Research noteDF-2026-0377
Concentrated liquidity keeps favouring the fast
Passive positions in an active range earn less than the fee headline suggests.
68%▲ +5ppfees to top decile of positions
7 minDecentralised Finance
Fee income concentrates heavily in positions that are repositioned frequently. A set-and-forget range collects fees while it is in range and accumulates the losing side of every move that takes it out.
Reported pool yields average over both behaviours and describe neither.