The Just-in-Time (JIT) liquidity events table contains DEX events from Uniswap V3 protocol for each JIT event.

JIT liquidity refers to the practice where liquidity is added and removed within the same block to capture trading fees and/or exploit arbitrage opportunities.

Each JIT event includes the following sequence of event

  • User A Minting LP

  • User B Swapping

  • User A Burning LP

More on JIT Liquidity on the Uniswap Protocol

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Sample Query

Finding the volume of swaps on Uniswap V3 that were caught in between JIT swaps by liquidity pools.

select 
  date_trunc('week', block_timestamp) as date,
  pool_name,
  sum(jit_swap_volume_usd) as jit_swap_volume_usd
from ethereum.dex.jit_liquidity_events
where project = 'uniswap'
group by all

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Methodology

We use the dex.uniswap_v3_events table to construct this table. This table contains all log events emitted from UniswapV3 protocol liquidity pools.

We first identify the JIT events within the same block must meet the following criteria:

Minting and Burning of LP within the same block.

  • Occur within the same liquidity pool (mint.liquidity_pool_address = burn.liquidity_pool_address).

  • Are initiated by the same user (mint.transaction_from_address = burn.transaction_from_address).

  • Have the burn event occurring after the mint event (mint.transaction_index < burn.transaction_index).

We then identify swaps that occur within the JIT mint + burn event with the following criteria:

  • The JIT swap event should be performed within the same block as the burn-mint event

  • Occur within the same liquidity pool

    swap.liquidity_pool_address = mint.liquidity_pool_address
swap.liquidity_pool_address = burnt.liquidity_pool_address

  • Occur between the mint and burn JIT

    swap.transaction_index > mint_transaction_index
swap.transaction_index < burn_transaction_index

Exclusion of Outliers: This model excludes liquidity provision from rebalancing contracts by Popsicle Finance.

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Table Columns

Column NameDescriptionExample
block_numberBlock number in which the JIT event occurred.16845762
block_timestampTimestamp of the block when the JIT event occurred.2023-03-17 06:29:47.000
projectUniswapV3 dex projectuniswap
signerAddress of the user initiating the transaction.0xdd8ef55055e01d39cb87571bd38c43ab9b5903a5
liquidity_pool_addressAddress of the liquidity pool involved in the JIT event.0x88e6a0c2ddd26feeb64f039a2c41296fcb3f5640
pool_nameName of the pool.Uniswap: USDC-WETH 500
jit_actionDescription of the JIT action.mint -> burn
token0_addressAddress of token0.0xa0b86991c6218b36c1d19d4a2e9eb0ce3606eb48
token0_symbolSymbol of token0.USDC
token0_amount_mintAmount of token0 minted.2345520.462846
token0_amount_burnAmount of token0 burned.2629536.315217
token0_deltaNet change in token0 amount.284015.852371
token0_delta_usdNet change in token0 amount in USD.283192.206399124
token1_addressAddress of token1.0xc02aaa39b223fe8d0a0e5c4f27ead9083c756cc2
token1_symbolSymbol of token1.WETH
token1_amount_mintAmount of token1 minted.1234.538399303
token1_amount_burnAmount of token1 burned.1068.503695417
token1_deltaNet change in token1 amount.-166.034703886
token1_price_usdPrice of token1 in USD.1703.27
token1_delta_usdNet change in token1 amount in USD.-282801.930088262
jit_swapsDetails of swaps occurring between mint and burn events.[{"event": "swap", "sqrt\_price\_x96": "1915582285665375426460731590612584", "swapper": "0x477ec82595da308c9d11a096766f391422c8a617", "tick": 201874, "transaction\_hash": "0xb3506dba6b6f6a28c6b5e0f9d641ac8e20ff2d14784cf29fcd23921209b02c0e", "transaction\_index": 1, "usd\_amount": 306517.6173650786}]
jit_swap_volume_usdTotal volume in USD of the swaps.306517.617365079
jit_swap_countNumber of swaps between mint and burn events.1
liquidity_mintLiquidity provided during the mint event.215578968583683921381
tick_lower_mintLower tick boundary for the mint event.201870
tick_upper_mintUpper tick boundary for the mint event.201880
liquidity_burnLiquidity removed during the burn event.215578968583683921381
tick_lower_burnLower tick boundary for the burn event.201870
tick_upper_burnUpper tick boundary for the burn event.201880
transaction_hash_mintTransaction hash for the mint event.0x7a4cd6098168f3ada3e93b67c3ccee07f38c2f564b385d6ef00e8fa7a86eae64
transaction_index_mintTransaction index for the mint event.0
log_index_mintLog index for the mint event.4
txn_fees_mintTransaction fees for the mint event.0.007637103865
txn_fees_usd_mintTransaction fees in USD for the mint event.13.0080499
transaction_hash_burnTransaction hash for the burn event.0x375394dc79f55b166041ccc0bb2560cfc58a1499a095bdce23470c21f7891de6
transaction_index_burnTransaction index for the burn event.2
log_index_burnLog index for the burn event.24
txn_fees_burnTransaction fees for the burn event.0.003859862509
txn_fees_usd_burnTransaction fees in USD for the burn event.6.574388015