{"bundle_type":"pith_open_graph_bundle","bundle_version":"1.0","pith_number":"pith:2025:L32JFLBHMXZSX35W3BV76NR266","short_pith_number":"pith:L32JFLBH","canonical_record":{"source":{"id":"2508.08152","kind":"arxiv","version":1},"metadata":{"license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","primary_cat":"q-fin.TR","submitted_at":"2025-08-11T16:30:02Z","cross_cats_sorted":["econ.GN","math.OC","q-fin.CP","q-fin.EC","q-fin.PM"],"title_canon_sha256":"8cfd6dd3ec10e02c8e46de09bf066d90f8476a9067b50b27b1f70c38b00af31d","abstract_canon_sha256":"8968408a545de0aa65a8d5a61ecf655f1d75655e063e45a9fecf530c6a1c0aa8"},"schema_version":"1.0"},"canonical_sha256":"5ef492ac2765f32befb6d86bff363af7a565e47ea36c8e88b1f4f46ba3b9ff11","source":{"kind":"arxiv","id":"2508.08152","version":1},"source_aliases":[{"alias_kind":"arxiv","alias_value":"2508.08152","created_at":"2026-07-05T11:52:09Z"},{"alias_kind":"arxiv_version","alias_value":"2508.08152v1","created_at":"2026-07-05T11:52:09Z"},{"alias_kind":"doi","alias_value":"10.48550/arxiv.2508.08152","created_at":"2026-07-05T11:52:09Z"},{"alias_kind":"pith_short_12","alias_value":"L32JFLBHMXZS","created_at":"2026-07-05T11:52:09Z"},{"alias_kind":"pith_short_16","alias_value":"L32JFLBHMXZSX35W","created_at":"2026-07-05T11:52:09Z"},{"alias_kind":"pith_short_8","alias_value":"L32JFLBH","created_at":"2026-07-05T11:52:09Z"}],"events":[{"event_type":"record_created","subject_pith_number":"pith:2025:L32JFLBHMXZSX35W3BV76NR266","target":"record","payload":{"canonical_record":{"source":{"id":"2508.08152","kind":"arxiv","version":1},"metadata":{"license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","primary_cat":"q-fin.TR","submitted_at":"2025-08-11T16:30:02Z","cross_cats_sorted":["econ.GN","math.OC","q-fin.CP","q-fin.EC","q-fin.PM"],"title_canon_sha256":"8cfd6dd3ec10e02c8e46de09bf066d90f8476a9067b50b27b1f70c38b00af31d","abstract_canon_sha256":"8968408a545de0aa65a8d5a61ecf655f1d75655e063e45a9fecf530c6a1c0aa8"},"schema_version":"1.0"},"canonical_sha256":"5ef492ac2765f32befb6d86bff363af7a565e47ea36c8e88b1f4f46ba3b9ff11","receipt":{"kind":"pith_receipt","key_id":"pith-v1-2026-05","algorithm":"ed25519","signed_at":"2026-07-05T11:52:09.100851Z","signature_b64":"TS0Dr8RFvi2V/obmaz9lPh4eQk68o1ljySkeaLVsLYpIKxZVoZf43bgZkEfJTC1zCuMdNU+hXa2SEzQZ8U2CBA==","signed_message":"canonical_sha256_bytes","builder_version":"pith-number-builder-2026-05-17-v1","receipt_version":"0.3","canonical_sha256":"5ef492ac2765f32befb6d86bff363af7a565e47ea36c8e88b1f4f46ba3b9ff11","last_reissued_at":"2026-07-05T11:52:09.100411Z","signature_status":"signed_v1","first_computed_at":"2026-07-05T11:52:09.100411Z","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54"},"source_kind":"arxiv","source_id":"2508.08152","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":"2026-07-05T11:52:09Z","supersedes":[],"prev_event":null,"signature":{"signature_status":"signed_v1","algorithm":"ed25519","key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","signature_b64":"+VlBcrEMI8ssnVFNKd08nY9V4lrpTfVnKd1eTd1yJ/9fk6FREnEz65llGgQN2pb4uiO/yWmSFYdVMIcSXlAqBQ==","signed_message":"open_graph_event_sha256_bytes","signed_at":"2026-08-13T18:41:28.152099Z"},"content_sha256":"276a4a08871b459580c0cf0214dfa58d9a5a25719452ff1f6e8836a8931e6d78","schema_version":"1.0","event_id":"sha256:276a4a08871b459580c0cf0214dfa58d9a5a25719452ff1f6e8836a8931e6d78"},{"event_type":"graph_snapshot","subject_pith_number":"pith:2025:L32JFLBHMXZSX35W3BV76NR266","target":"graph","payload":{"graph_snapshot":{"paper":{"title":"Optimal Fees for Liquidity Provision in Automated Market Makers","license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","headline":"","cross_cats":["econ.GN","math.OC","q-fin.CP","q-fin.EC","q-fin.PM"],"primary_cat":"q-fin.TR","authors_text":"Jason Milionis, Marcel Nutz, Philippe Bergault, Steven Campbell","submitted_at":"2025-08-11T16:30:02Z","abstract_excerpt":"Passive liquidity providers (LPs) in automated market makers (AMMs) face losses due to adverse selection (LVR), which static trading fees often fail to offset in practice. We study the key determinants of LP profitability in a dynamic reduced-form model where an AMM operates in parallel with a centralized exchange (CEX), traders route their orders optimally to the venue offering the better price, and arbitrageurs exploit price discrepancies. Using large-scale simulations and real market data, we analyze how LP profits vary with market conditions such as volatility and trading volume, and chara"},"claims":{"count":0,"items":[],"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"source":{"id":"2508.08152","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/2508.08152/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":"2026-07-05T11:52:09Z","supersedes":[],"prev_event":null,"signature":{"signature_status":"signed_v1","algorithm":"ed25519","key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","signature_b64":"mXpJceMI74LQKVxIlAM3era+1R5X0NeCoaLvEnVpP3qxDnz0RB1Xq7CJJ3XP07SpjlzQmoJ+vQgh3i/SFrIrBA==","signed_message":"open_graph_event_sha256_bytes","signed_at":"2026-08-13T18:41:28.152576Z"},"content_sha256":"79aab5a479f590e46c2e6906147ac57436c68667c8a2d144fc53e1c0db9174e9","schema_version":"1.0","event_id":"sha256:79aab5a479f590e46c2e6906147ac57436c68667c8a2d144fc53e1c0db9174e9"}],"timestamp_proofs":[],"mirror_hints":[{"mirror_type":"https","name":"Pith Resolver","base_url":"https://pith.science","bundle_url":"https://pith.science/pith/L32JFLBHMXZSX35W3BV76NR266/bundle.json","state_url":"https://pith.science/pith/L32JFLBHMXZSX35W3BV76NR266/state.json","well_known_bundle_url":"https://pith.science/.well-known/pith/L32JFLBHMXZSX35W3BV76NR266/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":"2026-08-13T18:41:28Z","links":{"resolver":"https://pith.science/pith/L32JFLBHMXZSX35W3BV76NR266","bundle":"https://pith.science/pith/L32JFLBHMXZSX35W3BV76NR266/bundle.json","state":"https://pith.science/pith/L32JFLBHMXZSX35W3BV76NR266/state.json","well_known_bundle":"https://pith.science/.well-known/pith/L32JFLBHMXZSX35W3BV76NR266/bundle.json"},"state":{"state_type":"pith_open_graph_state","state_version":"1.0","pith_number":"pith:2025:L32JFLBHMXZSX35W3BV76NR266","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":"8968408a545de0aa65a8d5a61ecf655f1d75655e063e45a9fecf530c6a1c0aa8","cross_cats_sorted":["econ.GN","math.OC","q-fin.CP","q-fin.EC","q-fin.PM"],"license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","primary_cat":"q-fin.TR","submitted_at":"2025-08-11T16:30:02Z","title_canon_sha256":"8cfd6dd3ec10e02c8e46de09bf066d90f8476a9067b50b27b1f70c38b00af31d"},"schema_version":"1.0","source":{"id":"2508.08152","kind":"arxiv","version":1}},"source_aliases":[{"alias_kind":"arxiv","alias_value":"2508.08152","created_at":"2026-07-05T11:52:09Z"},{"alias_kind":"arxiv_version","alias_value":"2508.08152v1","created_at":"2026-07-05T11:52:09Z"},{"alias_kind":"doi","alias_value":"10.48550/arxiv.2508.08152","created_at":"2026-07-05T11:52:09Z"},{"alias_kind":"pith_short_12","alias_value":"L32JFLBHMXZS","created_at":"2026-07-05T11:52:09Z"},{"alias_kind":"pith_short_16","alias_value":"L32JFLBHMXZSX35W","created_at":"2026-07-05T11:52:09Z"},{"alias_kind":"pith_short_8","alias_value":"L32JFLBH","created_at":"2026-07-05T11:52:09Z"}],"graph_snapshots":[{"event_id":"sha256:79aab5a479f590e46c2e6906147ac57436c68667c8a2d144fc53e1c0db9174e9","target":"graph","created_at":"2026-07-05T11:52:09Z","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/2508.08152/integrity.json","findings":[],"snapshot_sha256":"c28c3603d3b5d939e8dc4c7e95fa8dfce3d595e45f758748cecf8e644a296938","summary":{"advisory":0,"by_detector":{},"critical":0,"informational":0}},"paper":{"abstract_excerpt":"Passive liquidity providers (LPs) in automated market makers (AMMs) face losses due to adverse selection (LVR), which static trading fees often fail to offset in practice. We study the key determinants of LP profitability in a dynamic reduced-form model where an AMM operates in parallel with a centralized exchange (CEX), traders route their orders optimally to the venue offering the better price, and arbitrageurs exploit price discrepancies. Using large-scale simulations and real market data, we analyze how LP profits vary with market conditions such as volatility and trading volume, and chara","authors_text":"Jason Milionis, Marcel Nutz, Philippe Bergault, Steven Campbell","cross_cats":["econ.GN","math.OC","q-fin.CP","q-fin.EC","q-fin.PM"],"headline":"","license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","primary_cat":"q-fin.TR","submitted_at":"2025-08-11T16:30:02Z","title":"Optimal Fees for Liquidity Provision in Automated Market Makers"},"references":{"count":0,"internal_anchors":0,"resolved_work":0,"sample":[],"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"source":{"id":"2508.08152","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":"sha256:276a4a08871b459580c0cf0214dfa58d9a5a25719452ff1f6e8836a8931e6d78","target":"record","created_at":"2026-07-05T11:52:09Z","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":"8968408a545de0aa65a8d5a61ecf655f1d75655e063e45a9fecf530c6a1c0aa8","cross_cats_sorted":["econ.GN","math.OC","q-fin.CP","q-fin.EC","q-fin.PM"],"license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","primary_cat":"q-fin.TR","submitted_at":"2025-08-11T16:30:02Z","title_canon_sha256":"8cfd6dd3ec10e02c8e46de09bf066d90f8476a9067b50b27b1f70c38b00af31d"},"schema_version":"1.0","source":{"id":"2508.08152","kind":"arxiv","version":1}},"canonical_sha256":"5ef492ac2765f32befb6d86bff363af7a565e47ea36c8e88b1f4f46ba3b9ff11","receipt":{"algorithm":"ed25519","builder_version":"pith-number-builder-2026-05-17-v1","canonical_sha256":"5ef492ac2765f32befb6d86bff363af7a565e47ea36c8e88b1f4f46ba3b9ff11","first_computed_at":"2026-07-05T11:52:09.100411Z","key_id":"pith-v1-2026-05","kind":"pith_receipt","last_reissued_at":"2026-07-05T11:52:09.100411Z","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","receipt_version":"0.3","signature_b64":"TS0Dr8RFvi2V/obmaz9lPh4eQk68o1ljySkeaLVsLYpIKxZVoZf43bgZkEfJTC1zCuMdNU+hXa2SEzQZ8U2CBA==","signature_status":"signed_v1","signed_at":"2026-07-05T11:52:09.100851Z","signed_message":"canonical_sha256_bytes"},"source_id":"2508.08152","source_kind":"arxiv","source_version":1}}},"equivocations":[],"invalid_events":[],"applied_event_ids":["sha256:276a4a08871b459580c0cf0214dfa58d9a5a25719452ff1f6e8836a8931e6d78","sha256:79aab5a479f590e46c2e6906147ac57436c68667c8a2d144fc53e1c0db9174e9"],"state_sha256":"18feb2433477396881ea105c35fa917eb07965e7c5978c3fce99d1b40fbec0c2"},"bundle_signature":{"signature_status":"signed_v1","algorithm":"ed25519","key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","signature_b64":"Jkn94fK0SomBuglXxqcg9ryoDkkQQ2WjBkn+cqiMv8dceLG5qq0yqst509eR1guCY/pQ/+Ynt0lP2N/QbMA8Ag==","signed_message":"bundle_sha256_bytes","signed_at":"2026-08-13T18:41:28.155300Z","bundle_sha256":"48e65e92a480bfa3c930cfce5cc0996430fd0aa26b0e870cb03489a457e6eed3"}}