The topic of hedging LP positions came up in a conversation earlier this week. I realized this might not be common knowledge despite how well-understood this is in the options world. So here's how to hedge a UniV3 LP position: 1) track your LP position's delta, hedge it using perps 2) track your initial gamma, buy a longer dated straddle that reduces it by 80-90% (don't need 100%) 3) continuously hedge deltas but leave that gamma hedge intact if the price stays in range. 4) When the LP position goes out of range simply: close + redeploy + rehedge delta/gamma UniV3 LPing is an options strategy wether you realize it or now.