What each pool would earn

Fee APR is a day's fees over the pool's value, annualised — the same formula, on the same pools, that Uniswap's own pool page uses. It is the number you will have seen elsewhere. It describes the pool: what its whole liquidity earned, spread evenly across every dollar in it.

Realised describes a position. It is what a vault would actually have kept, replayed hour by hour over the pool's own recent history — after the value arbitrage takes when the price moves, after the gas each reposition costs, after the performance fee.

The two do not have a fixed relationship, and that is the point rather than a caveat. A vault concentrates its liquidity into a band instead of spreading it across every price, so each of its dollars sits under far more of the trading than an average pool dollar does — which is how a realised figure ends up above the pool's average yield. Working against that: a band earns nothing while the price is outside it, and moving it back costs gas. Which effect wins is a property of the pool, it is not predictable from the APR, and measuring it on real candles is the only reason this column exists.

Fees / arbitrage is the column that decides the sign, and it does not move with the band. Concentrating a position multiplies the fees it collects and the value arbitrage takes from it by the same factor, so the factor cancels: above 1× the pool pays and a tighter range multiplies what you keep, below 1× no width works at all. It is a property of the pool — its fee tier against its measured volatility — and pools below 1× are hidden by default because no range on them earns.

Concentration is read from each pool's own liquidity: how hard the incumbent providers are already working. A new vault earns on its advantage over that, not on its full efficiency multiple.