Rate-Market Execution and Liquidity-Provider Economics

Calculate spot price, price impact, and slippage for a constant-product automated market maker.

Calculate how a liquidity provider’s asset exposure changes when relative token prices move.

Distinguish trading-fee returns from impermanent loss and token-incentive returns.

Explain how concentrated liquidity changes capital efficiency and liquidity-provider risk.

Trace PT and YT trades from the Exponent V2 interface through either the Rate CLMM or Rate Order Book, explain how each venue shares liquidity between PT and YT, and assess the resulting execution, settlement, and operational risks.