Meteora fee/TVL vs estimated fees per hour

What does 1h fees / TVL measure?

It is the fees a pool earned in the last hour divided by its current TVL, shown as a percentage. FeeHound shows the value Meteora's API reports for the 1 hour window and does not recalculate it.

• It is gross. The protocol fee has not been taken off, so liquidity providers receive less than this.
• It covers one window. A single large trade or a quiet hour moves it a lot.
• It is a ratio with no deposit size, so it says nothing about how much your own money would dilute the pool.

What does Est. fees per hour measure?

It is FeeHound's estimate, in dollars, of what a $1,000 deposit would earn per hour from trading fees. It differs from fee/TVL in three ways:

• It blends three windows: 40% of the 30 minute rate, 40% of the 1 hour rate and 20% of the 4 hour rate. Pools younger than 4 hours use the 30 minute and 1 hour rates, half each.
• It is net of the protocol fee. FeeHound uses the value Meteora reports for the pool. When none is reported it assumes 10% for DLMM and 20% for DAMM v2.
• It counts your deposit as part of the pool. Your share is 1,000 / (TVL + 1,000), so in a small pool your own money lowers the result.

The full formula is on the methodology page.

How do the two numbers compare on one pool?

Take a DLMM pool with $50,000 TVL and a 10% protocol fee. It earned $50 of fees in the last 30 minutes, $90 in the last hour and $320 in the last 4 hours.

• 1h fees / TVL: 90 / 50,000 = 0.18%. Read directly, that suggests $1.80 per hour on $1,000.
• Take off the 10% protocol fee: $1.62.
• Count your $1,000 in the pool, so your share is 1,000 / 51,000 rather than 1,000 / 50,000: about $1.59.
• Blend the windows. The blended rate is $92 per hour against $90 for the last hour alone, which brings the estimate to about $1.62.

Here the corrections almost cancel out. They often do not. When the last hour was busier than the hours before it, the blend pulls the estimate down. In a pool with $5,000 TVL, a $1,000 deposit makes up a sixth of the enlarged pool instead of a fifth, so the dilution step alone cuts the result by about 17%.

Which number should you look at?

Use fee/TVL to see which pools were busy in the last hour relative to their size. Use the estimate to compare what a deposit might have earned at the recent pace, after the protocol takes its share. When the two disagree strongly, the pool usually had one unusual hour, or it is small enough that a deposit changes the picture.

What do both numbers leave out?

Both assume your liquidity earns its pro-rata share of the whole pool. In a concentrated pool, liquidity away from the current price earns nothing, so a real position can earn more or less than its share of TVL suggests. Neither number accounts for impermanent loss, token price moves, changes to a pool's fee settings, or the cost of entering and leaving a position. Both describe the recent past.

Sources

• Meteora docs: DLMM formulas
• Meteora docs: What is DAMM v2

Is this financial advice?

No. This guide explains how the numbers work. Past fees do not predict future fees, and new tokens can lose most of their value quickly. Check a pool yourself before you deposit.