{
  "metadata": {
    "generated_at_utc": "2026-05-31T01:56:01.489Z",
    "generated_at_ct": "05/30/2026, 20:56:01",
    "chain_id": 8453,
    "token_a": "virtual",
    "token_b": "weth",
    "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": 350,
            "upper": 800
          },
          {
            "index": 1,
            "label": "Q2_narrower",
            "lower": 800,
            "upper": 2100
          },
          {
            "index": 2,
            "label": "Q3_middle",
            "lower": 2100,
            "upper": 2200
          },
          {
            "index": 3,
            "label": "Q4_wider",
            "lower": 2200,
            "upper": 2400
          },
          {
            "index": 4,
            "label": "Q5_widest",
            "lower": 2400,
            "upper": 4400
          }
        ],
        "labels": [
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          "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": 7.838820305931736
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          {
            "index": 2,
            "label": "Q3_upper",
            "lower": 7.838820305931736,
            "upper": 18514.285714285714
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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": 0.0008796296296296296,
            "upper": 0.002824074074074074
          },
          {
            "index": 1,
            "label": "Q2_lower_mid",
            "lower": 0.002824074074074074,
            "upper": 0.13106481481481483
          },
          {
            "index": 2,
            "label": "Q3_upper_mid",
            "lower": 0.13106481481481483,
            "upper": 1.3106018518518519
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          {
            "index": 3,
            "label": "Q4_highest",
            "lower": 1.3106018518518519,
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        ],
        "labels": [
          "Q1_lowest",
          "Q2_lower_mid",
          "Q3_upper_mid",
          "Q4_highest"
        ]
      },
      "deposit": {
        "field": "log_deposit_usdc",
        "kind": "deposit",
        "bucketCount": 4,
        "boundaries": [
          {
            "index": 0,
            "label": "Q1_lowest",
            "lower": 0.09531017980432493,
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          {
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          {
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            "label": "Q3_upper_mid",
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            "label": "Q4_highest",
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        ],
        "labels": [
          "Q1_lowest",
          "Q2_lower_mid",
          "Q3_upper_mid",
          "Q4_highest"
        ]
      }
    },
    "excluded_counts": {
      "regression_pnl_usdc_net": {
        "null_required_fields": 0,
        "small_dex_group": 0,
        "small_cohort_group": 0
      },
      "regression_pnl_pct_on_deposit": {
        "null_required_fields": 0,
        "small_dex_group": 0,
        "small_cohort_group": 0
      }
    }
  },
  "headline_findings": {
    "closed_core_row_count": 39,
    "widest_vs_narrowest_median_pnl_usdc": {
      "narrowest_bucket": "Q1_narrowest",
      "narrowest_median_pnl_usdc": -0.1152135,
      "widest_bucket": "Q5_widest",
      "widest_median_pnl_usdc": -0.010111,
      "delta": 0.1051025
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    "widest_vs_narrowest_median_return_pct": {
      "narrowest_bucket": "Q1_narrowest",
      "narrowest_median_pnl_pct_on_deposit": -0.004047672826086956,
      "widest_bucket": "Q5_widest",
      "widest_median_pnl_pct_on_deposit": -0.00245,
      "delta": 0.0015976728260869563
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    "least_vs_most_active_median_pnl_usdc": {
      "least_active_bucket": "Q1_lower",
      "least_active_median_pnl_usdc": -0.000241,
      "most_active_bucket": "Q3_upper",
      "most_active_median_pnl_usdc": -0.018563,
      "delta": 0.018321999999999998
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    "pairwise_correlations": {
      "avg_total_width_ticks__vs__pnl_usdc_net": {
        "pearson": -0.013708942580755118,
        "spearman": 0.14663218660381308
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      "avg_total_width_ticks__vs__pnl_pct_on_deposit": {
        "pearson": -0.08485549197548517,
        "spearman": 0.05162961592967071
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      "reranges_per_30d__vs__pnl_usdc_net": {
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      "reranges_per_30d__vs__pnl_pct_on_deposit": {
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        "spearman": -0.5976320812620679
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    }
  },
  "summary": {
    "row_count": 39,
    "open_count": 0,
    "closed_count": 39,
    "metrics": {
      "pnl_usdc_net": {
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        "mean": -15.88538582051282,
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        "min": -619.89711,
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      "pnl_pct_on_deposit": {
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      "avg_total_width_ticks": {
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        "min": 350,
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        "stddev": 1032.2691455287152,
        "win_rate": null
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      "rerange_count": {
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      "reranges_per_30d": {
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      "duration_days": {
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}