How the fee APR is computed
Extrapolated from one 15-minute pre-open window, annualised, and never netted against adverse selection.
Every fee APR this app shows is a screen, not a forecast. It comes from
research/scan.ts, measured over one 15-minute pre-open
window on 2026-09-16.
The four steps
- Sum the quote-side notional of every swap in the window, times the fee tier.
- Scale that to a day (×96), then to a year (×365).
- Take the vault's cut,
e / (active + e), whereeis $25K × 33.8. - Divide by the $25K vault size.
Why step 3 multiplies
A vault concentrated over ±6% is worth 33.8× its face value against a pool's full-range-equivalent active liquidity. Its dollars count that many times over while price sits inside the range.
Getting this wrong moves a pool's APR by more than an order of magnitude. The first Phase 0 report modelled the vault as full-range and understated fees by roughly 34×.
What the number is not
A pre-open window is not a representative session, and the figure decays. No markout was ever run, for any pair, so none of it is net of adverse selection — the cost that motivates this entire product is absent from the number used to screen it.
The gate was 10.95%, set at twice the 5.47% hedge carry. See what is built for how the named pairs scored against it.