DRAFT

# Dynamic balances

TODO

## Key formulas

##### Characteristic function
$$\ldots$$

##### Indifference curve
$$\ldots$$

##### Price response function
$$\ldots$$

##### AMM portfolio value
$$\ldots$$

##### Divergence loss
$$\ldots$$

Whilst reasonable care has been taken to verify the above formulas they may still contain errors. Please do not use them without independent verification.