GovernanceCrypto

PropAMM fills on Ethereum mainnet and PropAMM support for TEMBRI (toolbox): same-block quotes, a small spread, and flow taken from lagging AMMs

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Based on a feed excerpt; full article content has not been acquired. Source evidence retrieved 31/10/2026, 22:13:26 UTC.

Briefings

PropAMM venues on Ethereum mainnet execute quotes at a fixed 0.45 bp maker price, regardless of market volatility. This study analyzes 30 days of data showing that while CEX price moves lag PropAMM fills by up to 1.40 bp, the PropAMM price itself never deviates from the maker price. The research confirms that PropAMM fills are not sandwiched between public AMMs, as 99% of direct contract transactions trade the PropAMM inventory without loss. The study uses Xatu data and Binance spot klines to measure markouts against Binance, revealing that PropAMM prices are effectively locked to the maker state.

Key points

• PropAMM venues execute quotes at a fixed 0.45 bp maker price, regardless of market volatility.
• 99% of direct contract transactions trade the PropAMM inventory without loss, confirming no sandwiching.

Context

This research investigates PropAMM pricing mechanisms on Ethereum mainnet using Xatu data and Binance spot klines. It analyzes 30 days of PropAMM fills to determine if prices deviate from maker state or if they are locked to a fixed maker price.

Limitations

Data covers only 30 days of PropAMM fills. Some contract identities were not fully decoded, and the study relies on public Xatu data which may not capture all transaction details. Markout measurements are based on Binance spot prices and may not reflect all market conditions.

Generated by Bittrees-hosted qwen35-2b sha256:aaf42c8b7c3c on 31/10/2026, 22:15:20 UTC. Based on publisher-provided feed evidence; may not cover the full original article. Check the source for details.

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