$SKEW is live.
An asymmetric fee engine for @Uniswap v4 pools. The pool charges the side that profits from its lag and pays back the side that doesn't. Contract verified, no admin keys on the fee schedule.
CA: 0x840391dac7f595dd02a69c2a855e6a9c2d1b079a
https://t.co/Hhc6X9QPxT
Most LVR research is about taxing arbitrage. Nobody talks about the other side.
A swap that pushes the pool away from market price hands LPs a better fill than the market. That order is worth more, not less.
SKEW is a @Uniswap v4 hook that pays it back.
The fee is linear in the gap, not quadratic. That's not a simplification: arb profit scales with g², the volume needed to capture it scales with g, so profit per unit of volume is linear.
A linear fee takes a constant share of the edge. 10bp move or 500bp move.