Constant-product AMM
How does one swap reshape pool inventory, execution price, and the invariant?
x × y = kRead first: Automated market maker
Change
- Token reserves
- Trade direction and size
- Fee rate and external price
Inspect
- Quote and average execution price
- Price impact and arbitrage direction
- Reserve, fee, and invariant transition
Trace
- Capital flow
- Return flow
- Risk flow
Model boundaryConstant-product reserves only; concentrated liquidity, integer rounding, hooks, and named protocol behavior are outside the model.