{
  "metadata": {
    "generated_at_utc": "2026-05-31T01:56:07.580Z",
    "generated_at_ct": "05/30/2026, 20:56:07",
    "chain_id": 8453,
    "token_a": "cbbtc",
    "token_b": "usdc",
    "active_flags": {
      "width_buckets": 5,
      "rerange_buckets": 5,
      "min_sample": 8,
      "cohort_mode": "close_month",
      "include_open_appendix": true
    },
    "formulas": {
      "open_mark_to_market_pnl_usdc_net": "withdrawn_usdc_net_to_owner_total + current_value_usdc - deposited_usdc_gross_total",
      "pnl_pct_on_deposit": "pnl_usdc_net / deposited_usdc_gross_total",
      "pnl_pct_on_principal_snapshot": "pnl_usdc_net / principal_usdc_snapshot",
      "fee_drag_pct_on_deposit": "(protocol_fee_paid_usdc_total + bot_fee_paid_usdc_total) / deposited_usdc_gross_total",
      "current_value_multiple": "current_value_usdc / deposited_usdc_gross_total",
      "log_deposit_usdc": "ln(1 + deposited_usdc_gross_total)",
      "reranges_per_30d": "rerange_count * 30 / duration_days"
    },
    "bucket_boundaries": {
      "width": {
        "field": "avg_total_width_ticks",
        "kind": "width",
        "bucketCount": 5,
        "boundaries": [
          {
            "index": 0,
            "label": "Q1_narrowest",
            "lower": 490,
            "upper": 800
          },
          {
            "index": 1,
            "label": "Q2_narrower",
            "lower": 800,
            "upper": 1400
          },
          {
            "index": 2,
            "label": "Q3_middle",
            "lower": 1400,
            "upper": 1990
          },
          {
            "index": 3,
            "label": "Q4_wider",
            "lower": 1990,
            "upper": 2200
          },
          {
            "index": 4,
            "label": "Q5_widest",
            "lower": 2200,
            "upper": 5923.333333333333
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        ],
        "labels": [
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          "Q2_narrower",
          "Q3_middle",
          "Q4_wider",
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      },
      "rerange": {
        "field": "reranges_per_30d",
        "kind": "rerange",
        "bucketCount": 3,
        "boundaries": [
          {
            "index": 0,
            "label": "Q1_lower",
            "lower": 0,
            "upper": 0
          },
          {
            "index": 1,
            "label": "Q2_middle",
            "lower": 0,
            "upper": 1.8104553798184515
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          {
            "index": 2,
            "label": "Q3_upper",
            "lower": 1.8104553798184515,
            "upper": 18.313491362560498
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        ],
        "labels": [
          "Q1_lower",
          "Q2_middle",
          "Q3_upper"
        ]
      },
      "duration": {
        "field": "duration_days",
        "kind": "duration",
        "bucketCount": 4,
        "boundaries": [
          {
            "index": 0,
            "label": "Q1_lowest",
            "lower": 0.001388888888888889,
            "upper": 2.4380787037037037
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          {
            "index": 1,
            "label": "Q2_lower_mid",
            "lower": 2.4380787037037037,
            "upper": 13.226597222222223
          },
          {
            "index": 2,
            "label": "Q3_upper_mid",
            "lower": 13.226597222222223,
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          {
            "index": 3,
            "label": "Q4_highest",
            "lower": 34.3212037037037,
            "upper": 77.00351851851852
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        ],
        "labels": [
          "Q1_lowest",
          "Q2_lower_mid",
          "Q3_upper_mid",
          "Q4_highest"
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      },
      "deposit": {
        "field": "log_deposit_usdc",
        "kind": "deposit",
        "bucketCount": 4,
        "boundaries": [
          {
            "index": 0,
            "label": "Q1_lowest",
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        "labels": [
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          "Q2_lower_mid",
          "Q3_upper_mid",
          "Q4_highest"
        ]
      }
    },
    "excluded_counts": {
      "regression_pnl_usdc_net": {
        "null_required_fields": 0,
        "small_dex_group": 2,
        "small_cohort_group": 0
      },
      "regression_pnl_pct_on_deposit": {
        "null_required_fields": 0,
        "small_dex_group": 2,
        "small_cohort_group": 0
      }
    }
  },
  "headline_findings": {
    "closed_core_row_count": 30,
    "widest_vs_narrowest_median_pnl_usdc": {
      "narrowest_bucket": "Q1_narrowest",
      "narrowest_median_pnl_usdc": -0.005651,
      "widest_bucket": "Q5_widest",
      "widest_median_pnl_usdc": 8.019237500000001,
      "delta": 8.024888500000001
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    "widest_vs_narrowest_median_return_pct": {
      "narrowest_bucket": "Q1_narrowest",
      "narrowest_median_pnl_pct_on_deposit": -0.0018836666666666665,
      "widest_bucket": "Q5_widest",
      "widest_median_pnl_pct_on_deposit": 0.012225370624999999,
      "delta": 0.014109037291666666
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    "least_vs_most_active_median_pnl_usdc": {
      "least_active_bucket": "Q1_lower",
      "least_active_median_pnl_usdc": 0.014977999999999998,
      "most_active_bucket": "Q3_upper",
      "most_active_median_pnl_usdc": -1.6954935,
      "delta": 1.7104715
    },
    "pairwise_correlations": {
      "avg_total_width_ticks__vs__pnl_usdc_net": {
        "pearson": 0.17708197835637887,
        "spearman": 0.2652720744217095
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      "avg_total_width_ticks__vs__pnl_pct_on_deposit": {
        "pearson": -0.07178198066227637,
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      "reranges_per_30d__vs__pnl_usdc_net": {
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        "spearman": -0.3978773119877128
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      "reranges_per_30d__vs__pnl_pct_on_deposit": {
        "pearson": -0.19820387355560268,
        "spearman": -0.3669815358674548
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    }
  },
  "summary": {
    "row_count": 30,
    "open_count": 0,
    "closed_count": 30,
    "metrics": {
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      "pnl_pct_on_deposit": {
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      "rerange_count": {
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      "reranges_per_30d": {
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      "duration_days": {
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}