Bluefin (BLUE)
Total Value Locked$227.68m
TVL by Chain
Sui$151.2m
borrowed$72.26m
staking$4.22m
Arbitrum$4
Key Metrics
Fees (Annualized)$29.93m
Fees 30d$2.45m
Fees 7d$435,668
Fees 24h$80,896
Cumulative Fees$41.73m
Revenue (Annualized)$11.77m
Revenue 30d$965,143
Revenue 7d$146,223
Revenue 24h$30,987
Cumulative Revenue$11.48m
Holders Revenue (Annualized)$0
Holders Revenue 30d$0
Holders Revenue 7d$0
Holders Revenue 24h$0
Cumulative Holders Revenue$0
Incentives (Annualized)$0
Incentives 30d$0
Incentives 7d$0
Incentives 24h$0
Cumulative Incentives$0
Earnings (Annualized)$11.77m
Earnings 30d$965,143
Earnings 7d$146,223
Earnings 24h$30,987
Cumulative Earnings$11.48m
DEX Volume 30d$2.318b
DEX Volume 7d$432.48m
DEX Volume 24h$62.85m
Cumulative DEX Volume$28.493b
DEX Aggregator Volume 30d$521.16m
DEX Aggregator Volume 7d$88.08m
DEX Aggregator Volume 24h$6.35m
Cumulative DEX Aggregator Volume$7.659b
Perp Volume 30d$2.417b
Perp Volume 7d$297.27m
Perp Volume 24h$68.86m
Cumulative Perp Volume$61.672b
Market Cap$14.3m
$BLUE Price$0.043
All Time High$0.86
All Time Low$0.039
Fully Diluted Valuation$43.31m
Outstanding FDV$36.79m
$BLUE Volume 24h$6.5m
CEX Volume$6.1m
DEX Volume$419,875(6.46% of total)
Staked$4.22m(29.53% of mcap)
Borrowed$72.26m
Protocol Information
Bluefin is a decentralized spot and derivatives exchange built for both professional and first-time traders. It focuses on security, transparency and redefining the user experience of using on-chain trading platforms - and is backed by Polychain, SIG, Brevan Howard, and other leading firms.
Methodology
TVL: Total value of all coins held in the smart contracts of the protocol
Fees:
Bluefin Legacy: Fees paid by usersView code on GitHubBluefin Spot: Swap fees paid by usersView code on GitHubAlphaLend: All fees paid/earned while using lending/borrowing and liquidation.View code on GitHubBluefin Pro: Fees paid by usersView code on GitHub
Revenue:
Bluefin Legacy: Treasury and token holders revenueView code on GitHubBluefin Spot: Percentage of swap fees going to treasury and/or token holdersView code on GitHubAlphaLend: Fees collected by protocol native markets.View code on GitHubBluefin Pro: Treasury and token holders revenueView code on GitHub
Holders Revenue:
Bluefin Legacy: Fees going to governance token holdersView code on GitHubBluefin Spot: Money going to governance token holdersView code on GitHubAlphaLend: No holders revenue.View code on GitHubBluefin Pro: Fees going to governance token holdersView code on GitHub
DEX Volume: Volume of all spot token swaps that go through the protocol
DEX Aggregator Volume: Volume of all spot token swaps that go through the protocol
Perp Volume: Notional volume of all trades in the protocol, includes leverage
Incentives: Tokens allocated to users through liquidity mining or incentive schemes, typically as part of governance or reward mechanisms.
Earnings: Revenue of the protocol minus the incentives distributed to users
Income Statement for Bluefin
| Q4 2025* | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | |
|---|---|---|---|---|---|---|---|---|---|
| Fees | $5.92m | $10m | $7.26m | $6.96m | $4.07m | $922,228 | $2.28m | $3.86m | $449,903 |
| Revenue | $2.3m | $3.27m | $2.06m | $2.49m | $1.36m | $0 | $0 | $0 | $0 |
| Incentives | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Earnings | $2.3m | $3.27m | $2.06m | $2.49m | $1.36m | $0 | $0 | $0 | $0 |
| Token Holder Net Income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |