The session fee model

The problem.

US equities trade six and a half hours a day, five days a week. Stock Tokens trade all 168. For two thirds of the week, every quote on chain is a quote against a stale price. Whoever provides liquidity through the close carries the gap risk to the next open — and at the open itself, when the underlying reprices at once, tight quotes are free options for arbitrageurs. Earnings dates concentrate the same risk into a known hour.

The model.

The Session Hook assigns each pool a fee tier by session state. Four states: CLOSED (the underlying market is not trading), OPEN-SPIKE (the first minutes after the open, when gap risk resolves), OPEN (regular session, fresh reference prices), and EVENT (earnings and other scheduled disclosures). Fees are widest in OPEN-SPIKE, wide in CLOSED and EVENT, tightest in OPEN.

The session feed.

The hook reads session state from a signed feed with a published signer. That is a trust assumption and it is named as one: initially, a known signer attests to the calendar (session boundaries, half-days, earnings dates). The path to decentralization — multiple signers, onchain calendar commitments — is planned and will be published before any claim of trustlessness is made.

Range steering.

Liquidity ranges are steered off the Chainlink reference price and narrowed during gaps: when the reference moves while the pool cannot reprice against fresh flow, ranges tighten around the reference rather than sit where the market used to be.

TIER VALUES SHOWN ARE ILLUSTRATIVE UNTIL PUBLISHED ON CHAIN.