Iceberg
An AMM where arbitrageurs can only reach the tip of the liquidity.
less lost to arbitrage than a plain Uniswap v4 pool, on a replay of a real 24 hours on a Base mainnet fork
- 17.6% less LP loss at λ = 50%
- 19.3% at λ = 39%
- Hook and router live on Base mainnet
- Fork-tested against the real Base PoolManager
Liquidity providers lose money every time prices move and arbitrageurs trade the pool back to the market. A normal pool exposes all of its reserves to that, every block.
Iceberg was a team build. I built the frontend: the story site and the backtest charts that show the replay results.
Split the reserves every block
On the first trade of a block, reserves split into an active part λ·R and a passive part. The passive part is frozen for the rest of the block, so trades only see the tip.
Let a keeper choose λ
Every ten minutes a fee-aware keeper replays the last six hours of real ETH prices, simulates each λ and publishes the one with the lowest LP loss.
Make idle money earn
The frozen reserves sit in Morpho vaults earning yield, and are pulled out mid-swap only when a trade needs them.
Same price on two venues
One maths kernel runs as a Uniswap v4 hook and as a custom 1inch SwapVM instruction, and gives the same price to the wei on both.
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