dex-pool-analysis Checked

Bin-based liquidity where each bin holds a fixed price. LPs distribute liquidity across bins using strategy modes.

Program ID: LBUZKhRxPF3XUpBCjp4YzTKgLccjZhTSDM9YuVaPwxo
Fee: Dynamic (base fee + variable fee based on volatility)
Bin step: 1-100 basis points per bin

**Key characteristics**:

• Discrete price bins instead of continuous ticks
• Dynamic fees that increase during high volatility
• Strategy modes: Spot, Curve, Bid-Ask
• Zero slippage within a single bin
• Extremely capital efficient for stablecoin pairs

### Meteora Dynamic Pools

Multi-token pools with single-sided deposit capability and volatility-adjusted fees.

Program ID: Eo7WjKq67rjJQSZxS6z3YkapzY3eMj6Xy8X5EQVn5UaB
Fee: Volatility-based dynamic fee

**Key characteristics**:

• Single-sided deposits allowed
• Dynamic fee based on recent price volatility
• Multi-token pool support
• Simpler LP experience than concentrated liquidity

### PumpSwap (PumpFun AMM)

PumpFun's native AMM for tokens that graduate from the bonding curve.

Program ID: PSwapMdSai8tjrEXcxFeQth87xC4rRsa4VA5mhGhXkP
Fee: 0.25% per swap (0.20% to LPs, 0.05% protocol)
Migration fee: 0 SOL (post-March 2025)

**Key characteristics**:

• Constant-product (xy = k) mechanics
• Automatic migration from PumpFun bonding curve at ~$69K market cap
• Creator coin rewards (10% of protocol fees to coin creators)

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2. Fee Structure Comparison

| DEX | Pool Type | Fee Range | LP Share | Protocol Share |

|-----|-----------|-----------|----------|----------------|

| Raydium V4 | Constant Product | 0.25% fixed | 0.22% | 0.03% (RAY) |

| Raydium CLMM | Concentrated | 0.01%–2% | ~84% | ~16% |

| Orca Whirlpool | Concentrated | 0.01%–2% | 87% | 13% |

| Meteora DLMM | Bin-based | Dynamic | 80% | 20% |

| Meteora Dynamic | Dynamic | Variable | ~80% | ~20% |

| PumpSwap | Constant Product | 0.25% fixed | 0.20% | 0.05% |

**Fee tier selection guidance**:

• **0.01%**: Stablecoin pairs (USDC/USDT) — minimal price movement
• **0.05%**: Correlated assets (mSOL/SOL, jitoSOL/SOL) — low volatility
• **0.25%–0.30%**: Standard pairs (SOL/USDC) — moderate volatility
• **1%–2%**: Volatile/meme tokens — high impermanent loss risk

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3. Pool Creation Patterns

### PumpFun Graduation Flow

Most new Solana meme tokens follow this lifecycle:

PumpFun Bonding Curve → ~$69K market cap → Migration → Raydium V4 or PumpSwap

1. Token launches on PumpFun bonding curve

2. As buys push market cap to ~$69K, the bonding curve completes

3. Liquidity migrates automatically to either Raydium V4 or PumpSwap

4. Since March 2025, PumpFun defaults migration to PumpSwap (their own AMM)

5. Post-migration, additional pools may be created on other DEXes

**Analysis implications**:

• Pools created via PumpFun graduation have known initial liquidity (~$12K)
• Very new graduated pools carry higher rug risk
• Check if creator LP tokens are locked or burnable

### Manual Pool Creation

Tokens not launched via PumpFun have pools created manually:

• Raydium V4 requires an OpenBook market + pool initialization
• Raydium CLMM, Orca, and Meteora allow direct pool creation
• Manual creation allows arbitrary initial liquidity amounts

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4. Volume Efficiency (Volume/TVL Ratio)

Volume efficiency measures how actively a pool's liquidity is utilized:

volume_efficiency = volume_24h / tvl

| V/TVL Ratio | Interpretation |

|-------------|---------------|

| > 5.0 | Very high turnover — likely wash trading or bot activity |

| 1.0–5.0 | Active trading — healthy, well-utilized pool |

| 0.1–1.0 | Moderate activity — normal for mid-cap tokens |

| < 0.1 | Low activity — stale or abandoned pool |

| 0.0 | No trades — dead pool |

**Fee APR estimation from volume efficiency**:

fee_apr = volume_efficiency * fee_rate * 365
# Example: V/TVL of 2.0 at 0.25% fee = 2.0 * 0.0025 * 365 = 182.5% APR

This is a theoretical maximum — actual LP returns depend on impermanent loss, position range (for concentrated liquidity), and fee share.

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5. Pool Health Metrics

### Core Metrics

pool_health = {
    "tvl_usd": 150_000,          # Total value locked
    "volume_24h_usd": 300_000,   # 24-hour trading volume
    "volume_tvl_ratio": 2.0,     # Volume efficiency
    "fee_apr_estimate": 182.5,   # Annualized fee rate (%)
    "pool_age_hours": 720,       # Time since creation
    "lp_count_estimate": 45,     # Number of LP positions
    "tvl_trend_24h": -0.05,      # TVL change (-5%)
    "price_change_24h": 0.12,    # Price change (+12%)
}

### Red Flags

Watch for these warning signs when evaluating pools:

| Red Flag | Threshold | Risk |

|----------|-----------|------|

| Very new pool | < 24 hours old | Rug pull, unvetted token |

| Single LP | LP count = 1 | Creator can pull all liquidity |

| Declining TVL | > 20% drop in 24h | Liquidity flight |

| Zero volume | No trades in 6h+ | Dead or abandoned |

| Extreme V/TVL | > 10x | Wash trading, bot manipulation |

| Tiny TVL | < $1,000 | Massive slippage on any trade |

### Health Score Algorithm

def compute_health_score(
    tvl_usd: float,
    volume_24h: float,
    pool_age_hours: float,
    lp_count: int,
    tvl_change_24h: float,
) -> float: