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  • ☠️Introduction
    • What is Clipper?
    • How Clipper Makes Money for LPs
    • How LPs Earn from Arbitrage
    • Clipper's Benchmark: No Impermanent Loss
      • Clipper vs. CPMMs vs. HODLing
      • Appendix: Math
    • Why Clipper Has Better Trading Prices
    • DAO Protocol Fees
    • DAO Governance
  • ⚔️How to Use Clipper
    • Liquidity Pools
      • Depositing & Withdrawing
      • Farming Pools
    • Trading
    • Community Adventures
    • FAQs
  • 🪙Governance Token
    • Community Governance
    • ⛵SAIL Primer
      • Clipper Fundamentals
      • DEX Market Structure
      • SAIL Supply & Circulation
      • SAIL Farming
      • veSAIL
      • Token Listings
  • 🏴‍☠️Disclaimers & Technical
    • Audits
    • Smart Contracts
      • Subgraph
        • Entities
        • Queries
    • Integrating with Clipper RFQ
      • Introduction
      • Guides
        • How to use clipper RFQ API?
        • Estimate Clipper Prices
        • Interacting with the Clipper Exchange contracts
        • Integration Examples
          • Swap Native token → Shorttail
          • Swap Shorttail → Native token
          • Swap Shorttail → Shorttail
          • Complete Swap Flow
      • API Reference
        • API v2
          • Overview
          • Pool v2
          • Quote v2
        • API v1
          • Overview
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          • Quote
          • Sign
      • Troubleshooting & FAQs
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  1. Governance Token
  2. SAIL Primer

Clipper Fundamentals

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Last updated 1 year ago

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Clipper Traction & Further Info

Revenue: $500k annualized revenue (up 2.5x from Q3). See​

Usage: $2.5 billion volume (8.3 billion comparable volume) from 216,000 traders across 2 million transactions with 99,000 LPs. See

  • Note that people typically multiply Clipper’s volume by 3.3x to compare it to other DEXs. This is because Clipper’s prices are firm, precluding arbitrage/MEV bots. In contrast, 70% of Uniswap (and other CPMM) volume is arbitrage/MEV bots programmatically reacting to ‘real trades’. Mathematically, 1 / (1-70%) = 3.3x.

Community: 100k+ discord, 120k+ twitter.Chains: Ethereum Mainnet, Optimism, Polygon, Arbitrum, Mantle, Base, Moonbeam.

Price Competitiveness: Clipper beats 0x API 92.5% of the time on a $10,000 USDC<>ETH trade.

Yields: Typically base APYs of 50%+ on ETH/WBTC/USD. See

Proof of No Impermanent Loss: Zero LVR ( is a16z’s metric) since the last deployment in Q1 2023. Learn more about Clipper's No Impermanent Loss (NIL) Index

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https://tokenterminal.com/terminal/projects/clipper
https://dune.com/shipyard_software/clipper-official
https://docs.clipper.exchange/introduction/why-clipper-has-better-trading-prices
https://clipper.exchange/app/liquidity
Loss Versus Rebalancing
https://clipper.exchange/data