The three levels of DEX analysis
Venue level
The DEX as a whole — total volume, TVL, top markets, fee revenue.
Market level
Individual pairs and pools — pair volume, liquidity depth, performance.
Trader level
Wallet behavior on the venue — who is trading, in what size, with what patterns.
Venue-level monitoring
For tracking a DEX as a whole, the entry point is the Protocol Object for that DEX.DEX Performance (DEP)
DEX Performance (DEP) ↗ is the primary venue-level Command. It consolidates volume, TVL, market breakdowns, and other core metrics into a single view. What to look for:- Total volume trends across time frames
- TVL changes and direction
- Top markets by volume
- Fee revenue, where applicable
Protocol Analysis (PRA)
For broader context — including non-trading metrics — open Protocol Analysis (PRA) ↗. This gives you fundamentals beyond just trading activity.Competition (PCP)
To place the DEX in its competitive context, Competition (PCP) ↗ compares it to other venues in the same category.Market-level monitoring
Once you have identified active markets at the venue level, drill into specific pairs using the DEX Market Object. A DEX Market represents a specific pool or pair — for example, the SOL/USDC pool on Raydium. Commands scoped to DEX Markets cover:- Volume and trade history for the specific pair
- Liquidity depth and provision
- Pair-level performance
DEP typically lead directly to DEX Market views for the top pairs.
Trader-level monitoring
For analyzing who is trading on the venue:DEX User Analysis (DUA)
DEX User Analysis (DUA) ↗ at the Protocol level examines DEX trader behavior aggregated across the venue. Useful for understanding the venue’s user composition.User Profile (UPO) and User Preference (UPE)
For demographic and behavioral context, User Profile (UPO) ↗ and User Preference (UPE) ↗ examine who uses the protocol and what they engage with.A typical monitoring session
Setting up ongoing tracking
For DEXs you monitor regularly:- Add the Protocol to a watchlist so the venue is one click away.
- Set alerts on conditions material to your monitoring — volume spikes, TVL changes, unusual market activity.
- Save the markets you care about as DEX Market entries in a watchlist.
Commands referenced
| Command | Purpose |
|---|---|
DEP | DEX Performance — venue-level volume, markets, TVL |
PRA | Protocol Analysis — protocol fundamentals |
PCP | Competition — competitive context |
DUA | DEX User Analysis — venue-level trader behavior |
UPO | User Profile — protocol demographics |
UPE | User Preference — user segments |
LTD | Live Trades — token-level real-time activity |
CWT | CX Whale Tracker — CEX flows on relevant tokens |
Related guides
For DeFi Power Users
The broader DeFi workflow this monitoring supports.
Tracking Smart Money
Combine venue-level monitoring with wallet-level signal.