display metadata only; identity is always the lowercase contract address. User addresses are never normalized. Full methodology
SourceFlying Tulip API · /fees/application/events — First-party transaction-level fee events with validated pagination and on-chain transaction identity. Collection contract is enabled on a cadence of 15 minutes.

Pending sweeps

Fees collected but not yet moved. Treasury-bound and lender-bound are different money with different owners, and they are never added together.

Claimable on-chain$8.3KSummed from the real fee streams only. Every synthetic forecast row is excluded. This is the number that reflects money that actually exists.
Lender-bound$62.44Fees collected and destined for lenders, not for the protocol. Never added to a treasury figure.
Treasury-bound (as reported)Includes estimate$10.6KThe total the fees API publishes — which it builds by ADDING the synthetic forecast rows to the real ones. Shown because it is what upstream says; never called claimable, for the same reason.
Pending sweeps by stream — observed, claimable
ChainBound forFee contractPending (USD)
EthereumTreasury0xaa48…d23c$5.8K
SonicTreasury0x0c6f…ee31$2.4K
EthereumLenders0xbe40…0055$42.90
SonicLenders0xbe40…0055$19.54
Rows 1–4 of 4
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Current · 6m ago·Flying Tulip API · /fees/application/pending··
Source, methodology and coverage
Observed at2026-07-17 10:57:29 UTC
Classobserved — Read directly from the source. Not derived.
MethodologyFees that are collected, unswept, and actually claimable on-chain right now — summed from only the real fee streams, with every synthetic forecast row excluded. This is the honest answer to "how much is actually there". THE claimable number, and the reason it exists separately from fees_pending_treasury: the treasury-bound total the API publishes is built with the synthetic forecast rows ADDED IN. This one is summed by the source contract from the non-synthetic streams only (PRODUCT.md §9.5 — synthetic amounts never count toward claimable totals). The two are both shown on the Revenue workspace, both labelled, and they are never added together. Full methodology
SourceFlying Tulip API · /fees/application/pending — First-party pending treasury, lender and sweep-stream amounts. Pending is not recognized revenue. Collection contract is enabled on a cadence of 15 minutes.

Estimated reserve-factor split

Estimated — not revenue

The fees API reports these rows as a synthetic split: it derives them by applying an assumed 1000 bps against an on-chain reserve factor of 0 bps. They are a forecast of how fees would divide, not a record of fees that divided. They are excluded from every claimable and swept total on this page.

These rows are a forecast. They are excluded from the claimable figure above, from every total on this page, and from the CSV column that feeds it.

Estimated split, lifetime$23.3K
Estimated pending, unswept$2.3K
  • Lending — borrow interest$20.9Kestimated
  • Lending — borrow interest protocol$2.3Kestimated
Pending sweeps by stream — ESTIMATED (synthetic split, excluded from claimable)
ChainBound forFee contractPending (USD)
EthereumforecastTreasury0xbe40…0055$1.5K
SonicforecastTreasury0xbe40…0055$806.94
Rows 1–2 of 2
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Current · 44m ago·Flying Tulip API · /fees/application··
Source, methodology and coverage
Observed at2026-07-17 10:18:47 UTC
Classestimated — Estimated. The underlying value is not directly observable.
MethodologyAn ESTIMATE of how fees would split between the treasury and lenders, produced by applying an assumed reserve factor. The fees API flags this itself as a synthetic split, because the real on-chain reserve factor currently reads zero — so this is a modelled number, not an observed one. NEVER counted inside a claimable or treasury total (PRODUCT.md §9.5). It renders as a visually and semantically separated overlay on the fees composition chart, with the word "estimate" attached — never as a bar in the same stack as realised fees. The API itself is the source of the honesty here: it publishes reserveFactor.source = "synthetic_split" and an on-chain reserve factor of 0 bps against an assumed 1000 bps. We surface that self-declaration rather than quietly consuming the split as fact. If the on-chain reserve factor ever becomes non-zero, this stops being an estimate and becomes an observation — which requires a contract change, not a registry edit. Full methodology
SourceFlying Tulip API · /fees/application — First-party application-fee totals and product, chain and fee-type composition. Collection contract is enabled on a cadence of 15 minutes.

Why our fee number and DefiLlama’s disagree

Flying Tulip’s own API reports $45.2K in lifetime application fees — the fees users paid to use the products. DefiLlama reports $4.01M in all-time feesfor the same protocol, because its definition of “fees” also counts the yield the PUT vault earns from its external strategies.

Both figures are correct under their own definitions. Neither is an error, neither is corrected into the other, and FT Pulse does not publish a reconciled number — because a reconciled number would require us to pick one definition and quietly discard the other. Strategy yield is real money the protocol earns; it is not a fee a user paid. Which one you want depends on the question you are asking.

Comparison data: DefiLlama. The two are stored as separate sources and are never merged.

Signed application events

One row per indexed on-chain event, with the transaction that produced it. Negative RFQ liquidation bonuses are net execution costs, and the original sign is preserved. Some RFQ rows are explicitly marked non-protocol-owned upstream, so this drill-down shows rolling-window application activity rather than claiming every positive value as protocol revenue or reconstructing the lifetime headline.

Application events — one row per indexed on-chain event, preserving signed value
Recorded (UTC)ChainProductFee typeTransactionSigned value (USD)
2026-07-17 09:39 UTCSonicleverageopen leverage0x78b79a68…4a3b3a$0.0013
2026-07-17 09:06 UTCSonicleveragecollateral swap0x398be964…12f981$0.0000
2026-07-17 09:04 UTCSonicleverageopen leverage0x66e72ff8…3f09fc$0.0006
2026-07-17 04:41 UTCEthereumftusdredeem0x89cf5934…57f18f$0.7055
2026-07-17 04:39 UTCEthereumlendborrow interest0x4137e7e2…c25b4c$112.31
2026-07-17 02:48 UTCEthereumlendborrow interest0x3fd8b090…ecdd57$113.41
2026-07-17 02:39 UTCSoniclendborrow interest0x051b1d04…13da78$22.78
2026-07-16 23:40 UTCEthereumput_marketplacemarketplace0x468ff124…ef4605$40.00
2026-07-16 23:19 UTCEthereumput_marketplacemarketplace0xa8dc23c1…5c0301$0.4360
2026-07-16 23:19 UTCEthereumput_marketplacemarketplace0x90ae694b…c5912d$0.4360
2026-07-16 23:18 UTCEthereumput_marketplacemarketplace0xafe3df2f…8622f4$0.4360
2026-07-16 23:18 UTCEthereumput_marketplacemarketplace0xd07f8164…eea5fd$0.4360
2026-07-16 23:17 UTCEthereumput_marketplacemarketplace0x42a2e72b…6006c5$0.4360
2026-07-16 21:45 UTCSonicleveragecollateral swap0x3e85c9ac…72110f$0.0000
2026-07-16 21:42 UTCSonicftusdmint0xc6b24c8e…5fc718$0.0118
2026-07-16 21:42 UTCSonicleveragecollateral swap0xc6b24c8e…5fc718$0.0084
2026-07-16 21:27 UTCSonicleverageopen leverage0xe9463a2d…8e7873$0.0090
2026-07-16 16:42 UTCEthereumlendborrow interest0x25f2bed0…1f7956$123.01
2026-07-16 16:38 UTCSoniclendborrow interest0x7abd039d…33dbb6$24.68
2026-07-16 15:56 UTCSonicftusdmint0x76086e18…866462$1.0507
2026-07-16 15:44 UTCEthereumftusdredeem0x16f8f532…33a72e$0.4053
2026-07-16 14:57 UTCSonicleverageclose leverage0xca3a4f6d…a9e6da$0.0000
2026-07-16 14:55 UTCSonicleverageclose leverage0xd2041a36…e2a330$0.0000
2026-07-16 14:51 UTCSonicleverageclose leverage0xb045b17f…2c2194$0.0000
2026-07-16 14:39 UTCSoniclendborrow interest0xba16d420…922ea6$24.75
Rows 1–25 of 687
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