How Maker PnL and APR are Calculated
Peer measures maker performance from filled orders. Realized PnL is your price edge on each fill: the difference between your rate and the market rate at the time of the fill. APR annualizes realized PnL against the USDC you deposited. Neither is a guaranteed return.
Formulas
priceEdge = (yourRate - marketRate) / marketRate
realizedPnl = fillAmount × priceEdge
apr = realizedPnl / depositedCapital × 365 / daysElapsed
Rates are fiat per USDC. Pricing below market gives a negative price edge: it can fill faster, but it lowers realized PnL.
Example
| Input | Value |
|---|---|
| Fill amount | 1,000 USDC |
| Your rate | 1.02 USD per USDC |
| Market rate | 1.00 USD per USDC |
| Deposited capital | 10,000 USDC |
| Days elapsed | 30 |
priceEdge = (1.02 - 1.00) / 1.00 = 2%
realizedPnl = 1,000 × 2% = 20 USDC
apr = 20 / 10,000 × 365 / 30 ≈ 2.43%
What drives APR
- Price edge: a higher premium earns more per fill but fills less often.
- Fill frequency: idle liquidity earns nothing.
- Deposit size: capital that doesn't fill lowers APR.
A deposit's PnL tab shows realized PnL per completed order. Earn → My portfolio shows your total.