Your LP fee should rise when your risk does.
A 1 bp liquidity pool charges the same fee in a flash crash as it does on a dead Sunday. ARMSys is a Uniswap v4 hook that reads realized volatility on-chain and moves the fee with it — undercutting the cheapest static tier when the tape is calm, and pricing loss versus rebalancing (LVR) and impermanent loss when it is not. Live on Ethereum L2s: ETH/USDC on Base, and tokenized equities — NVDA, INTC and SPCX — on Robinhood Chain.
Six tiers that read the market in real time.
You are paid for volatility at the moment it happens — not once someone has noticed it and pushed the news on-chain. Here that span runs from 0.9 bp on a calm tape to 1000 bp for toxic flow.
Calm tape. The pool undercuts the standard 1 bp tier to win order flow.
Fees are the deployed ladder, classified on-chain from realized-variance windows. Paired values are the retail fee and the MEV fee. The marker on the left shows the regime the pool is in right now.
Judge the mechanism on ratios, not on totals.
Our pool is small and the pool we measure against is not, so comparing fee totals says nothing about either. Every line below is a per-dollar or per-swap ratio — the numbers that stay honest at any size.
| No. | Metric | ARMSys pool | Benchmark pool ↗ |
|---|---|---|---|
| 01 | Capital turnover24 h volume ÷ TVLHow hard each dollar of your liquidity actually works | 2.22× | 0.19× |
| 02 | Fee charged nowall-in, what a trader paysOurs moves with σ; a static tier cannot | 0.9 bp | 34.99 bp |
| 03 | Fee revenue per $1k of TVL24 hRevenue normalized for depth — size-independent | $0.18 | $0.58 |
| 04 | Fee yield on TVLannualizedWhat the mechanism returns per dollar, before IL | 6.4% | 21.0% |
| 05 | Price vs ChainlinkpegHow far the quote drifts from the reference price | ±0.083% | ±0.043% |
| 06 | Response to volatilityper blockThe whole point: the fee is repriced in the swap path | 6 tiers | Fixed tier |
0.03× retail · 0.03× MEV vs the static tier — both legs undercut it
Both curves run the same flow through the same $1,000 of liquidity — turnover 1.0× per day — so the money scale is arbitrary and the distance between the two lines is not. Drag the chart to move along the σ axis. Solid line is the retail fee, hairline is the MEV fee.
A deep pool will always out-earn us in absolute fees — it has the volume. What an LP is choosing between is fee policy: a tier fixed at deployment, or a fee that reprices when volatility does. Turnover, realized fee and revenue per dollar of TVL are where that difference shows up, and they are the numbers we are willing to be measured on while our own TVL is small.
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Judge the mechanism on ratios, not on totals.
You are paid for volatility at the moment it happens — not once someone has noticed it and pushed the news on-chain. A tokenized equity — a real-world asset, or RWA — makes that plainer than any crypto pair does: it trades around the clock while the exchange behind it is shut, so the moments worth charging for are not spread evenly through the day.
Both pools are set side by side against the deepest pool trading the same token, on per-dollar and per-swap ratios — the numbers that stay honest at any size.
| No. | Metric | NVDA / USDG | INTC / USDG | SPCX / USDG | |||
|---|---|---|---|---|---|---|---|
| ARMSys | Benchmark | ARMSys | Benchmark | ARMSys | Benchmark | ||
| 01 | Capital turnover24 h volume ÷ TVLHow hard each dollar of your liquidity actually works | — | — | — | — | — | — |
| 02 | Fee charged nowall-in, what a trader paysOurs moves with realized volatility; a static tier cannot | — | — | — | — | — | — |
| 03 | Fee revenue per $1k of TVL24 hRevenue normalized for depth — size-independent | — | — | — | — | — | — |
| 04 | Fee yield on TVLannualizedWhat the mechanism returns per dollar, before IL | — | — | — | — | — | — |
| 05 | Response to volatilityper blockThe whole point: the fee is repriced in the swap path | 6 tiers | Fixed tier | 6 tiers | Fixed tier | 6 tiers | Fixed tier |
Cells marked — are read live from all six pools once each has a full 24 h of trading behind it.
One pool, one curve. Drag it.
One curve per pool. Move along the volatility axis to read what the pool charges per minute on every dollar of liquidity you supply.
0.18× retail · 0.18× MEV vs the static tier — both legs undercut it
Both curves run the same flow through the same $1,000 of liquidity — turnover 1.0× per day — so the money scale is arbitrary and the distance between the two lines is not. Solid line is the retail fee, hairline is the MEV fee.
0.01× retail · 0.01× MEV vs the static tier — both legs undercut it
Both curves run the same flow through the same $1,000 of liquidity — turnover 1.0× per day — so the money scale is arbitrary and the distance between the two lines is not. Solid line is the retail fee, hairline is the MEV fee.
0.18× retail · 0.18× MEV vs the static tier — both legs undercut it
Both curves run the same flow through the same $1,000 of liquidity — turnover 1.0× per day — so the money scale is arbitrary and the distance between the two lines is not. Solid line is the retail fee, hairline is the MEV fee.
A single hook serves every ARMSys pool on this chain.
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The working, published.
Method notes, backtests and data studies behind the ladder — including the ones whose result argued against shipping something. Drafts go up as drafts.
Does the pool beat simply holding?
Every pool measured against the rebalancing portfolio — fees against LVR, with confidence intervals, rebuilt every morning. Published as measured, including the days we come out behind.
Read the measurement Talk to usProvide liquidity into a pool that defends it.
Risk note — ARMSys is early and unaudited — an audit is being arranged, not completed. The pools are readable — size accordingly.