> ## Documentation Index
> Fetch the complete documentation index at: https://peak-docs.birdeye.so/docs/llms.txt
> Use this file to discover all available pages before exploring further.

# Monitoring DEX Activity

> Track decentralized exchange activity at the venue, market, and trader level.

DEX monitoring spans three levels: the venue itself (a DEX as a Protocol), the markets trading on it (individual pairs), and the traders driving activity (wallets). Peak supports each level with dedicated Commands.

This guide outlines a structured approach.

## The three levels of DEX analysis

<CardGroup cols={3}>
  <Card title="Venue level" icon="diagram-project">
    The DEX as a whole — total volume, TVL, top markets, fee revenue.
  </Card>

  <Card title="Market level" icon="arrow-right-arrow-left">
    Individual pairs and pools — pair volume, liquidity depth, performance.
  </Card>

  <Card title="Trader level" icon="user">
    Wallet behavior on the venue — who is trading, in what size, with what patterns.
  </Card>
</CardGroup>

## 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

Cross-reference links from `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

<Steps>
  <Step title="Open DEX Performance (DEP) on the venue">
    Get the current state — volume, TVL, top markets.
  </Step>

  <Step title="Drill into top markets">
    Click through to the DEX Market views for the highest-volume pairs.
  </Step>

  <Step title="Examine trader behavior">
    Open **DEX User Analysis (DUA) ↗** for context on who is driving activity.
  </Step>

  <Step title="Cross-reference to tokens">
    For the tokens in those pairs, examine **Live Trades (LTD) ↗** and **CX Whale Tracker (CWT) ↗** for the broader picture.
  </Step>
</Steps>

## 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

<CardGroup cols={2}>
  <Card title="For DeFi Power Users" icon="bolt" href="/docs/guides/by-role/defi-power-users">
    The broader DeFi workflow this monitoring supports.
  </Card>

  <Card title="Tracking Smart Money" icon="wallet" href="/docs/guides/by-workflow/tracking-smart-money">
    Combine venue-level monitoring with wallet-level signal.
  </Card>
</CardGroup>