Uniswap, Defi, Uniswap V3.
once. The LP fee is $187.39, the same in both situations. (The trades are path-independent since we assume non-compounding fees.) However, the LVR is higher in the second. Specifically: for short blocks, the cumulative LVR is $343, and LP loss is 45.4%. for long blocks, the cumulative LVR is $468,