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arXiv · 2610.03262

Asymptotic Analysis of Trading Fees in CFMM

Peiyang Jin·Clouds·Jing Qian
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Abstract

As the dominant trading mechanism in decentralized finance, Automated Market Maker has been widely studied in research. However, limited research has been done with the trading fees taken into consideration. In this work, we study how much trading fee Liquidity Providers(LPs) can receive from arbitrage trading when the fee rate approaches zero. We give a closed-form formula for it and our result shows that the trading fees generated by arbitrage trading can fully offset the LVR loss when the price process is continuous. We further extend our conclusions to price processes with jumps and the theoretical analysis shows that jumps are the only cause of LP loss apart from market risks. Our results provide practical guidance for AMM designers as well as LPs.

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Peiyang Jin, Clouds, Jing Qian. 2026-10-02. Asymptotic Analysis of Trading Fees in CFMM. https://arxiv.org/abs/2610.03262

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