The bins on Meteora
Meteora DLMM, devnetThe shelf as 52 native price bins, $27.16 to $35.03.
Pool price now
Below $27.16 this pool holds nothing to trade against, so a sell that tries to push under it is refused by the chain. The trade log shows the test.
Buyer money in the pool
We seeded none of it. It walked in through buys and walks out when people sell.
SHASH in the pool
Started at 4,602. Buys take tokens out, sells put them back.
Toll the token kept
Every SHASH transfer pays a 2.5% toll to the token itself (zero dollars seeded, 4,720 SHASH spread across 52 bins). It sits on the pool account, outside the market, until the weekly sweep collects it.
Where the liquidity sits
zero dollars seeded, 4,720 SHASH spread across 52 binsGold is tokens for sale, green is standing buy money. Faded means the side has been traded through.
Bars are computed from the recorded size of each position plus the live pool price, the same math the chain uses.
How this shape works
Meteora's DLMM does not have a continuous curve at all: liquidity lives in discrete price bins, each 0.5% wide. A ladder is not something you build on top of it, it is what the venue natively is. We spread 4,720 SHASH across 52 bins from $27.16 to $35.03 with zero dollars.
The deposit used equal value per bin, about $2,685 each, so the token count per bin falls as price rises: 98.7 SHASH in the first bin down to 78.7 in the last. The grid is also quantized: the pool opened at $27.0251 because a 0.5% grid cannot express $27.00 exactly, and every price the pool ever prints is a bin edge.
The price path tracked the Raydium stairs within about one percent on every trade, and the floor test resolved the same way: the oversized sell could not fully fill and the chain reverted it atomically. The quote was willing to offer a trimmed 2,503 of the 3,000, which is a client-side courtesy, not an on-chain partial fill.
Where it breaks
The one real mechanical difference we measured anywhere in this experiment: Meteora charges a variable fee on top of its 0.25% base, and it rises with volatility. The 2,000-token buy paid about 1.72% in fees here against a flat 0.2% on Orca. The pool ended with $87,563.79, roughly $1,390 more than its Raydium twin, all of it extra fees buyers paid.
The 0.5% bin quantum means the price never moves smoothly: it steps bin to bin. For a token with a $27 reference price that is a 13-cent minimum step, which is coarser than the tick venues.
What it proves for SHASH
Bins are a ladder by construction and the floor held here too. The variable fee cuts both ways: buyers pay more exactly when the market runs hot, and that fee accrues to the position, which is ours. A credible alternate home with a different fee personality.
Every trade, signed
What the model quoted before sending versus what the chain actually delivered, for every trade of the series, including any the chain refused.
| Trade | Expected | Got | Price | Proof |
|---|---|---|---|---|
| Bought 100 Aug 11, 22:24 UTC | 100 SHASH for $2,793.34 | 100 SHASH | $27.03 → $27.30 | 2xeq…8xUc |
| Bought 500 Aug 11, 22:25 UTC | 500 SHASH for $14,204.54 | 500 SHASH | $27.30 → $27.99 | 3jQc…Poo7 |
| Bought 2,000 Aug 11, 22:25 UTC | 2,000 SHASH for $61,896.97 | 2,000 SHASH | $27.99 → $31.23 | 2EJs…fPSc |
| Sold 300 Aug 11, 22:25 UTC | $8,940.84 for 300 SHASH | $8,940.84 | $31.23 → $30.77 | 1qhn…HNe5 |
| Tried to sell 3,000 Aug 11, 22:25 UTC | quote stopped at $27.39 | refused by the chain the quote offered only a trim to 2,503 tokens; the full-size sell reverted atomically on chain | $30.77 → $30.77 | no transaction |
| Sold 500 Aug 11, 22:26 UTC | $14,608.28 for 500 SHASH | $14,608.28 | $30.77 → $29.86 | 3GJM…1CKG |
| Bought 1,000 Aug 11, 22:27 UTC | 1,000 SHASH for $32,218.07 | 1,000 SHASH | $29.86 → $31.70 | 3vey…dsVt |
The other shapes
How this page measures: price and pool balances are read straight from the devnet pool accounts every ten seconds where the venue allows raw reads, band bars use the recorded positions plus the live price, and the table replays the signed trade log. Practice network, practice dollars: the mechanics are real, the money is not. Pool C88j…hCwV on Solana devnet, opened with zero dollars seeded and 4,602 SHASH placed.