Topaz Auto
Risks and numbers
Topaz Auto takes range management off your hands, so your capital stays concentrated where trading happens. It is still concentrated liquidity, with the market and contract risks that come with it. This page sets those out briefly and explains how the figures on Topaz Auto pages are computed.
Risks
Concentration magnifies impermanent loss
A narrow range holds more of the token that is falling and less of the one that is rising. Compared with holding the two tokens, a concentrated position can lose value faster than a full-range one when prices move.
Rebalancing realizes losses and pays fees
A rebalance sells part of one token for the other at the new price, locking in the move, and pays swap fees and price impact to do it. Repeated moves in a choppy market can cost more than the emissions earned in between.
Out of range means no emissions
While the price sits outside the managed range the position is one-sided and its gauge emissions stop. The strategy waits for a calm market before re-ranging, which avoids chasing a fast move.
You rely on the keeper and its policy
Range choices, calm thresholds and rebalance timing are set by the strategy, not by you. A keeper outage, a paused vault or a deliberate hold changes what your position holds without any action on your side.
Smart-contract risk
Your funds sit in the vault, its strategy, the pool, the gauge and, for zaps, the zap contract and 0x’s settlement contracts. A defect in any of them can lose funds.
Entry and exit prices move
The amounts shown before you sign are estimates. Each transaction carries a minimum set for a 2% price band and a 0.5% swap tolerance, and the vault refunds what it does not use, so the outcome can differ from the preview within those bounds.
Reward value is not principal
Emissions are paid in TOPAZ or xTOPAZ, whose prices move independently of the pool, and Auto APR is an estimate from the current gauge rate and prices.
No performance guarantee
Returns depend on prices and trading activity, so a managed position can outperform or underperform holding the tokens, a full-range position or a range you set yourself.
How the numbers are computed
- ✓Managed value is a vault’s principal: the tokens in its concentrated position plus any idle balance, valued at market prices. It excludes the rest of the pool and unclaimed emissions. A vault that cannot be priced shows a dash, and a total that omits it is marked with a plus sign; it is never rounded to zero.
- ✓Auto APR is the vault’s share of the current gauge rewards over its principal at market prices, after the reward fee. It excludes trading fees and compounding and reads zero out of range or while paused.
- ✓Time in range is the share of the last seven days the managed range contained the pool price. Last rebalance is the age of the most recent range reset.
- ✓Your position value is your shares’ pro-rata slice of the vault’s principal. Claimable rewards are shown separately and never counted as principal.
Figures come from the Topaz API, which reads each vault’s contract and indexes its events. A vault whose live read failed shows its last indexed state, marked as such. Transactions always use fresh on-chain reads.