Question 1

How does Meteora's DLMM calculate bin prices?

Accepted Answer

Meteora's Dynamic Liquidity Market Maker (DLMM) replaces a continuous price curve with discrete price bins. Each bin's price is calculated as Price(i) = ActivePrice × (1 + binStep/10000)^i, where i is the bin's offset from the currently active bin (positive above the active bin, negative below) and binStep is the fixed percentage gap between adjacent bins, expressed in basis points. For example, with an active price of $150 and a bin step of 20 basis points (0.20%), the bin one step above active prices at $150 × 1.002 = $150.30, two steps above at $150 × 1.002² ≈ $150.60, and so on compounding outward in both directions. Because each bin behaves like its own tiny constant-sum order at a fixed price, all liquidity deposited inside a single bin trades at that bin's exact price with zero slippage until the bin is fully consumed and the active bin shifts to the next one.

Question 2

What happens when price moves outside my DLMM bin range?

Accepted Answer

If you deposit liquidity across N bins on each side of the active bin, your position stops earning trading fees the moment the market price moves past your outermost bin in either direction, and your capital converts entirely into whichever single asset the edge bin holds — the quote asset if price rose above your range, the base asset if it fell below. Because bin step compounds, a wider N does not scale range width proportionally: the total price move needed to exit an N-bin range is roughly (1+binStep/10000)^N − 1, so at a 20 basis-point bin step, 10 bins covers about a 2.2% one-directional move while 50 bins covers about 10.5%, not 5x more — doubling the bin count more than doubles the tolerated price range because the compounding accelerates outward. This is the core trade-off DLMM LPs manage: narrower ranges concentrate liquidity and earn a larger share of fees per dollar deposited, but exit the range — and stop earning — on much smaller price moves.

Question 3

How is DLMM fee APR estimated from volume and bin step?

Accepted Answer

A rough fee APR for liquidity sitting inside the currently active trading range is Fee APR = (24-hour swap volume routed through your range × total fee rate × 365) ÷ your liquidity value in that range. The total fee rate on Meteora DLMM combines a fixed base fee (set per pool from the bin step and a base factor chosen at pool creation) with a dynamic volatility fee that automatically rises when recent price moves through many bins quickly, so realized fee rates on volatile pairs typically run well above the posted base fee alone. This estimate only holds while your bins remain active — volume that trades through bins outside your range earns you nothing, so realized fee APR on a real DLMM position is usually lower than a simple in-range projection because price does not stay centered on your deposit forever.

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