# Liquidity Book vs Uniswap V3

#### Liquidity Book vs Uniswap V3 <a href="#liquidity-book-vs-uniswap-v3" id="liquidity-book-vs-uniswap-v3"></a>

Both Liquidity Book and Uniswap V3 are concentrated liquidity AMMs with some subtle differences:

* Price ranges are discretized into bins instead of ticks
* Bin steps (or tick sizes) can be more than 1 basis point
* Bins use constant sum invariant instead of constant product
* Liquidity is aggregated vertically instead of horizontally
* Liquidity positions are fungible
* Liquidity positions are not restricted to uniform distribution across its price range; they can be distributed in any shape desired
* Swap fees have fixed + variable pricing, which allows the AMM to charge more fees when market experiences high volatility.