{"bundle_type":"pith_open_graph_bundle","bundle_version":"1.0","pith_number":"pith:2023:AQDAF4TB6P3HFS6HMDUKCIQ2R2","short_pith_number":"pith:AQDAF4TB","canonical_record":{"source":{"id":"2303.11118","kind":"arxiv","version":1},"metadata":{"license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","primary_cat":"q-fin.MF","submitted_at":"2023-03-20T13:58:44Z","cross_cats_sorted":[],"title_canon_sha256":"6cacc9e4778e0f914d1c84c275e42b450570e57f49fb2f24d014aa4b9d48cde0","abstract_canon_sha256":"69bbfe1c2ee2c8d9a565a2bee70b71aae4b4a195202867d32e65b3ca2793fdb5"},"schema_version":"1.0"},"canonical_sha256":"040602f261f3f672cbc760e8a1221a8e98227c3ecc929418e27aae915341a2ad","source":{"kind":"arxiv","id":"2303.11118","version":1},"source_aliases":[{"alias_kind":"arxiv","alias_value":"2303.11118","created_at":"2026-07-05T05:52:40Z"},{"alias_kind":"arxiv_version","alias_value":"2303.11118v1","created_at":"2026-07-05T05:52:40Z"},{"alias_kind":"doi","alias_value":"10.48550/arxiv.2303.11118","created_at":"2026-07-05T05:52:40Z"},{"alias_kind":"pith_short_12","alias_value":"AQDAF4TB6P3H","created_at":"2026-07-05T05:52:40Z"},{"alias_kind":"pith_short_16","alias_value":"AQDAF4TB6P3HFS6H","created_at":"2026-07-05T05:52:40Z"},{"alias_kind":"pith_short_8","alias_value":"AQDAF4TB","created_at":"2026-07-05T05:52:40Z"}],"events":[{"event_type":"record_created","subject_pith_number":"pith:2023:AQDAF4TB6P3HFS6HMDUKCIQ2R2","target":"record","payload":{"canonical_record":{"source":{"id":"2303.11118","kind":"arxiv","version":1},"metadata":{"license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","primary_cat":"q-fin.MF","submitted_at":"2023-03-20T13:58:44Z","cross_cats_sorted":[],"title_canon_sha256":"6cacc9e4778e0f914d1c84c275e42b450570e57f49fb2f24d014aa4b9d48cde0","abstract_canon_sha256":"69bbfe1c2ee2c8d9a565a2bee70b71aae4b4a195202867d32e65b3ca2793fdb5"},"schema_version":"1.0"},"canonical_sha256":"040602f261f3f672cbc760e8a1221a8e98227c3ecc929418e27aae915341a2ad","receipt":{"kind":"pith_receipt","key_id":"pith-v1-2026-05","algorithm":"ed25519","signed_at":"2026-07-05T05:52:40.477901Z","signature_b64":"9ZviHVpM27dvboSAGyM78iIwlJf+41puWcfxr6NjVGuUc+F5Ov7mYgTlvSWXVGP+uB0r47FlUvr4mZhOvVC+CQ==","signed_message":"canonical_sha256_bytes","builder_version":"pith-number-builder-2026-05-17-v1","receipt_version":"0.3","canonical_sha256":"040602f261f3f672cbc760e8a1221a8e98227c3ecc929418e27aae915341a2ad","last_reissued_at":"2026-07-05T05:52:40.477456Z","signature_status":"signed_v1","first_computed_at":"2026-07-05T05:52:40.477456Z","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54"},"source_kind":"arxiv","source_id":"2303.11118","source_version":1,"attestation_state":"computed"},"signer":{"signer_id":"pith.science","signer_type":"pith_registry","key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54"},"created_at":"2026-07-05T05:52:40Z","supersedes":[],"prev_event":null,"signature":{"signature_status":"signed_v1","algorithm":"ed25519","key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","signature_b64":"nPDCOK7VQXVIq1YVg6/NRK6nphBXsjH9czEtTBBdvOf1YnuvZu5Bhci+ZPcg1g2pkDVRCltQBtJASwh7fqaACw==","signed_message":"open_graph_event_sha256_bytes","signed_at":"2026-08-18T16:05:25.252719Z"},"content_sha256":"47c41f3fe5a88fac6c53bcb1d75df1ca501bf8e8187f0a435393756e25fdd1d2","schema_version":"1.0","event_id":"sha256:47c41f3fe5a88fac6c53bcb1d75df1ca501bf8e8187f0a435393756e25fdd1d2"},{"event_type":"graph_snapshot","subject_pith_number":"pith:2023:AQDAF4TB6P3HFS6HMDUKCIQ2R2","target":"graph","payload":{"graph_snapshot":{"paper":{"title":"Model-free Hedging of Impermanent Loss in Geometric Mean Market Makers","license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","headline":"","cross_cats":[],"primary_cat":"q-fin.MF","authors_text":"Basile Maire, Marcus Wunsch, Masaaki Fukasawa","submitted_at":"2023-03-20T13:58:44Z","abstract_excerpt":"We consider Geometric Mean Market Makers -- a special type of Decentralized Exchange -- with two types of users: liquidity takers and arbitrageurs. Liquidity takers trade at prices that can create arbitrage opportunities, while arbitrageurs align the exchange's price with the external market price. We show that in Geometric Mean Market Makers charging proportional transaction fees, Impermanent Loss can be super-hedged by a model-free rebalancing strategy. Moreover, we demonstrate that in such a DEX, the exchange rate is of finite variation, so that loss-versus-rebalancing (the shortfall of pro"},"claims":{"count":0,"items":[],"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"source":{"id":"2303.11118","kind":"arxiv","version":1},"verdict":{"id":null,"model_set":{},"created_at":null,"strongest_claim":"","one_line_summary":"","pipeline_version":null,"weakest_assumption":"","pith_extraction_headline":""},"integrity":{"clean":true,"summary":{"advisory":0,"critical":0,"by_detector":{},"informational":0},"endpoint":"/pith/2303.11118/integrity.json","findings":[],"available":true,"detectors_run":[],"snapshot_sha256":"c28c3603d3b5d939e8dc4c7e95fa8dfce3d595e45f758748cecf8e644a296938"},"references":{"count":0,"sample":[],"resolved_work":0,"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57","internal_anchors":0},"formal_canon":{"evidence_count":0,"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"author_claims":{"count":0,"strong_count":0,"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"builder_version":"pith-number-builder-2026-05-17-v1"},"verdict_id":null},"signer":{"signer_id":"pith.science","signer_type":"pith_registry","key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54"},"created_at":"2026-07-05T05:52:40Z","supersedes":[],"prev_event":null,"signature":{"signature_status":"signed_v1","algorithm":"ed25519","key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","signature_b64":"8CU5xXlYk0wNHBunmUNqdPiaZVPfB9u+UpeEah3DisJdrSa19I83+A6uVx0bNxI+onrRjYlwDuOS8VOlb4GGCg==","signed_message":"open_graph_event_sha256_bytes","signed_at":"2026-08-18T16:05:25.253126Z"},"content_sha256":"0222903ddfa2bf61d823fcee3afff9c11bcb9cc60394b74021f8f363227c7d57","schema_version":"1.0","event_id":"sha256:0222903ddfa2bf61d823fcee3afff9c11bcb9cc60394b74021f8f363227c7d57"}],"timestamp_proofs":[],"mirror_hints":[{"mirror_type":"https","name":"Pith Resolver","base_url":"https://pith.science","bundle_url":"https://pith.science/pith/AQDAF4TB6P3HFS6HMDUKCIQ2R2/bundle.json","state_url":"https://pith.science/pith/AQDAF4TB6P3HFS6HMDUKCIQ2R2/state.json","well_known_bundle_url":"https://pith.science/.well-known/pith/AQDAF4TB6P3HFS6HMDUKCIQ2R2/bundle.json","status":"primary"}],"public_keys":[{"key_id":"pith-v1-2026-05","algorithm":"ed25519","format":"raw","public_key_b64":"stVStoiQhXFxp4s2pdzPNoqVNBMojDU/fJ2db5S3CbM=","public_key_hex":"b2d552b68890857171a78b36a5dccf368a953413288c353f7c9d9d6f94b709b3","fingerprint_sha256_b32_first128bits":"RVFV5Z2OI2J3ZUO7ERDEBCYNKS","fingerprint_sha256_hex":"8d4b5ee74e4693bcd1df2446408b0d54","rotates_at":null,"url":"https://pith.science/pith-signing-key.json","notes":"Pith uses this Ed25519 key to sign canonical record SHA-256 digests. Verify with: ed25519_verify(public_key, message=canonical_sha256_bytes, signature=base64decode(signature_b64))."}],"merge_version":"pith-open-graph-merge-v1","built_at":"2026-08-18T16:05:25Z","links":{"resolver":"https://pith.science/pith/AQDAF4TB6P3HFS6HMDUKCIQ2R2","bundle":"https://pith.science/pith/AQDAF4TB6P3HFS6HMDUKCIQ2R2/bundle.json","state":"https://pith.science/pith/AQDAF4TB6P3HFS6HMDUKCIQ2R2/state.json","well_known_bundle":"https://pith.science/.well-known/pith/AQDAF4TB6P3HFS6HMDUKCIQ2R2/bundle.json"},"state":{"state_type":"pith_open_graph_state","state_version":"1.0","pith_number":"pith:2023:AQDAF4TB6P3HFS6HMDUKCIQ2R2","merge_version":"pith-open-graph-merge-v1","event_count":2,"valid_event_count":2,"invalid_event_count":0,"equivocation_count":0,"current":{"canonical_record":{"metadata":{"abstract_canon_sha256":"69bbfe1c2ee2c8d9a565a2bee70b71aae4b4a195202867d32e65b3ca2793fdb5","cross_cats_sorted":[],"license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","primary_cat":"q-fin.MF","submitted_at":"2023-03-20T13:58:44Z","title_canon_sha256":"6cacc9e4778e0f914d1c84c275e42b450570e57f49fb2f24d014aa4b9d48cde0"},"schema_version":"1.0","source":{"id":"2303.11118","kind":"arxiv","version":1}},"source_aliases":[{"alias_kind":"arxiv","alias_value":"2303.11118","created_at":"2026-07-05T05:52:40Z"},{"alias_kind":"arxiv_version","alias_value":"2303.11118v1","created_at":"2026-07-05T05:52:40Z"},{"alias_kind":"doi","alias_value":"10.48550/arxiv.2303.11118","created_at":"2026-07-05T05:52:40Z"},{"alias_kind":"pith_short_12","alias_value":"AQDAF4TB6P3H","created_at":"2026-07-05T05:52:40Z"},{"alias_kind":"pith_short_16","alias_value":"AQDAF4TB6P3HFS6H","created_at":"2026-07-05T05:52:40Z"},{"alias_kind":"pith_short_8","alias_value":"AQDAF4TB","created_at":"2026-07-05T05:52:40Z"}],"graph_snapshots":[{"event_id":"sha256:0222903ddfa2bf61d823fcee3afff9c11bcb9cc60394b74021f8f363227c7d57","target":"graph","created_at":"2026-07-05T05:52:40Z","signer":{"key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","signer_id":"pith.science","signer_type":"pith_registry"},"payload":{"graph_snapshot":{"author_claims":{"count":0,"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57","strong_count":0},"builder_version":"pith-number-builder-2026-05-17-v1","claims":{"count":0,"items":[],"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"formal_canon":{"evidence_count":0,"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"integrity":{"available":true,"clean":true,"detectors_run":[],"endpoint":"/pith/2303.11118/integrity.json","findings":[],"snapshot_sha256":"c28c3603d3b5d939e8dc4c7e95fa8dfce3d595e45f758748cecf8e644a296938","summary":{"advisory":0,"by_detector":{},"critical":0,"informational":0}},"paper":{"abstract_excerpt":"We consider Geometric Mean Market Makers -- a special type of Decentralized Exchange -- with two types of users: liquidity takers and arbitrageurs. Liquidity takers trade at prices that can create arbitrage opportunities, while arbitrageurs align the exchange's price with the external market price. We show that in Geometric Mean Market Makers charging proportional transaction fees, Impermanent Loss can be super-hedged by a model-free rebalancing strategy. Moreover, we demonstrate that in such a DEX, the exchange rate is of finite variation, so that loss-versus-rebalancing (the shortfall of pro","authors_text":"Basile Maire, Marcus Wunsch, Masaaki Fukasawa","cross_cats":[],"headline":"","license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","primary_cat":"q-fin.MF","submitted_at":"2023-03-20T13:58:44Z","title":"Model-free Hedging of Impermanent Loss in Geometric Mean Market Makers"},"references":{"count":0,"internal_anchors":0,"resolved_work":0,"sample":[],"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"source":{"id":"2303.11118","kind":"arxiv","version":1},"verdict":{"created_at":null,"id":null,"model_set":{},"one_line_summary":"","pipeline_version":null,"pith_extraction_headline":"","strongest_claim":"","weakest_assumption":""}},"verdict_id":null}}],"author_attestations":[],"timestamp_anchors":[],"storage_attestations":[],"citation_signatures":[],"replication_records":[],"corrections":[],"mirror_hints":[],"record_created":{"event_id":"sha256:47c41f3fe5a88fac6c53bcb1d75df1ca501bf8e8187f0a435393756e25fdd1d2","target":"record","created_at":"2026-07-05T05:52:40Z","signer":{"key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","signer_id":"pith.science","signer_type":"pith_registry"},"payload":{"attestation_state":"computed","canonical_record":{"metadata":{"abstract_canon_sha256":"69bbfe1c2ee2c8d9a565a2bee70b71aae4b4a195202867d32e65b3ca2793fdb5","cross_cats_sorted":[],"license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","primary_cat":"q-fin.MF","submitted_at":"2023-03-20T13:58:44Z","title_canon_sha256":"6cacc9e4778e0f914d1c84c275e42b450570e57f49fb2f24d014aa4b9d48cde0"},"schema_version":"1.0","source":{"id":"2303.11118","kind":"arxiv","version":1}},"canonical_sha256":"040602f261f3f672cbc760e8a1221a8e98227c3ecc929418e27aae915341a2ad","receipt":{"algorithm":"ed25519","builder_version":"pith-number-builder-2026-05-17-v1","canonical_sha256":"040602f261f3f672cbc760e8a1221a8e98227c3ecc929418e27aae915341a2ad","first_computed_at":"2026-07-05T05:52:40.477456Z","key_id":"pith-v1-2026-05","kind":"pith_receipt","last_reissued_at":"2026-07-05T05:52:40.477456Z","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","receipt_version":"0.3","signature_b64":"9ZviHVpM27dvboSAGyM78iIwlJf+41puWcfxr6NjVGuUc+F5Ov7mYgTlvSWXVGP+uB0r47FlUvr4mZhOvVC+CQ==","signature_status":"signed_v1","signed_at":"2026-07-05T05:52:40.477901Z","signed_message":"canonical_sha256_bytes"},"source_id":"2303.11118","source_kind":"arxiv","source_version":1}}},"equivocations":[],"invalid_events":[],"applied_event_ids":["sha256:47c41f3fe5a88fac6c53bcb1d75df1ca501bf8e8187f0a435393756e25fdd1d2","sha256:0222903ddfa2bf61d823fcee3afff9c11bcb9cc60394b74021f8f363227c7d57"],"state_sha256":"e4d38a1d94ef45f6b163ad1232c51c4ddab89e7ad4962b498c77702b4c5b0021"},"bundle_signature":{"signature_status":"signed_v1","algorithm":"ed25519","key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","signature_b64":"SGL2Ht4Q1XTPOO4DT4zkPh28r5VcfVuzdgY4zMdgPXlqrhgOqCJBsVkv6XGmV7E0Pd3PLyv5PWk7hgdQxxF+Cg==","signed_message":"bundle_sha256_bytes","signed_at":"2026-08-18T16:05:25.258030Z","bundle_sha256":"eac88d20ccb69fc1b8a1d709c0adaa391b5a85c8a2b8af1b409fa4aec4ef8feb"}}