# Agentic Limit Order Books: Phase Transitions and Market Impact

arXiv: https://arxiv.org/abs/2609.31260 · HTML: https://mlsanity.com/paper/2609.31260/

## Key facts

- No citing papers in the map yet (data through 14 Oct 2026).
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- First posted on arXiv 25 Sep 2026.

## Abstract (arXiv)

We investigate the systemic macroscopic dynamics emerging from Limit Order Books (LOBs) populated exclusively by autonomous reinforcement-learning agentic traders. By formalizing agent interactions within a microscopic order-matching engine, we examine two fundamental quantitative phenomena: equilibrium phase transitions in order flow regime shifts, and the structural dynamics of market impact. We show that agentic LOBs exhibit distinct phase boundaries separating orderly price discovery from hyper-volatile cascade states, governed by critical thresholds in the number of agents and observable market depth. Furthermore, we demonstrate that market impact under agentic liquidity provision deviates from classical square-root dynamics, exhibiting distinct dissipative, balanced, and non-dissipative regimes under non-linear feedback loops.