UNI: Price to Fees Ratio
Included with Plus.
UNI's market cap divided by the fees Uniswap earns on Ethereum in a year.
Why use it. The multiple investors pay for each dollar of the protocol's fees, the way company shares are compared on price to sales. It lets tokens of different sizes be set side by side. How to read it. Lower means more fees for each dollar of token value; the ratio falls when fees grow or the price drops. The 30-day line reacts faster; the 365-day line is steadier.
Calculation. Price to fees = market cap / annualised fees. Annualised: the last 30 whole days of fees (or revenue) x 365 / 30 (in the first month of the record, the whole days it has, from the 7th, x 365 / days), and the trailing 365 days as they are, each day against that day's closing market cap (price x supply, from CryptoKeyhole's market data and coin supply figures). The free-float lines use the market cap of the supply outside the project's own disclosed wallets. For this token the whole supply already exists, so its fully diluted value equals its market cap. The 365-day line starts once a whole year of fees exists. Fees are Ethereum's only, so the ratios are higher than they would be with the protocol's other networks. Decentralised exchanges (Uniswap v2, v3 and v4, SushiSwap v2): every trade's fee is its value x its fee rate, the value being the side priced as in the DEX volume charts (dollar stablecoins at face value, ether and wrapped bitcoin at CryptoKeyhole's hourly prices; trades with neither are not counted). Rates: 0.3% on Uniswap v2 and SushiSwap pairs, the pool's fee tier on Uniswap v3, and on Uniswap v4 the rate each Swap event reports. The protocol's part: 1/6 of the 0.3% on SushiSwap since 9 September 2020 and on Uniswap v2 since 27 December 2025 (when each factory's fee recipient was set); on Uniswap v3 the pool's protocol fee setting (1/4 or 1/6 of the fee), read from the pool at the end of each range of about 50 blocks; on Uniswap v4 the part of the swap fee above the pool's liquidity-provider fee (pools whose hook sets the fee show no protocol part). The rest goes to liquidity providers.