Uniswap launches ETH/USDC pool with separate buy and sell fees

Uniswap has decided that buying and selling ETH should not always cost the same. On October 14, 2026, the exchange switched on its VolatilePair Hook on Ethereum mainnet, starting with an ETH/USDC pool. The pitch is simple. Instead of one flat fee for everyone, the pool charges two separate fees, one for buys and one for sells, and adjusts both based on where the price has been heading. How the VolatilePair Hook works The VolatilePair Hook replaces a single fee with two dynamic fees. Both are recalculated on every swap, using recent price movements as the input. The second piece is a temporary surcharge. It applies to trades that correct price deviations after large market shifts. Those correcting trades are typically where liquidity providers get hurt. When the broader market moves and a pool’s price lags behind, arbitrageurs step in to close the gap, and with a static fee, they capture that spread at the expense of the people who deposited funds. The surcharge is designed to claw some of that value back. Uniswap frames it as protection for liquidity providers against losses from static-fee arbitrage. The numbers behind the bet Uniswap is not launching this into a quiet corner of i...