Why Liquidity Is a Graph Problem

24 Jul 2026

Liquidity is distributed across pairs, pools, and programs. The best path for one amount may be a bad path for another.

A route is a graph problem: nodes are tokens and pools, edges have depth, fees, and price impact, and the useful path changes with the state of the network.

Volume alone does not describe execution quality. I want the pair, pool or AMM, route, liquidity, price impact, and the moment the quote was observed.

Watching the graph is research. Sending the transaction would be a separate, signed act.