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What agents buy from other agents, settled on chain.Note 23
They come back. 59,548 of 97,287 buyer–seller relationships have traded more than once, at an average of 49 payments each. A rail of one-off tests does not do that.
| Within | Buyers who could have | Buyers who did | Share |
|---|---|---|---|
| 7 days | 45,003 | 8,674 | 19% |
| 30 days | 5,408 | 3,873 | 72% |
| 90 days | 4,020 | 3,238 | 81% |
Each row counts only buyers whose first payment is old enough for that window to have finished , a buyer who arrived five days ago cannot have come back within ninety, and counting them would make this market look like it is decaying when it is not. Windows are cumulative: returned at any point within, which is the question a seller asks.
This is the honest size of it, and a far more interesting claim than a billion that turns out to be somebody moving a treasury over the same primitive. Small, real and recurrent is a finding; a large number nobody can interpret is not.
We publish no single volume figure for x402, because there is no single market to total.
The payments we can price divide into a micropayment economy of millions of transactions worth a few tens of thousands of dollars between them, and a few thousand large transfers worth roughly a billion. Both use the same primitive. One number covering both would be a headline about agent commerce built mostly from something that is not agent commerce.
| Payment size | Payments | Share of payments | Value | Share of value |
|---|---|---|---|---|
| under a cent | 1,167,483 | 19.9% | $2.9k | 0.0% |
| a cent to a dollar | 3,594,730 | 61.4% | $81.9k | 0.0% |
| a dollar to $100 | 963,331 | 16.4% | $20.90M | 1.5% |
| $100 to $10,000 | 124,312 | 2.1% | $99.46M | 7.1% |
| over $10,000 | 7,971 | 0.1% | $1.29B | 91.4% |
The shape is the finding and a percentile hides it. The median payment on this rail is under a cent and the 99th is in the hundreds, both true, and neither says that a few thousand payments hold most of the money.
23,863 payments went from an address to itself, worth $106,510.68. 521 pairs of addresses pay each other in both directions, and 226 payments moved exactly nothing.
A payment to oneself, a pair that pays in both directions, and a payment of exactly nothing. None is called fraud and none is removed from the totals — testing an endpoint produces the first and two agents trading with each other produce the second.
0xa95d9c1f65… has received $1.26B from 22,237 different addresses,89% of all value on this rail, on a single network.
A contract taking capital from thousands of addresses over EIP-3009, absent from the service catalogue and the identity registry, and never once a payer itself. That is not agent commerce. What it IS we do not say: the contract answers none of name(), symbol(), owner() or implementation(), so any label would be inference dressed as identification.
| Address | Payments | Received | Of all value |
|---|---|---|---|
| 0xa95d9c1f… | 40,484 | $1.26B | 89.3% |
| 0x5e494337… | 606,192 | $30.35M | 2.2% |
| 0xe742f9df… | 2,932 | $16.44M | 1.2% |
| 0x1c4a8dda… | 4 | $8.27M | 0.6% |
| 0x66dbff2c… | 126,461 | $6.73M | 0.5% |
| Address | Payments | Received |
|---|---|---|
| 0x66fa4d79… | 2,906,115 | $29,061.15 |
| 0x5e494337… | 606,192 | $30,345,916.37 |
| 0xa9dd7cc9… | 439,808 | $1,145.92 |
| 0xe9030014… | 294,407 | $6,359.01 |
| 0x9c955c40… | 228,709 | $228.71 |
Neither list summarises the other. The busiest recipient here has earned a few hundred dollars across tens of thousands of payments; the richest has earned hundreds of millions across a fraction of that. A single ranking would describe a market that does not exist.
The amount of an x402 payment is not in the event we count it from, so every figure above rests on payments whose paired transfer we have read back off the network,5,857,827 of 5,879,737, or 99.6%. Where a network is not yet complete its value is a floor, not a total.
And a separate coverage for who was paid. The recipient is known for 5,830,904 payments,99.2% of the rail. Every figure on this page that names a seller, ranks a recipient or pairs a buyer with one rests on that share and not on the price coverage above. Where the two differ, the smaller one is the honest denominator.
| Network | Payments | Priced | Observed value | Reads as |
|---|---|---|---|---|
| Polygon | 3,687,052 | 99.9% | $51.38M | a floor |
| Base | 2,022,341 | 99.2% | $28.76M | a floor |
| Arbitrum | 136,490 | 100.0% | $1.27B | a total |
| Ethereum | 28,248 | 100.0% | $57.72M | a total |
| Optimism | 5,606 | 100.0% | $128.5k | a total |
Did anybody come back? 109,275 of 283,554 buyer–seller pairs traded more than once, 38.5%. It is the one question a volume figure cannot answer: a rail can carry two million payments and be two million strangers meeting once.