Byreal is a Solana exchange where two-token deposits fund swaps within a chosen price range. To put tokens to work within that range, use Byreal to create a position in a Byreal liquidity pool. This is concentrated liquidity: your position can earn swap fees while the price stays inside your range.
Byreal Pool Deposits Become Positions
A pool deposit becomes a position: a record of your tokens, price range, and share of fees. A decentralized exchange, or DEX, lets people swap tokens through software on a blockchain. The Byreal DEX was incubated by Bybit and runs on Solana.
A liquidity pool holds the two tokens traders exchange. For example, a SOL/USDC pool holds SOL and USDC, a token designed to track the US dollar. An automated market maker, or AMM, uses the pool’s balances to set swap prices.
Think of your position as a currency booth that serves customers only within certain exchange rates. Inside your chosen range, swaps can use your tokens. The pool’s code adjusts how much of each token your position holds as those swaps happen.
The Price Range Determines When a Position Earns Fees
Your position is active when the pool price sits inside its chosen range. It can then earn a share of fees from swaps that use that pool. Your share depends on how much liquidity you provide compared with other active positions at the traded price.
A swap must actually use your pool for you to earn from it. If the trade takes another route, your position receives none of that trade’s fees. Trading volume therefore matters as much as the fee charged on each swap.
A narrow range puts more of your deposit near the current price, but price can leave it quickly. A wider range stays active across more price moves, while spreading your deposit thinner. Range boundaries use small allowed price steps called ticks, so the final bounds may be slightly rounded.
A SOL/USDC Example Shows How the Token Mix Changes
Suppose, for illustration, SOL costs $150 and you choose a range from $140 to $160. A $300 deposit might need roughly 1 SOL and 150 USDC. The exact amounts depend on the current price and the range boundaries.
As SOL rises, traders take SOL from the pool and leave more USDC behind. Near $160, your position becomes almost entirely USDC. At or above the upper boundary, it stops serving swaps and stops earning their fees.
If SOL falls instead, the position gains SOL and loses USDC. At or below $140, it becomes almost entirely SOL and stops earning swap fees. Should price return inside the range, the position becomes active again without a fresh deposit.
This is why a deposit does not promise to return the same number of each token. The pool has been exchanging them while your position was active. A narrower range can make that change happen over a smaller price move.
Opening a Position Takes Tokens, a Range, and SOL
To open a position, you need a Solana wallet, the pool’s tokens, and some SOL for network costs. If you hold only one pool token, a token swap can supply the other. Check the token identities before making that swap or deposit.
Choose a token pair and its pool, then consider its fee tier. The fee tier is the percentage traders pay when swaps use that pool. A higher tier pays more per trade, but the pool still needs trades for your position to earn.
Set lower and upper prices around the current price if you want to start earning swap fees. An active position usually needs both tokens, though their values need not split evenly. A range entirely above or below the current price may take one token and start inactive.
Decide how much to deposit after checking the required amounts for your range. Solana’s base transaction fee is about 0.000005 SOL per signature; extra priority charges vary. Creating accounts can also tie up a few thousandths of SOL as rent, which may be recoverable when those accounts close.
The Result Depends on Price, Fees, and When You Exit
Your result depends on your token values plus earned fees when you withdraw. Compare that total with what the original tokens would be worth if you had held them. The gap before fees is called impermanent loss; fees might offset it, but they might not.
An inactive position can remain entirely in one token while the other rises in value. Moving to a new range takes another decision and another transaction. Check whether the fees you expect justify that move and its network cost.
Before depositing, check the pair, range, and token amounts you are agreeing to supply. Token prices can change sharply, and pool code can fail. For a first position, choose a range you can explain in one sentence, then check it after a meaningful price move.