# Learn from the LPs already in a pool

Every position in a pool is public. The [open positions](../pool/open-positions.md) table turns that into research: which widths are working, who is making money, and how the pool is really LP'd.

## 1. Read the summary line

Above the table, the summary gives the shape of the pool at a glance: how many positions are in range, the width within which half the value sits, and the share of the liquidity at the price held by ±1%-or-tighter ranges.

- **Half the value within a tight width** and a high tight share: professionals dominate the price. A new tight position competes with them.
- **Most value in wide ranges**: a passive pool. A moderately tight range can take a large share of the fees.

## 2. Compare widths

Use the **Width** filter one bucket at a time (±1%, ±1–5%, wider) with **Status: in range**, and sort by **APR**.

- Look at the top five in each bucket, not the single best. One lucky position proves little.
- Check **Age**: skip positions younger than a day or two, whose APR is mostly noise.

## 3. Split fees from divergence

For the positions that interest you, compare **P&L** with **Collected** plus **Uncollected**.

- **P&L close to fees**: divergence was small, and the width matched the price action.
- **Fees high, P&L low or negative**: the price trended through the range. The position earned fees but gave them back.

## 4. Follow the wallets

Click an owner to open their [wallet](../wallets/README.md).

- A wallet with positions in many pools and consistent P&L is worth watching: note its widths and how it spreads capital.
- A wallet whose positions are all very young is probably re-centring actively. Come back later to see its positions change.

## 5. Look at out-of-range positions

Switch **Status** to **out of range**. Many large positions sitting out of range means LPs are waiting rather than re-centring: the price has moved away from where most capital expected it.

## What this can't tell you

- **Closed positions aren't listed.** Positions that did badly and were closed disappear from the table, so the survivors look better than the average LP did. The [flow and LP track record](../pool/flow.md) section, where available, includes closed positions.
- **Hedges aren't visible.** A position that looks like it's losing may be hedged somewhere else.