Only 18% of Uniswap v3 positions under $1,000 beat holding after gas, study finds
Bitquery’s study of 71,166 closed positions across eight Ethereum Uniswap v3 pools found 49% beat holding before gas, but only 34% afterward. For positions under $1,000, the share fell from 51% to 18%, with median gas costs of 67 cents. Across positions including those still open, collected fees totaled $41.6 million, while inventory underperformance and gas left them $20.4 million behind holding. Uniswap v4’s flash accounting can reduce token-transfer overhead, but returns still depend on fees, price-range inventory changes and transaction costs. Bitquery also found v4 liquidity-add counts rose about 3.5 times over its study period, while v3 activity stayed roughly steady. These action counts do not show the dollar value of liquidity, and the study does not compare v3 and v4 position returns.
