The State of x402
Independent market data on the x402 agent-payments economy, built from our own daily snapshots of the Coinbase Bazaar discovery catalogue. Every figure below is measured, not estimated — including the ones that are unflattering to the ecosystem. Snapshot: 2026-09-15.
Higher prices do not cost you customers
The common instinct is to price at a fraction of a cent to attract agents. The data does not support it. Across every paid band, roughly the same share of listings receives traffic — but the revenue differs by more than an order of magnitude. The $0 band is excluded below because it earns nothing by definition, which makes a revenue comparison against it meaningless.
| Price band | Listings | Got paid calls | Est. 30-day revenue |
|---|---|---|---|
| Micro (≤$0.005) | 5,816 | 100% | $334.34 |
| Cheap ($0.005–$0.05) | 6,928 | 97% | $3,522.47 |
| Mid ($0.05–$0.50) | 1,977 | 98% | $2,258.60 |
| Premium ($0.50–$5) | 335 | 100% | $2,288.41 |
| High ($5+) | 41 | 100% | $37,104.24 |
What agents actually buy
Ranked by unique paying wallets, not call count. This matters: the loudest endpoints in the catalogue are often a merchant calling itself. A listing with tens of thousands of calls from one or two payers is not demand — it is traffic.
| Merchant | Unique payers | Calls | Price |
|---|---|---|---|
| www.ax1.vc | 2,006 | 53,821 | $0.0200 |
| api.onesource.io | 1,067 | 1,071 | $0.0030 |
| api.onesource.io | 995 | 1,001 | $0.0050 |
| api.onesource.io | 972 | 1,221 | $0.0010 |
| api.onesource.io | 933 | 940 | $0.0030 |
| api.onesource.io | 837 | 837 | $0.0080 |
| api.onesource.io | 696 | 697 | $0.0050 |
| api.onesource.io | 695 | 701 | $0.0050 |
| api.onesource.io | 694 | 696 | $0.0030 |
| api.onesource.io | 682 | 684 | $0.0030 |
Most listings do get paid traffic
763 listings — 3% of the catalogue — took no paid call in thirty days. 546 of them (72%) are priced at $0, against the 39% share that $0 listings hold in the catalogue overall. Among the 15,097 listings that charge anything, 1.4% took no call.
That inverts the usual advice. A $0 price does not lower the barrier to being tried — it reads as an abandoned test entry, and agents skip it. The dead listings we sample share mundane, fixable traits: a blank service name, or a description too thin for an agent to match on. Discovery is not the hard part; being selected is.
Want this for your own listings?
The same dataset powers our paid endpoints: a visibility audit that scores your listings against the catalogue, an authenticity check that separates real demand from self-traffic, and pricing guidance drawn from what actually sells.
Browse the API catalogue →Method: daily snapshot of the Coinbase Bazaar x402 discovery catalogue, taken once every 24 hours and archived — the discovery API itself keeps no history, so the archive is the only record of how the catalogue changed. GMV is estimated as 30-day call count × listed price and will understate merchants using dynamic pricing. Call and payer counts are self-reported by the discovery API. The API returns one row per accepts entry, so a resource offered on several networks arrives duplicated; listings are deduplicated on (recipient, resource) before any figure on this page is computed, which removes ~3.6% of raw rows. Vibe Springs is itself a merchant in this catalogue and is included in every figure above, including the unflattering ones.