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Curves in Hadron

At a high-level, curves allow makers to express parameterized functions. Curves determine the following:
  1. Price Curve: “I have defined a mid-price and base spread, but how do my quotes scale if a user tries to swap 1, 10, 100, 1000, 10000 SOL?”
  2. Risk Curve: “I just received multiple orders within or across blocks, how do I automatically change my quotes now that my inventory is imbalanced?”
Take a look at this amazing project put together by the Ghost Team, where you can see how different PropAMM quotes change as a function of volume. These graphs, in Hadron, can be thought of as Price Curves: https://sandwiched.me/experiments

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Curve Types

Each side of the market (bid and ask) has its own pricing curve. These curves define how price changes as a function of input size. They allow makers to express spread ladders, nonlinear depth, and asymmetric behavior between buying and selling.A curve is defined by a set of control points - example curve constructed here.
bid-ask

Example Pricing Curve

Screenshot2026-02-04at5.28.22PM

Example Risk Curve