Single Finance

Understanding the Metrics

Before you enter the pool and start your own time travel journey, here are some definitions and notes you should know.


1. # (Rank)

Rank according to 24-hour AROI (Annual Return on Investment) including price effect, compared with all other pairs in the respective chain, across all available DEXs. It reveals recent top gainers in the chain.
As the ranks are chain-dependent, it is not uncommon to see pairs with the same rank. This happens when you are exploring all supported chains. When you select to view pairs in a particular chain only, you will not see duplicate numbers in this column anymore.

2. Total ROI / AROI

Total (Annual) Return on Investment, calculated by backward-simulating the return based on your principal invested in the pool over the specified timeframe. No simple APR is used here, as the commonly used one is simply based on current pool value and token prices. We adopt a different methodology when working out our APRs on our platform.
The ROI can be further split into 2 types, with one evaluating your capital gain against principal, and the other one evaluating your yield against impermanent loss. Please note that all rates here are annualized, such that we can have a fair comparison across different pairs and time frames.

2a. Return including Price Effect

Return including Price Effect is a concept firstly introduced by Single Finance. It is computed based on the actual return in USD adjusted for changes in crypto asset prices. It can be further broken down into three components:
Return incl. Price Effect = Trading Fees + Yield Farming + Price Effect

2b. Return including Impermanent Loss

Similar to the usually seen net APR calculation, net yield here is composed of trading fee rewards and DEX yields received, after impermanent loss, i.e.
Return incl. Imp. Loss = Trading Fees + Yield Farming + Impermanent loss (-ve)

3. Breakdown of ROI / AROI

3a. Trading Fees

Return generated from trading fees received from liquidity pool transactions. Fee ratio might be different across DEXs. Please note that not 100% transaction fees will be pocketed by liquidity providers, but also the DEX treasury.

3b. Yield Farming (DEX Yield)

Additional incentive distributed by DEXs when liquidity providers stake back their LP tokens to the pool. Some pools may share a greater portion, depending on the multiplier of that pool. Multiplier of the same pool can be changed from time to time.

3c. Price Effect

The most important component of actual return calculation, computed from equity value change due to changes in asset prices in the liquidity pool. The value might be positive or negative, depending on token price fluctuations and trading fee rewards in the pool.

3d. Impermanent Loss

Refers to the temporary loss of funds due to volatility of the liquidity pair. It happens when the prices of the crypto assets locked in the liquidity pool change compared to when the funds are deposited.

4. Harvest Healthiness Ratio (HHR)

This figure is again a brand new concept introduced by Single Finance, which indicates the harvest healthiness of the pool based on 30-day annualized rates. The higher the HHR, the higher the weight of the trading fees and yield farming components in the total return. The yields from the pairs with higher HHR are usually more long-term.

5. Fees Growth Rate

Fees Growth Rate is also brought to you by Single Finance. It is a measure of the growth rate of trading fee rewards, which represents recent over long term liquidity utilization. A rate higher than 1x means 7-day trading fees APR of the pair is higher than that of 90-day, indicating a recently improved liquidity utilization. Farming such pairs usually results in higher trading fee income in the long term.

6. Liquidity

Total value of assets currently circulating in the liquidity pool. Measured in USD.

7. Total Value Locked (TVL)

Staked liquidity. Equal to or smaller than pool liquidity.

8. 24H Volume

Total trading volume of the liquidity pair in USD in the last 24 hours.

9. Liquidity Utilization

Utilization = Total Trading Volume in the day / Average Liquidity at hourly intervals

Metric Filter

1. Trading Fees > Yield Farming

It shows the pairs with trading fees APR higher than yield farming APR in the past 30 days. The yield from such pairs is usually more stable in the long run, as the yield farming reward distributed by DEX is not guaranteed.

2. Price Effect > 0

It shows the pairs with an increase in net equity value of LP tokens compared to 30 days ago. Farming these pairs won't have to suffer a loss of value from token price changes.

3. Fees Growth Rate > 1

It shows the pairs with 7-day trading fees APR higher than that of 90-day, indicating recently improved liquidity utilization. Farming these pairs usually result in higher trading fees income in the long term.

4. Positive Return in 180D

It shows the pairs with positive total return in the last 180 days. It indicates the total yield can cover losses due to price effect in the long run.