Uniswap v4 Full-Range Positions Keep Paying While SOL/USDC Waits
We have written before about how our effectively non-concentrated, full-range Uniswap v4 positions keep doing their job in the background. That is still true.
Meanwhile, some of our concentrated SOL/USDC positions have been priced out by the recent move lower. Could we rebalance them? Yes. But right now that would mean adjusting into weakness and likely locking in a loss just to get active again. So for the moment, we are waiting.
The contrast is worth highlighting: while the SOL/USDC ranges are idle, these two small Uniswap v4 positions on Ethereum are still earning.
Two Small Positions, Real Fees
These are not large allocations. That is part of the point.
| Pair | Position Value | Fees Earned | Status |
|---|---|---|---|
ETH/USDC 0.01% | $374.85 | $10.98 | In range |
ETH/WBTC 0.3% | $279.39 | $3.73 | In range |
Even at these sizes, both positions have continued to collect fees.
ETH / USDC
The ETH/USDC position is worth $374.85 and has earned $10.98 in fees. That is not life-changing money, but it is exactly the kind of result we care about: a simple position that keeps working without constant intervention.
ETH / WBTC
The ETH/WBTC position is worth $279.39 and has earned $3.73 in fees. Smaller fee totals, yes, but still positive and still active.
Why This Matters Right Now
This is the part many LPs learn the hard way: capital efficiency is not the same thing as robustness.
A concentrated position can look excellent when price stays inside the band. But once price moves hard enough, the position stops earning until you do something about it. If that "something" requires selling into a bad move or resetting at a loss, the smart decision is sometimes to do nothing.
That is basically where we are with some SOL/USDC liquidity right now.
By contrast, full-range Uniswap v4 positions are not optimized for maximum fee density. They are optimized for staying alive. They keep exposure on both sides, they keep earning when volume passes through, and they buy you time when the market is not offering a clean rebalance.
Snapshot APRs Can Be Misleading
Another reason we like these positions: the return stream is noisy, but the direction has still been positive.
On one day, a pool might look like it is earning the equivalent of 0.1% APR. On another day, the exact same position might suddenly look more like 10% APR. That does not mean the strategy broke and then got fixed overnight. It means fee generation is lumpy.
This is especially true on Uniswap v4, where routing, fee-tier selection, and general market activity can shift quickly. Some days there is barely anything. Some days the pool catches enough flow to make the recent average look dramatically better.
That is why we try not to overreact to a single low-reading day.
What We Are Actually Doing
For now, the playbook is simple:
- Leave the priced-out
SOL/USDCpositions alone until rebalancing makes more sense - Keep the Uniswap v4 full-range positions running
- Collect fees when it is worth doing so
- Let the market come back to us instead of forcing trades into a weak tape
It is not glamorous, but it is rational.
The Bigger Lesson
We have already written about this dynamic in Uniswap v4 Returns: A Real-World Look at Three Active Positions and Uniswap v4 Returns Update: Patience Pays Off. The main lesson has not changed:
Small positions that stay in range and keep earning are often better than "optimized" positions that demand constant action.
If you are managing concentrated liquidity elsewhere and feeling tempted to reset every time price runs away from you, it is worth remembering that full-range capital has an underrated advantage: it keeps you in the game.
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