DRAINWATCH

Solana's first LVR-aware vault.

Single-sided USDC. Rotates capital out of pools where arbs are draining LPs.

Open the vault Check a pool

RaydiumUSDC/SOL+0.8%

MeteoraJUP/SOL+1.2%

OrcaBONK/SOL-2.1%

RaydiumJITOSOL/SOL+0.4%

LifinityUSDC/USDT+0.1%

MeteoraHYPE/SOL-4.8%

OrcaMSOL/SOL+0.2%

RaydiumWIF/SOL+0.9%

MeteoraPYTH/USDC+0.6%

LifinityUSDT/SOL+0.6%

OrcaJTO/SOL+0.3%

RaydiumPOPCAT/SOL-5.6%

MeteoraDRIFT/USDC+0.8%

OrcaRAY/SOL+0.5%

RaydiumUSDC/SOL+0.8%

MeteoraJUP/SOL+1.2%

OrcaBONK/SOL-2.1%

RaydiumJITOSOL/SOL+0.4%

LifinityUSDC/USDT+0.1%

MeteoraHYPE/SOL-4.8%

OrcaMSOL/SOL+0.2%

RaydiumWIF/SOL+0.9%

MeteoraPYTH/USDC+0.6%

LifinityUSDT/SOL+0.6%

OrcaJTO/SOL+0.3%

RaydiumPOPCAT/SOL-5.6%

MeteoraDRIFT/USDC+0.8%

OrcaRAY/SOL+0.5%

0% of Solana LPs lose money after LVR · live ticker above

Keep scrolling

The thesis

15%

of Solana LPs are losing money supplying liquidity.

15% losing85% profitable

Representative sample · 30D

Raydium·WIF/SOL30D

Fees+$12,400

LVR−$15,800

Net

−$3,400

Meteora·HYPE/SOL30D

Fees+$8,900

LVR−$13,700

Net

−$4,800

Raydium·POPCAT/SOL30D

Fees+$22,100

LVR−$27,700

Net

−$5,600

Fees$0.0M

LVR$0.0M

Net$0.0M

Across 500 analyzed pools in the last 30 days, LVR exceeded fee income on 15% of them. The math is deterministic — the losses, quiet.

Solution

Don't redesign the pool.
Move the LP capital.

When a pool starts getting picked off, the drainwatch keeper rotates the LP float into whichever pool is still earning more in fees than it’s leaking to LVR.

Every rotation is signed off-chain by an attestor and re-validated on-chain before a single token moves.

See the 11 on-chain gates

How it works

From on-chain
to verdict.

Four deterministic steps. All the math from Milionis et al., adapted for Solana's microstructure.

01 · Fetch

Every swap, not samples.

We pull the full trade history from ionic's Solana indexer. Tick-level, no lossy aggregation.

02 · Measure

Integrated variance.

Resample to 1-minute bars. Compute realized variance across the window — the textbook estimator, stripped of microstructure noise.

03 · Compute

ℓ = σ² · L · √P / 4

Apply the Milionis et al. LVR formula per bucket. Sum across the window. This is what a perfect arbitrageur extracts from the AMM.

04 · Verdict

LVR versus fees.

Compare extracted LVR against fees earned. When LVR exceeds fees, LPs lose money supplying liquidity — regardless of how the pair performed.

Methodology

Every LVR number is reproducible.
Here’s the derivation.

Full derivations, empirical validation, and our 5-step refinement chain live in the methodology doc.

Read the methodology

Public API · same signal the keeper rotates on

Check your pool.

Paste a Solana pool address. We’ll compute LVR, fees, and net return from on-chain swap history — the same signal the vault keeper rotates on.

Open vault dashboard

01 — Quantification

Loss-versus-rebalancing, priced in dollars.

Continuous LVR integral from Milionis et al., computed per-pool over Solana swap history.

$0.0M

LVR · 340 pools

02 — P&L

Fees vs. LVR

+$8.3M−$4.5M