> For the complete documentation index, see [llms.txt](https://orbit-labs-1.gitbook.io/orbit-labs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://orbit-labs-1.gitbook.io/orbit-labs/introduction-to-orbit/how-orbit-calculates-volume.md).

# How Orbit Calculates Volume

On Orbit, trading volume is measured by the **user’s intended swap outcome**, not by the number of intermediate steps a trade takes.

For example, if a user wants to swap **TokenA → TokenB**, our system only records the **start-to-end trade** as a single transaction with the associated notional volume.

Even if the underlying router executes it through multiple “hops” (e.g., TokenA → TokenX → TokenY → TokenB), we do **not** inflate the reported numbers by counting those internal swaps as separate trades or extra volume.

This way:

* **Transaction count** = one trade (TokenA → TokenB).
* **Volume** = the actual value of TokenA swapped into TokenB.
* **Middle hops** are ignored to avoid double counting or misleadingly high figures.