{"id":"https://openalex.org/W4405464718","doi":"https://doi.org/10.1145/3670865.3673500","title":"The Geometry of Constant Function Market Makers","display_name":"The Geometry of Constant Function Market Makers","publication_year":2024,"publication_date":"2024-07-08","ids":{"openalex":"https://openalex.org/W4405464718","doi":"https://doi.org/10.1145/3670865.3673500"},"language":"en","primary_location":{"id":"doi:10.1145/3670865.3673500","is_oa":false,"landing_page_url":"https://doi.org/10.1145/3670865.3673500","pdf_url":null,"source":null,"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Proceedings of the 25th ACM Conference on Economics and Computation","raw_type":"proceedings-article"},"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5027565638","display_name":"Guillermo Angeris","orcid":"https://orcid.org/0000-0002-4950-3990"},"institutions":[{"id":"https://openalex.org/I899382313","display_name":"Bainbridge State College","ror":"https://ror.org/00yk34w18","country_code":"US","type":"education","lineage":["https://openalex.org/I899382313"]}],"countries":["US"],"is_corresponding":true,"raw_author_name":"Guillermo Angeris","raw_affiliation_strings":["Bain Capital Crypto, San Francisco, USA"],"raw_orcid":"https://orcid.org/0000-0002-4950-3990","affiliations":[{"raw_affiliation_string":"Bain Capital Crypto, San Francisco, USA","institution_ids":["https://openalex.org/I899382313"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5082358070","display_name":"Tarun Chitra","orcid":"https://orcid.org/0000-0002-2298-4827"},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Tarun Chitra","raw_affiliation_strings":["Gauntlet Networks, New York, United States of America"],"raw_orcid":"https://orcid.org/0000-0002-2298-4827","affiliations":[{"raw_affiliation_string":"Gauntlet Networks, New York, United States of America","institution_ids":[]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5090116188","display_name":"Theo Diamandis","orcid":"https://orcid.org/0000-0003-0657-5959"},"institutions":[{"id":"https://openalex.org/I63966007","display_name":"Massachusetts Institute of Technology","ror":"https://ror.org/042nb2s44","country_code":"US","type":"education","lineage":["https://openalex.org/I63966007"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Theo Diamandis","raw_affiliation_strings":["Massachusetts Institute of Technology, Cambridge, United States of America"],"raw_orcid":"https://orcid.org/0000-0003-0657-5959","affiliations":[{"raw_affiliation_string":"Massachusetts Institute of Technology, Cambridge, United States of America","institution_ids":["https://openalex.org/I63966007"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5036130379","display_name":"Kshitij Kulkarni","orcid":"https://orcid.org/0000-0003-4951-8604"},"institutions":[{"id":"https://openalex.org/I95457486","display_name":"University of California, Berkeley","ror":"https://ror.org/01an7q238","country_code":"US","type":"education","lineage":["https://openalex.org/I95457486"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Kshitij Kulkarni","raw_affiliation_strings":["University of California, Berkeley, United States of America"],"raw_orcid":"https://orcid.org/0000-0003-4951-8604","affiliations":[{"raw_affiliation_string":"University of California, Berkeley, United States of America","institution_ids":["https://openalex.org/I95457486"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5073041823","display_name":"Alex Evans","orcid":null},"institutions":[{"id":"https://openalex.org/I899382313","display_name":"Bainbridge State College","ror":"https://ror.org/00yk34w18","country_code":"US","type":"education","lineage":["https://openalex.org/I899382313"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Alex Evans","raw_affiliation_strings":["Bain Capital Crypto, San Francisco, USA"],"raw_orcid":"https://orcid.org/0000-0002-9128-9502","affiliations":[{"raw_affiliation_string":"Bain Capital Crypto, San Francisco, USA","institution_ids":["https://openalex.org/I899382313"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":5,"corresponding_author_ids":["https://openalex.org/A5027565638"],"corresponding_institution_ids":["https://openalex.org/I899382313"],"apc_list":null,"apc_paid":null,"fwci":3.2452,"has_fulltext":false,"cited_by_count":3,"citation_normalized_percentile":{"value":0.94030384,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":96,"max":97},"biblio":{"volume":null,"issue":null,"first_page":"732","last_page":"732"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T12137","display_name":"Economic theories and models","score":0.8044999837875366,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T12137","display_name":"Economic theories and models","score":0.8044999837875366,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/constant","display_name":"Constant (computer programming)","score":0.7467982769012451},{"id":"https://openalex.org/keywords/function","display_name":"Function (biology)","score":0.5749176144599915},{"id":"https://openalex.org/keywords/geometry","display_name":"Geometry","score":0.5626642107963562},{"id":"https://openalex.org/keywords/mathematics","display_name":"Mathematics","score":0.37332433462142944},{"id":"https://openalex.org/keywords/computer-science","display_name":"Computer science","score":0.3547646105289459}],"concepts":[{"id":"https://openalex.org/C2777027219","wikidata":"https://www.wikidata.org/wiki/Q1284190","display_name":"Constant (computer programming)","level":2,"score":0.7467982769012451},{"id":"https://openalex.org/C14036430","wikidata":"https://www.wikidata.org/wiki/Q3736076","display_name":"Function (biology)","level":2,"score":0.5749176144599915},{"id":"https://openalex.org/C2524010","wikidata":"https://www.wikidata.org/wiki/Q8087","display_name":"Geometry","level":1,"score":0.5626642107963562},{"id":"https://openalex.org/C33923547","wikidata":"https://www.wikidata.org/wiki/Q395","display_name":"Mathematics","level":0,"score":0.37332433462142944},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.3547646105289459},{"id":"https://openalex.org/C199360897","wikidata":"https://www.wikidata.org/wiki/Q9143","display_name":"Programming language","level":1,"score":0.0},{"id":"https://openalex.org/C86803240","wikidata":"https://www.wikidata.org/wiki/Q420","display_name":"Biology","level":0,"score":0.0},{"id":"https://openalex.org/C78458016","wikidata":"https://www.wikidata.org/wiki/Q840400","display_name":"Evolutionary biology","level":1,"score":0.0}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.1145/3670865.3673500","is_oa":false,"landing_page_url":"https://doi.org/10.1145/3670865.3673500","pdf_url":null,"source":null,"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Proceedings of the 25th ACM Conference on Economics and Computation","raw_type":"proceedings-article"}],"best_oa_location":null,"sustainable_development_goals":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":0,"referenced_works":[],"related_works":["https://openalex.org/W2899084033","https://openalex.org/W2748952813","https://openalex.org/W4391375266","https://openalex.org/W1979597421","https://openalex.org/W2007980826","https://openalex.org/W2061531152","https://openalex.org/W3002753104","https://openalex.org/W2077600819","https://openalex.org/W2142036596","https://openalex.org/W2072657027"],"abstract_inverted_index":{"Constant":[0],"function":[1,67,117],"market":[2],"makers":[3],"(CFMMs)":[4],"are":[5,84,124],"the":[6,35,41,111,114,119,127,131,170],"most":[7],"popular":[8],"type":[9,176],"of":[10,34,55,96,110,113,164,169,177,188],"decentralized":[11],"trading":[12,66,82,120],"venue":[13],"for":[14,38,80,179],"cryptocurrency":[15],"tokens.":[16],"In":[17],"this":[18,56],"paper,":[19],"we":[20,146],"give":[21,103],"a":[22,63,94,104,153,165,175],"very":[23],"general":[24,128],"geometric":[25,99,155],"framework":[26,57],"(or":[27],"'axioms')":[28],"which":[29,185],"encompass":[30],"and":[31,72,98,102,118,182],"generalize":[32],"many":[33,76],"known":[36,78],"results":[37,77,123,171],"CFMMs":[39,92,151],"in":[40],"literature,":[42],"without":[43],"requiring":[44],"strong":[45],"conditions":[46],"such":[47],"as":[48],"differentiability":[49],"or":[50],"homogeneity.":[51],"One":[52],"particular":[53],"consequence":[54],"is":[58,69,133,143],"that":[59,68,75,91,148,157],"every":[60],"CFMM":[61,132],"has":[62],"(unique)":[64],"canonical":[65],"concave,":[70,180],"homogeneous,":[71,181],"nondecreasing,":[73],"showing":[74],"only":[79,140],"homogeneous":[81],"functions":[83,184],"actually":[85],"fully":[86],"general.":[87],"We":[88],"also":[89],"show":[90,147],"satisfy":[93],"number":[95],"intuitive":[97],"composition":[100],"rules,":[101],"new":[105],"proof,":[106],"via":[107],"conic":[108],"duality,":[109],"equivalence":[112],"portfolio":[115],"value":[116],"function.":[121],"Many":[122,168],"extended":[125],"to":[126,136],"setting":[129],"where":[130],"not":[134,159],"assumed":[135],"be":[137,187],"path-independent,":[138],"but":[139],"one":[141],"trade":[142],"allowed.":[144],"Finally,":[145],"all":[149],"'path-independent'":[150],"have":[152],"simple":[154],"description":[156],"does":[158],"depend":[160,173],"on":[161,174],"any":[162],"notion":[163],"'trading":[166],"history'.":[167],"here":[172],"duality":[178],"nondecreasing":[183],"may":[186],"independent":[189],"interest.":[190]},"counts_by_year":[{"year":2025,"cited_by_count":3}],"updated_date":"2025-12-21T01:58:51.020947","created_date":"2025-10-10T00:00:00"}