The way on-chain.
One order book. Every fill, a price you chose.
Trade from your own wallet. ITER routes, matches, and settles in the open — self-custody the whole way.
Every venue answers two questions. Most answer them out of sight.
Inventory
Who holds the assets you trade against, and who eats the loss while prices move?
Settlement
When you want to trade, how does the venue decide the price you get?
ITER answers both — in the open.
Every step solved one question and reopened the other.
One curve answered both.
Uniswap let anyone provide liquidity, a breakthrough worth keeping. But a curve quotes every price the market walks it to, not a price you set, and bots sat in that gap on every trade and took people's money. The people who put up the liquidity got exactly one option: pull out.
Better curves are still curves.
v3 concentrated the same curve and amplified the same loss. Curve flattened it and validated UST all the way down. Both still quote off pool state instead of a price you choose, so the bots kept taking that money too.
Order books solved settlement, then brought the operator back.
Your limit price is your tolerance now, so a bot can't move the price on you at settlement. But on every book so far, inventory stayed with a handful of permissioned market makers, and that centralization is exactly the opening bots are waiting for.
The way forward keeps both open.
One book. Both problems solved.
Settlement, by limit orders. Inventory, by the pool. Together, a real market.
Settlement: solved by limit orders
Every trade is a limit order on one on-chain book: you name your price, the book matches you with the best one available. The price comes from people actually trading, not from a formula, and nothing fills at a price you didn't set.
Inventory: solved by the pool
Anyone can deposit into the pool. Deposits fill the other side of trades, only inside the price range each depositor chose, and earn a fee every time. The assets come from everyone, not from a market-making firm.
Together: an organic market
Orders and pool deposits meet on the same book, so prices come from real trades, averaged over ten minutes so nobody can rig a moment. Real prices, real liquidity, no middleman.
Every fill, at a price you chose. On-chain to check.
A large trade that loses up to 66% of its value to price impact on Uniswap v2 fills near its quoted price here. If the book can't fill you, your money comes back. No fake prices.
A sandwich attack that takes $500,000 from one trade on Uniswap v2 gets $2.55 here. After paying gas, the attacker loses money on every trade size.
When the market moves 25%, Uniswap and Curve's own impermanent loss wipes out their fee income and goes net negative. ITER's loss is capped at the price the LP quoted, so its LPs stay profitable no matter how far the market moves.
Every chart is the same simulation, run against Uniswap v2, v3, Curve, and ITER side by side at identical trade sizes. Lower is better on slippage, sandwich profit, and LP loss; higher is better on LP income. Curve and v2 overlap exactly on the impermanent-loss chart — that's the data, not a rendering bug. On LP profit, every AMM design goes negative once its own impermanent loss is counted against its fee income; ITER LPs stay profitable at every tier, because their loss is capped at the tolerance the LP quoted, not at whatever the market does. The income chart also carries centralized-exchange market makers in grey, since a CLOB's liquidity has always come from that population — their figures are published maker-taker schedules, given as ranges rather than point claims, and their inventory risk is not modeled; its toggle switches between the net result and the gross income it starts from. Hover any point, or open the table underneath a chart, for exact figures.
Slippage by trade size
Percent of the trade lost to price impact, as the trade grows relative to book depth.
- ITER
- Uniswap v2
- Uniswap v3
- Curve
Trade size, as % of pool depth
View as table
| Trade size, as % of pool depth | ITER | Uniswap v2 | Uniswap v3 | Curve |
|---|---|---|---|---|
| 0.1% | 0.0% | 0.50% | 0.31% | 0.04% |
| 1% | 0.0% | 2.2% | 0.40% | 0.06% |
| 5% | 0.0% | 9.3% | 0.78% | 0.14% |
| 10% | 0.0% | 16.9% | 1.3% | 0.25% |
| 25% | 0.06% | 33.5% | 2.7% | 0.69% |
| 50% | 0.24% | 50.1% | 4.9% | 6.6% |
| 100% | 0.57% | 66.7% | 9.2% | 50.2% |
Sandwich profit by trade size
What an attacker nets sandwiching one trade, net of nothing but the trade itself.
- ITER
- Uniswap v2
- Uniswap v3
- Curve
Trade size, as % of pool depth
View as table
| Trade size, as % of pool depth | ITER | Uniswap v2 | Uniswap v3 | Curve |
|---|---|---|---|---|
| 1% | $0.00 | $5K | $0.00 | $4K |
| 5% | $0.00 | $40K | $4K | $30K |
| 10% | $0.00 | $85K | $31K | $73K |
| 30% | $0.30 | $265K | $187K | $266K |
| 60% | $2.55 | $540K | $450K | $564K |
LP loss when the market moves
Impermanent loss at ITER's widest tolerance vs. passive AMM liquidity, by how far price has moved.
- ITER
- Uniswap v2
- Uniswap v3
- Curve
Price move, as a multiple of the starting price
View as table
| Price move, as a multiple of the starting price | ITER | Uniswap v2 | Uniswap v3 | Curve |
|---|---|---|---|---|
| 0.5× | -0.00% | -5.7% | -2.8% | -5.7% |
| 0.8× | -0.00% | -0.62% | -2.8% | -0.62% |
| 0.95× | -0.00% | -0.03% | -0.67% | -0.03% |
| 1.05× | -0.00% | -0.03% | -0.61% | -0.03% |
| 1.25× | -0.00% | -0.62% | -2.3% | -0.62% |
| 2× | -0.00% | -5.7% | -2.3% | -5.7% |
| 5× | -0.00% | -25.5% | -2.3% | -25.5% |
ITER LPs profit when the market moves 25%
The same income, now net of what each provider loses to that move. Uniswap and Curve's impermanent loss wipes out their fees, so their LPs go negative; ITER's loss is capped at the price the LP quoted, so it stays a profit, unchanged even at +100%. A CEX maker has no LVR — they quote actively rather than rebalancing mechanically — so their bars are carried across gross, credited zero inventory cost. Even on that generous reading, the top tier earns less than ITER's thinnest net.
LP profit, per $1M matched volume
View as table
| Venue | Gross | Loss from LVR | Net |
|---|---|---|---|
| ITER, thin market | $11K | -$12 | $11.0K |
| ITER, mid-depth | $3.1K | -$1 | $3.1K |
| ITER, deepest | $1.1K | -$0 | $1.1K |
| ITER, s = 0 (any depth) | $1K | $0 | $1K |
| Uniswap v2 | $3K | -$6.2K | -$3.2K |
| Uniswap v3 (0.30% tier) | $3K | -$23.2K | -$20.2K |
| Curve | $400 | -$6.2K | -$5.8K |
| CEX maker, top tier | $100–$600 | not modeled | $100–$600 |
| CEX maker, retail tier | -$1K to -$200 | not modeled | -$1K to -$200 |
We say it with data.
Every number on this page comes from the same simulation we use to build the product, not a highlight reel: every chart plots the full data grid, including the regimes where ITER doesn't win. We once caught a pricing bug of our own with it, one that was quietly losing money on the safest position, before it touched a dollar, and published that too. We do research in the open, fair and square.
How the fee is actually computedThese are the same three formulas behind the LP charts above, run on your own number instead of a fixed $1M example. Type in how much USDC you'd provide as liquidity and every figure below, and the chart, recomputes live — using the exact rates from the simulation, not rounded estimates.
This is not a yearly or daily rate. Every number below answers one question: once trading volume equal to your own liquidity has matched against it, one time, what fee did you earn? How often that happens in a real day depends on the pair and the market — that turnover rate isn't modeled here. If your liquidity gets matched twice a day, earn this amount twice a day; if it sits untraded, you earn nothing that day.
fee rate × your liquidity
0.30% flat
per matched turn, not per year
fee rate × your liquidity
0.04% flat
per matched turn, not per year
(spread margin + trader's taker fee) × your liquidity — you pay no fee
1% + 0.10%, thin market, top tier
per matched turn, not per year
Fee earned per matched turn, vs. liquidity provided
- Uniswap v2 / v3
- Curve
- ITER
Every line is a straight fee-rate-times-liquidity line; steeper means more fee per dollar deposited. The dashed marker is your current number above.
Liquidity provided (USDC)
Uniswap and Curve charge a protocol-fixed rate, same for every LP, every pair, regardless of how they quote. ITER's LP pays no fee at all — they earn the spread they quoted themselves, plus the fee the trader's own membership tier pays; the rate above is the top tolerance tier on a thin book, the same one behind the “ITER, thin market” row on the charts above. This assumes your liquidity gets matched dollar-for-dollar — real turnover varies by pair and venue, and it's the same simplifying assumption the net-of-price-risk chart above already uses. Open the LP charts above for every tier and book depth, not just this one.
A price that survives someone trying to move it.
Every trade here settles at a price averaged over real trading, not whatever happened in the last block. That price is a primitive other products can build on, not just a number shown to traders.
Lending
A lending market's liquidations are only as safe as the price that triggers them. A flash loan can move a single block's price; it can't move a ten-minute average.
Futures
Already live: ITER's own perpetuals read their mark price straight from this same book, not a separate oracle.
Options
An option settles against whatever price is quoted at expiry. That price should survive someone trying to move it in the last block — this one does.
Stablecoins
A peg holds only as long as the price watching it can't be cheaply lied to. Read from a book that's already built to resist that.
Every product above needs the same thing: a price nobody can cheaply move. This book already is one.
Whichever seat you take, it’s the same wheel.
Every payout on ITER traces back to one event: someone got filled. Nothing here is funded by issuing tokens against a promise. Pick a seat and follow it round.
- You give
- One taker fee per fill — the same rate on the order book and in the pool, so there is no cheaper door.
- You get
- $ITER rewards on what you trade, and tighter spreads as the fee you paid funds the depth sitting in front of you.
The fee is charged once, on the quote side, and it is the only thing you pay.
Nothing to trust. Everything to verify.
Settlement is verifiable on-chain. The paper, the simulation, and the contracts are public. No token, no pitch: an argument to steal from, not a product to buy.
Find your way in.
Join the waitlist. Trade the way markets should move.