AMM MARKETS / LP LEARNING PATH
Understand liquidity.
Make it your own.
From your first AMM to a considered position plan. Learn to participate in open markets through visual explanations, hands-on experiments and practical decisions.
Know what you will own
Evaluate range, policy and costs
Explore live markets with a plan
FROM UNDERSTANDING TO ACTION
Your learning path.
New to LPs? Follow the sequence. Already experienced? Pick a question. Every lesson connects the mechanics to a decision you can make in AMM Markets.
Understand the mechanics
Become part of the market.
Explain who supplies assets, who trades, and where LP fees come from.
Visual lesson + exercise ↗Watch your assets change.
Predict the asset you will hold above, inside and below a range.
Visual lesson + exercise ↗Choose concentration deliberately.
Distinguish deposited capital, active liquidity and execution depth.
Visual lesson + exercise ↗Evaluate the strategy
Account for the whole result.
Reconcile cash flows without counting fees twice.
Visual lesson + exercise ↗Separate your range from pool policy.
Explain the roles and limits of directional fees, bounds and LP access.
Visual lesson + exercise ↗Understand the other side of your fees.
Connect quote quality and policy checks with sustainable trading activity.
Visual lesson + exercise ↗Put it into practice
Manage a position with intention.
Distinguish Increase, Decrease, Collect fees and Move range, and verify settlement.
Visual lesson + exercise ↗Turn learning into a position plan.
Write a reviewable objective, range rationale and monitoring plan before committing capital.
Build your position brief ↗Research notes · complete derivations
The chapters already introduce pricing, benchmarks, options and order flow where they matter. These notes collect complete derivations, assumptions and experiments for reference, not a second required learning path.
Where does an AMM price come from?
Distinguish initialization, the pool curve, external price discovery and a trader’s all-in quote.
Visual lesson + exercise ↗Impermanent loss: relative to what?
Separate absolute P&L, divergence from holding, and success against an investment mandate.
Visual lesson + exercise ↗Read an LP position like an options book.
Derive inventory Delta and Gamma, then identify where covered-call and short-straddle analogies fail.
Visual lesson + exercise ↗Distinguish fee income from trading edge.
Connect average execution, path-dependent rebalancing costs and fee demand without double-counting losses.
Visual lesson + exercise ↗Choose the pair, not just the yield.
Measure relative-price volatility and understand why desirable inventory can change a market maker’s economics.
Visual lesson + exercise ↗Turn a thesis into a testable LP mandate.
Translate accumulation, distribution or neutral market making into measurable constraints and policy experiments.
Visual lesson + exercise ↗Before you begin
Do I need a wallet to learn?
Courses and experiments require no wallet and submit no transactions. Learning is separate from the live LP App, where your wallet authorizes real operations.
Does the course recommend a return or a range?
No. Examples explain mechanics, not expected returns. Your objectives, risk tolerance and actual market policy determine the decision. Course completion is not a suitability assessment.
Can I study in Chinese?
Yes. Chinese follows the same structure, examples and exercises. English is the source version.