How Can a Perpetual Futures DEX Be Valued Using Protocol Revenue? ▴ Learn

How Can a Perpetual Futures DEX Be Valued Using Protocol Revenue?

A perpetual futures DEX is valued similarly to a spot DEX, but its protocol revenue is derived primarily from trading fees, funding rates, and potentially liquidation fees. The DCF model discounts these projected cash flows.

A key difference is that a perpetual DEX's revenue is highly sensitive to market volatility and open interest, requiring careful projection of these factors.

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