Plan a range
Plan a range answers: if I had deposited this much over this width, kept it centred on the price, what would it have earned, and what would it have cost?
It sits in a collapsible section on each pool page.
Inputs
Width. Type a width, drag the slider, or pick a preset. Tight, Standard and Wide are the widths at which the pool's current volatility implies roughly one exit every 1, 3 and 7 days, so they are wider on volatile stocks.
Position size. The planner scales with size, because a bigger position takes a bigger share of each swap's fees but also dilutes itself in a thin pool.
Fee history. Last 24h is the default. Where there is enough history, three more buttons swap in only one kind of hour from the last seven days, annualised per hour of that kind:
- US session: hours when the US stock market is open.
- Weekday off-hours: weekday hours outside the session.
- Weekend.
Tokenised stocks trade around the clock, but most of their volume comes while the underlying market is open. A warning appears when the New York open is less than an hour away, because volatility, and LVR with it, jumps at the open.
The chart
The liquidity histogram around the price (up to ±30%), with your range shaded and the current price marked. It shows who you would sit beside: a range drawn over a tall bar shares its fees with a lot of liquidity.
Outputs
| Output | Meaning |
|---|---|
| Range | The width and the prices it spans today |
| Your share now | Your liquidity as a share of the liquidity at the current price |
| Fee APR | What the range would have earned, with each minute's fees shared with the liquidity actually in range at that minute |
| − LVR | Loss to arbitrage at the volatility in use |
| − Re-centring | Expected re-centring costs per year, with how often a re-centre is expected and what each one costs |
| − T-bill yield | The cost of the capital, when the hurdle is set to cash |
| Net APR | What is left, as a rate and in dollars a year |
| Break-even σ* | The volatility at which this range stops making money, and whether today's volatility is below it |
| Vs listed options | Break-even vol minus the bid IV of the option with the same gamma, in vol points. Positive means the range sells volatility dearer |
| Premium gap | The same gap in dollars: what the range's fees pay over one option tenor, minus what writing that option would pay |
Beneath the numbers, who you'd sit beside shows how many in-range positions are ±1% or narrower, their share of the liquidity at the price, and the share and width of the largest one.
Why "the liquidity actually in range" matters
Tight LPs often follow the price, closing and reopening ranges every few hours. A snapshot of today's liquidity projected backwards misses them, and overstates what a new position would have earned, sometimes by half. The planner uses the liquidity that was really in range at each minute, which is what a new position would have competed with.
What the planner does not include
- Time spent out of range while you re-centre: it assumes instant re-centring.
- Gaps: a jump at the open that skips your whole range costs more than LVR assumes.
- Your own effect on volume: a new tight range could attract or lose routed flow.
See Limitations for the full list.