Would it have worked?
Net—fees − divergence − gas
Annualised—on the capital deployed
Reposes—band breaks in the window
Time in band—quoting both sides
The pool's own gross yield—What every LP here earns before divergence. Wash volume in, wash result out.
Price against the band over the selected window.
Where the money went
| Component | USD | How it is obtained |
|---|---|---|
| Fees earned | — | Assumed. Today's volume × fee tier × our share × time in band. |
| Divergence | — | Computed. Exact CL arithmetic, posed price to torn-down price, every episode. |
| Gas | — | Computed. 549,810 gas a repose, measured on a fork, at 0.057 gwei. |
| Net | — | What a depositor keeps. |
Every band the strategy posed
| Posed | At | Lower | Upper | Torn down at | Held | Divergence |
|---|
Divergence is arithmetic. Fees are a guess. The price path prices the position exactly; it cannot say what volume crossed it. So the guess is a slider.
Gas is not the constraint. Nine cents a repose. Reposing into a move is what costs.
Not modelled. Repose slippage, LP competition, any hedge. v1 is unhedged — the delta lands in the divergence line.