Uniswap, Defi, Uniswap V3.
liquidity in the 5 bps pool on a chain with 2-second blocktimes if the basefee of a trade is equal to $10. The relative loss for the LPs is 26.9% and 31.3%, respectively. In the real world, the 5 bps pool might of course be better, but only if there is a sufficient volume from noisy / uninformed