Think of a currency exchange counter. Its drawer holds dollars and euros so customers can exchange one for the other.

One pool. Two tokens.

A liquidity pool is a smart contract holding a pair of tokens that people can swap. In our example, the pair is a Nvidia token issued by Ondo Finance and USDC.

Liquidity providers, LPs, supply the assets. LPs deposit tokens they hold into the liquidity pool. These tokens are available for traders to trade.

How are asset prices determined in a pool?

When Turbo Range opens a new pool, it sets the initial price using the Ondo RFQ price. If the RFQ market is unavailable, it uses the quote from the end of the previous open trading session.

After that, trades move the price according to the smart contract’s rules. Buying NVDAon with USDC pushes its price up; selling NVDAon pushes it down. How much the price moves depends on the trade size and the liquidity available across the prices the trade passes through.

How do onchain stock prices reflect real stock prices?

Arbitrageurs trade between the pool and Ondo RFQ prices, buying where it is cheaper and selling where it is more expensive. These trades bring the prices closer together until the gap no longer covers trading costs.

A trader pays a fee to swap. The LPs whose liquidity is used share the LP portion of that fee.

Example fee: 1%. Asset amounts and fees are illustrative.

Your position is a changing mix of two assets. When the price falls, you hold more NVDAon. When it rises, you hold more USDC.

In-range liquidity is active liquidity. Your share of it determines your share of the LP fees generated by swaps at that price.

You want to accumulate an asset at lower prices. Place more of your range below the current price so the position gradually buys as the price falls.

↔ Drag it to see what happens.Reset

Current $100

Your position

NVDAon USDC

Your fees

$0.00

Simulated fees

Each move simulates trades.Illustrative swaps · $1,000 at $100 · Example fee: 1% · Fees shown in USDC value

Each move stands for hypothetical swaps. This is a learning simulation, not a forecast of daily fees; actual fees depend on trading volume and your share of active liquidity.