Just-in-Time (JIT) Liquidity Events

Fetch Uniswap V3 JIT Liquidity events with 1 line of code.

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

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More on JIT Liquidity on the Uniswap Protocol

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

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.

Table Columns

Column Name
Description
Example

block_number

Block number in which the JIT event occurred.

16845762

block_timestamp

Timestamp of the block when the JIT event occurred.

2023-03-17 06:29:47.000

project

UniswapV3 dex project

uniswap

signer

Address of the user initiating the transaction.

0xdd8ef55055e01d39cb87571bd38c43ab9b5903a5

liquidity_pool_address

Address of the liquidity pool involved in the JIT event.

0x88e6a0c2ddd26feeb64f039a2c41296fcb3f5640

pool_name

Name of the pool.

Uniswap: USDC-WETH 500

jit_action

Description of the JIT action.

mint -> burn

token0_address

Address of token0.

0xa0b86991c6218b36c1d19d4a2e9eb0ce3606eb48

token0_symbol

Symbol of token0.

USDC

token0_amount_mint

Amount of token0 minted.

2345520.462846

token0_amount_burn

Amount of token0 burned.

2629536.315217

token0_delta

Net change in token0 amount.

284015.852371

token0_delta_usd

Net change in token0 amount in USD.

283192.206399124

token1_address

Address of token1.

0xc02aaa39b223fe8d0a0e5c4f27ead9083c756cc2

token1_symbol

Symbol of token1.

WETH

token1_amount_mint

Amount of token1 minted.

1234.538399303

token1_amount_burn

Amount of token1 burned.

1068.503695417

token1_delta

Net change in token1 amount.

-166.034703886

token1_price_usd

Price of token1 in USD.

1703.27

token1_delta_usd

Net change in token1 amount in USD.

-282801.930088262

jit_swaps

Details 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_usd

Total volume in USD of the swaps.

306517.617365079

jit_swap_count

Number of swaps between mint and burn events.

1

liquidity_mint

Liquidity provided during the mint event.

215578968583683921381

tick_lower_mint

Lower tick boundary for the mint event.

201870

tick_upper_mint

Upper tick boundary for the mint event.

201880

liquidity_burn

Liquidity removed during the burn event.

215578968583683921381

tick_lower_burn

Lower tick boundary for the burn event.

201870

tick_upper_burn

Upper tick boundary for the burn event.

201880

transaction_hash_mint

Transaction hash for the mint event.

0x7a4cd6098168f3ada3e93b67c3ccee07f38c2f564b385d6ef00e8fa7a86eae64

transaction_index_mint

Transaction index for the mint event.

0

log_index_mint

Log index for the mint event.

4

txn_fees_mint

Transaction fees for the mint event.

0.007637103865

txn_fees_usd_mint

Transaction fees in USD for the mint event.

13.0080499

transaction_hash_burn

Transaction hash for the burn event.

0x375394dc79f55b166041ccc0bb2560cfc58a1499a095bdce23470c21f7891de6

transaction_index_burn

Transaction index for the burn event.

2

log_index_burn

Log index for the burn event.

24

txn_fees_burn

Transaction fees for the burn event.

0.003859862509

txn_fees_usd_burn

Transaction fees in USD for the burn event.

6.574388015

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