# Discover

Discover lists every tracked pool, ranked by what it actually pays. Where [Assets](assets.md) adds pools together, Discover keeps them apart, because two pools on the same stock can pay very differently.

## The toolbar

**Search** matches a ticker, issuer, company name or pool address.

**Time window** switches the volume, fees, fee APR and related columns between the last **5m**, **1h**, **6h** and **24h**.

> [!WARNING]
> The 5-minute window is noise. A single large swap can make a pool look extraordinary for five minutes. Use it to spot bursts as they happen, never on its own.

**Exchanges** picks which venues to include: Raydium, Orca, or both.

**Filters** sets a minimum TVL and an issuer. When filters hide pools, the button says how many.

**Customise** chooses the columns, with two presets.

## Simple and Risk views

The **Simple** view answers "what does this pool pay?":

| Column | Meaning |
|---|---|
| Pool | Pair, fee tier, venue mark, issuer mark and name. Hover for tick spacing, venue and issuer in words |
| TVL | Value deposited in the pool |
| Volume | Swap volume in the chosen window |
| Fees | LP fees in the chosen window |
| Fee APR | Those fees as a yearly rate on TVL |
| Vol ratio | Whether fees pay for the price risk. See [Vol ratio](vol-ratio/README.md) |
| Age | Time since the pool's first trade |

The **Risk** view adds what a careful LP checks before sizing a position:

| Column | Meaning |
|---|---|
| Active APR | Fee APR measured on the liquidity actually in range. Usually much higher than fee APR |
| Net APR | A $10,000 range kept centred, after LVR and re-centring costs, at its best width |
| σ vs σ\* | The volatility in use, its source, and the break-even volatility at the best width |
| Tight LPs | The share of in-range liquidity held by ranges of ±1% or narrower |
| Flags | Warnings such as thin liquidity, a volatility spike or one-sided flow. See [Flags](methodology/flags.md) |

A few more columns can be switched on one by one: **Active TVL**, **Fees/TVL** (not annualised), **Vol/TVL** and **Re-centres/day**.

## Watchlist

Click the star beside a pool to add it to your **Watchlist** tab. The watchlist, column choice and presets are stored in this browser only; nothing is sent anywhere.

## Reading Discover well

- **Fee APR is a pool-wide average.** A concentrated position near the price earns more than fee APR, and a crowded pool can earn a new position less. Active APR and the pool page's planner get closer to what you would earn.
- **High fee APR on a young pool** is often launch activity. Check the age and the flags.
- **Sort by vol ratio** to find pools where fees pay well for the risk, then open them to check the width and the option the ratio is measured against.