The Uniswap V3 Series continues: Real Reserves and How to Calculate Them The price in an AMM changes when tokens enter and leave the pool during a swap. The real reserves of a token are simply the amount of that token a trader must swap out for the price to reach the next tick. The real reserve of x is the amount of token x required to be swapped out to reach the upper tick -- and the real reserve of y is the amount of token y required to be swapped out to reach the lower tick. You probably learned how to calculate real reserves by "translating" a Uniswap V2 curve until it crosses the x and y axes -- then doing some multi-step algebra. We came up with a much simpler derivation! And it has nice pictures and animations. Learn more in our latest blog post. It's our delight to simplify.