Pool page
A pool page is where you decide whether, and how, to LP a pool. It opens from any pool in Discover or any asset in Assets. When an asset has several pools, the switcher at the top moves between them.
Header strip
The strip names the pool (pair, fee tier, venue and issuer), has a copy mint button for the token address, and a pill saying how fresh the published data is. When the asset has several pools, the switcher sits under the name. If any memes trade against the asset, the two largest are named; a market cap its own pool is too thin to stand behind is marked with an asterisk.
Once the strip scrolls off the top, a compact bar takes its place with the pair, the fee tier and the freshness, so the page keeps its identity while you are deep in a chart.
The metrics rail
Every figure the page knows sits in one column beside the charts, grouped under headings. Each row is a label and a number, and nothing else - the only exception is the price, which carries its 24-hour change beside it.
| Group | What is in it |
|---|---|
| This pool | Price and its 24-hour change, TVL, 24-hour volume and fees, fee APR over the last hour and the last day, and the vol ratio |
| Risk | The volatility in use, the break-even volatility at the best width (the width is in the row's name, since the figure means nothing without it), 30-day implied vol, LVR at ±2%, net APR and how often the best width re-centres |
| Who is in it | Open positions, how many are in range, active TVL, the tight-LP share and the largest single position |
| Meme flow | Meme market cap, graduations in the last day, and the counts over $100k and $1M |
| Pool | Fee tier, age, and how much fee history has been read |
A group whose inputs are missing is left out rather than printing a column of dashes. On a narrow window the rail runs in columns above the chart instead of beside it.
Charts
Three charts, stacked beside the rail. They used to share one card with tabs, which meant two of the three were always hidden behind a click while the ground next to the rail sat empty.
Price and fees
Seven days of hourly history: the pool price on top, the fees LPs were paid each hour underneath. Busy hours stand out, and you can see whether fees come from a steady flow or a few bursts.
Liquidity
Liquidity by price: each bar is a range of ticks, valued at what it holds. Bars below the current price hold USDC, bars above hold the stock token. The current tick is highlighted. Beside the chart: the depth in the active tick (what a swap meets before the price moves to the next tick), the liquidity within the zoomed view, and the whole book, which should match the pool's TVL to within a few percent.
A tall bar right at the price means a crowded tick: a new position there shares its fees with a lot of liquidity.
Vol ratio by width
The vol ratio at each range width from ±0.5% to ±50%, against the 1× line. Points above the line are widths where fees pay more for the price risk than the matching option; the headline width is highlighted. See How vol ratio is calculated for why the ratio changes with width.
Open positions
The positions table shows every tracked position in the pool, largest first. It gets its own page: Open positions.
More sections
Below the positions, collapsible sections go deeper. Each one remembers whether you left it open.
- Plan a range: fees, LVR and re-centring for a width and size you pick.
- Width vs net edge: every standard width side by side. See below.
- Volatility: realised and implied volatility for the underlying, which one is used, and what LVR costs at that level. See Volatility.
- Flow and LP track record: who trades the pool, how prices move after their trades, and how real LPs did.
- All pools: every pool for this asset side by side, with its share of the asset's volume.
Width vs net edge
For a $10,000 range kept centred on the price, one column per width (±0.5%, 1%, 2%, 5%, 10%, 25% and 50%), yearly rates:
| Row | Meaning |
|---|---|
| Fee APR (re-centred) | Fees the range would have earned, sharing each minute's fees with the liquidity actually in range then |
| − LVR | Loss to arbitrage at the current volatility |
| − Re-centring costs | Swap fees and price impact of re-centring, times how often it is expected |
| − T-bill yield | The cost of the capital, when the hurdle is set to cash |
| Net APR | What is left |
| Rebalances / day | How often the price is expected to leave the range |
| Cost per rebalance | The cost of one re-centre, as a share of the position |
| Break-even vol σ* | The volatility at which net edge before the hurdle is zero |
| Matched option tenor | The at-the-money option with the same gamma as this range |
| Option bid IV | That option's implied volatility at the bid |
| Vol spread σ* − IV | Positive means the range sells volatility dearer than the option |
| Vol ratio | The same comparison as a multiple, on seven days of fees |
The star marks the width with the highest net APR.