论文标题
恒定的根源做市商
Constant Power Root Market Makers
论文作者
论文摘要
该论文介绍了一种新型的恒定功能推销商，即恒定电源根市场标记。我们表明，恒定总和（由MSTable使用），恒定产品（由UNISWAP和BALANCER使用），恒定储备（持有）以及恒定的谐波均值交易函数是恒定功率根交易函数的特殊情况。我们得出了流动性提供商，边际价格功能，价格影响功能，无常损失功能以及恒定电源根市场标记的希腊人的价值功能。特别是，我们发现，随着功率Q的范围从 - 界限到1的范围，功率根函数在谐波（q = -1），几何（q = 0）和算术（q = 1）均值之间插值。这提供了一个切换，可以在交易者的价格滑倒与流动性提供商的无常损失之间进行交易。随着功率Q接近1，滑移较低，无常损失很高。随着Q接近-1，价格滑倒的增加，无常损失减少。
The paper introduces a new type of constant function market maker, the constant power root market marker. We show that the constant sum (used by mStable), constant product (used by Uniswap and Balancer), constant reserve (HOLD-ing), and constant harmonic mean trading functions are special cases of the constant power root trading function. We derive the value function for liquidity providers, marginal price function, price impact function, impermanent loss function, and greeks for constant power root market markers. In particular, we find that as the power q varies from the range of -infinity to 1, the power root function interpolates between the harmonic (q=-1), geometric (q=0), and arithmetic (q=1) means. This provides a toggle that trades off between price slippage for traders and impermanent loss for liquidity providers. As the power q approaches 1, slippage is low and impermanent loss is high. As q approaches to -1, price slippage increases and impermanent loss decreases.
