Thanks for this. A few points:

This analysis is for uniswap v2. I believe all pools use a 0.3% fee. The varying fee levels (0.05%, 0.3% etc.) are on Uniswap v3 - which is not based on x*y = constant (it instead uses liquidity price bands).

Many v2 pools receive further incentives. Not sustainable, but helps explain liquidity.

Still, you make a good point in quantifying IL and it’s expensive!

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