Ostium co-founder Kaledora has outlined the real-world asset perpetuals protocol’s revenue model, saying Dune data shows roughly $44.7 million in total on-chain revenue over two years. She said the figure came from four fee categories: $20.39 million in opening fees, $16.5 million in spreads, $4.75 million in rollover fees, and $3.35 million in liquidation fees. Of that amount, $22.14 million, or 49.6%, went to the OLP treasury, while $19.55 million, or 43.8%, was attributed to liquidity costs, including $16.05 million in hedging and $3.49 million in hedge financing interest. Gross profit retained was $2.96 million, or 6.6%.
Kaledora added that total on-chain revenue does not include off-chain hedging costs. She said the protocol had not yet been able to monetize traffic before its April liquidity upgrade, and that a security incident occurred after the upgraded system had been running for several months. She also listed Ostium’s fundraising history from 2022 through 2025, described team growth from about 12 people in 2025 to 35 by the second quarter of 2026, and said the next step is to let the remaining 345 OLP holders share in business growth, with a phase-two recovery plan due within the next week.
ChainCatcher reported that Ostium co-founder Kaledora published a post explaining the real-world asset perpetuals protocol’s finances and revenue model.
About $44.7 million in on-chain revenue over two years
According to her, Dune shows about $44.7 million in total revenue over two years, generated from four on-chain fee categories: $20.39 million in opening fees, $16.5 million in spreads, $4.75 million in rollover fees, and $3.35 million in liquidation fees.
How the revenue was allocated
She said $22.14 million, or 49.6%, flowed to the OLP treasury. Another $19.55 million, or 43.8%, went to liquidity costs, including $16.05 million in hedging and $3.49 million in hedge financing interest. Gross profit retained was $2.96 million, or 6.6%.
Kaledora said total on-chain revenue does not include off-chain hedging costs. She also said the protocol did not yet have the ability to monetize traffic before its April liquidity upgrade. After that upgrade, the system ran for several months before a security incident occurred.
Fundraising and team expansion
On fundraising, she said Ostium raised $300,000 in 2022, $3.6 million in 2023, $4.1 million in 2024, and $19.4 million in 2025.
She added that the team expanded from about 12 people in 2025 to 35 in the second quarter of 2026, while taking on costs tied to data licensing, marketing, cloud infrastructure, audits, and AI.
What comes next
Kaledora said the company did not keep a balance sheet large enough to withstand this kind of incident and had stayed silent for too long. The next step, she said, is to let the remaining 345 OLP holders share in business growth, with a second-stage recovery plan set to be released within the next week.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
