3 papers
q-fin.PR2026
Option Pricing on Automated Market Maker Tokens
Philip Z. Maymin
We derive the stochastic price process for tokens whose sole price discovery mechanism is a constant-product automated market maker (AMM). When the net flow into the pool follows a…
q-fin.PM2026
Common Risk Factors in Decentralized AI Subnets
Philip Z. Maymin
I derive a size premium from the constant-product automated market maker used to price Bittensor subnet tokens and test the prediction using daily data on 128 subnets. A small-minu…
cs.GT2026
Markets are competitive if and only if P != NP
Philip Z. Maymin
I prove that competitive market outcomes require computational intractability. If P = NP, firms can efficiently solve the collusion detection problem, identifying deviations from c…