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 shows the headline numbers:
| Number | Meaning |
|---|---|
| Price | Current pool price and its 24-hour change |
| TVL | Value deposited in this pool |
| Volume 24h | Swap volume in the last 24 hours |
| Fees 24h | Fees paid to LPs in the last 24 hours |
| Vol ratio | The pool's headline vol ratio and chip |
| Memes | The largest meme tokens trading against this asset, when there are any over $100k |
Chart
One chart card with three tabs. rangebound remembers the tab you last used.
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.