thesis terminal

{
  "structure": "range LP",
  "title": "ETH/USDC range LP 2,253-2,894",
  "legs": [
    {
      "kind": "lp",
      "coin": "ETH/USDC",
      "side": "deposit",
      "notionalUsd": 1000,
      "range": {
        "low": 2253.36,
        "high": 2893.64
      },
      "note": "Concentrated band 2,253-2,894 (24.9% wide), from 4x the daily ATR (the 14-bar 1h ATR scaled by sqrt(24), because this prototype only fetches 1h candles) over a months horizon. At 2,574 it mints 47.0% ETH and the rest USDC. Divergence-loss figures use the concentrated-range value function for this exact band (Uniswap-v3 geometry), not the full-range constant-product formula. fee APR 0.00% today, 93.38% 30-day mean total APY (fees and rewards), $252k TVL on ramses-cl-v2 (DefiLlama, today)."
    }
  ],
  "riskUsd": 1000,
  "riskKind": "capital_deployed",
  "horizon": "months",
  "fundingPerDayUsd": 0,
  "warnings": [
    "Concentrating liquidity into a narrow band multiplies divergence loss as well as fees. The figures here use the concentrated-range value function for this exact band, not the textbook full-range formula.",
    "Divergence loss in an LP is a real loss, not paper: if price leaves the band you are left holding the side that fell, and the fees may not cover it.",
    "No wallet was supplied, so every dollar figure is scaled to a nominal. Connect a wallet to size this for real. (a clause naming what the wallet holds was cut)"
  ],
  "components": [
    {
      "type": "ticket_header",
      "props": {
        "title": "ETH/USDC range LP 2,253-2,894",
        "structure": "range LP",
        "view": "range",
        "horizon": "months",
        "structureFit": null
      }
    },
    {
      "type": "market_strip",
      "props": {
        "coin": "ETH",
        "mid": 2573.5,
        "atrPct1h": 0.6348,
        "fundingApr": 10.24,
        "ret24hPct": -2.61,
        "ret7dPct": 3.59,
        "rangePos48h": 0.453,
        "betaToBtc30d": -0.2086
      }
    },
    {
      "type": "leg_row",
      "props": {
        "index": 0,
        "kind": "lp",
        "coin": "ETH/USDC",
        "side": "deposit",
        "notionalUsd": 1000,
        "entryType": "none",
        "note": "Concentrated band 2,253-2,894 (24.9% wide), from 4x the daily ATR (the 14-bar 1h ATR scaled by sqrt(24), because this prototype only fetches 1h candles) over a months horizon. At 2,574 it mints 47.0% ETH and the rest USDC. Divergence-loss figures use the concentrated-range value function for this exact band (Uniswap-v3 geometry), not the full-range constant-product formula. fee APR 0.00% today, 93.38% 30-day mean total APY (fees and rewards), $252k TVL on ramses-cl-v2 (DefiLlama, today)."
      }
    },
    {
      "type": "range_box",
      "props": {
        "pair": "ETH/USDC",
        "low": 2253.36,
        "high": 2893.64,
        "mid": 2573.5,
        "widthPct": 24.88,
        "ilAtMinus10": -2.2798,
        "ilAtMinus20": -8.4888,
        "ilAtPlus10": -1.8774,
        "ilAtPlus20": -5.9959,
        "feeAprNote": "fee APR 0.00% today, 93.38% 30-day mean total APY (fees and rewards), $252k TVL on ramses-cl-v2 (DefiLlama, today)"
      }
    },
    {
      "type": "yield_quote",
      "props": {
        "project": "ramses-cl-v2",
        "symbol": "USDC-UETH",
        "apy": 47.28,
        "tvlUsd": 252354,
        "url": "https://defillama.com/yields/pool/71b271fb-e462-40be-9fe7-e237e4308cf7",
        "note": "$1,000 here pays about $38.86 over 30 days at today's APY (not a promise; the rate moves). Of that, 0.00% is base yield and 47.28% is reward emissions, which stop when the programme does. LP yield is paid for taking divergence loss; the APY above is not a return on a held position."
      }
    },
    {
      "type": "risk_box",
      "props": {
        "riskUsd": 1000,
        "riskKind": "capital_deployed",
        "riskLabel": "capital deployed",
        "maxLossNote": "There is no stop on an LP. $1,000 is deployed; if ETH leaves the band you end up holding the side that fell, and the loss is real, not paper.",
        "fundingPerDayUsd": 0
      }
    },
    {
      "type": "compare_hold",
      "props": {
        "note": "Versus just holding the same basket this band mints: a 20% fall leaves the LP about -8.5% (-$84.89) behind holding and a 20% rise about -6.0% (-$59.96) behind. There is no stop here, so the number in the risk box is capital, not a loss: this deploys $1,000 (10.00% of a nominal. Those percentages are this band's own numbers, not the full-range approximation. Fees are what pay for that: fee APR 0.00% today, 93.38% 30-day mean total APY (fees and rewards), $252k TVL on ramses-cl-v2 (DefiLlama, today) - about $38.86 on $1,000 over 30 days at today's pool APY, before the divergence loss above. Those are the pool's own fees, never an estimate from the band width. Funding: $0.00/day. (a clause naming what the wallet holds was cut)"
      }
    },
    {
      "type": "warning",
      "props": {
        "key": "lp_concentrated_il",
        "text": "Concentrating liquidity into a narrow band multiplies divergence loss as well as fees. The figures here use the concentrated-range value function for this exact band, not the textbook full-range formula.",
        "severity": "warn"
      }
    },
    {
      "type": "warning",
      "props": {
        "key": "il_is_real_loss",
        "text": "Divergence loss in an LP is a real loss, not paper: if price leaves the band you are left holding the side that fell, and the fees may not cover it.",
        "severity": "warn"
      }
    },
    {
      "type": "warning",
      "props": {
        "key": "nominal_account_assumed",
        "text": "No wallet was supplied, so every dollar figure is scaled to a nominal. Connect a wallet to size this for real. (a clause naming what the wallet holds was cut)",
        "severity": "info"
      }
    },
    {
      "type": "hl_link",
      "props": {
        "coin": "ETH",
        "url": "https://app.hyperliquid.xyz/trade/ETH"
      }
    },
    {
      "type": "hl_link",
      "props": {
        "coin": "ETH/USDC pool on ramses-cl-v2",
        "url": "https://defillama.com/yields/pool/71b271fb-e462-40be-9fe7-e237e4308cf7"
      }
    }
  ],
  "market": {
    "ETH": {
      "coin": "ETH",
      "mid": 2573.5,
      "markPx": 2573.5,
      "fundingApr": 10.237987200000001,
      "oiUsd": 2650026215.1841,
      "vol24hUsd": 1005873620.1470002,
      "maxLeverage": 25,
      "szDecimals": 4,
      "atrPct1h": 0.6347729274331585,
      "ret24hPct": -2.614849012336329,
      "ret7dPct": 3.5905486454936852,
      "rangePos48h": 0.4530355097365404,
      "hi30d": 2669,
      "lo30d": 2255.5,
      "betaToBtc30d": -0.2086405088545471,
      "asOf": 1789901706580,
      "dex": null
    },
    "BTC": {
      "coin": "BTC",
      "mid": 80370.1,
      "markPx": 80370.1,
      "fundingApr": 10.950000000000001,
      "oiUsd": 3236849245.1716604,
      "vol24hUsd": 1488859345.8469603,
      "maxLeverage": 40,
      "szDecimals": 5,
      "atrPct1h": 0.396095503224157,
      "ret24hPct": -1.2385411290520731,
      "ret7dPct": 4.693553219482327,
      "rangePos48h": 0.5931181181181195,
      "hi30d": 82268,
      "lo30d": 71134,
      "betaToBtc30d": 1,
      "asOf": 1789901706580,
      "dex": null
    }
  },
  "reader": {
    "structureConfidence": -1,
    "alternatives": [],
    "trace": {
      "ms": 720,
      "input_tokens": 682,
      "answers": {
        "warn_crowded_long": {
          "value": 0.12,
          "confidence": 0.12
        },
        "warn_gap_risk_stops": {
          "value": 0.22,
          "confidence": 0.22
        }
      }
    }
  },
  "numbersBy": "code",
  "compare": {
    "holdUsdcNote": "Versus just holding the same basket this band mints: a 20% fall leaves the LP about -8.5% (-$84.89) behind holding and a 20% rise about -6.0% (-$59.96) behind. There is no stop here, so the number in the risk box is capital, not a loss: this deploys $1,000 (10.00% of a nominal. Those percentages are this band's own numbers, not the full-range approximation. Fees are what pay for that: fee APR 0.00% today, 93.38% 30-day mean total APY (fees and rewards), $252k TVL on ramses-cl-v2 (DefiLlama, today) - about $38.86 on $1,000 over 30 days at today's pool APY, before the divergence loss above. Those are the pool's own fees, never an estimate from the band width. Funding: $0.00/day. (a clause naming what the wallet holds was cut)"
  }
}