diff --git a/components/research/PriceBandDiagram.jsx b/components/research/PriceBandDiagram.jsx
new file mode 100644
index 0000000..a8980a4
--- /dev/null
+++ b/components/research/PriceBandDiagram.jsx
@@ -0,0 +1,101 @@
+export default function PriceBandDiagram({ className = '' }) {
+  return (
+    <div className={className}>
+      <svg
+        viewBox="0 0 600 260"
+        className="w-full max-w-[600px] mx-auto"
+        fill="none"
+        xmlns="http://www.w3.org/2000/svg"
+      >
+        {/* ── Members ── */}
+        <rect x="20" y="20" width="120" height="50" rx="6" stroke="#9ca3af" strokeWidth="1.2" fill="#f9fafb" />
+        <text x="80" y="50" textAnchor="middle" className="fill-[#374151]" fontSize="13" fontFamily="sans-serif">
+          Members
+        </text>
+
+        {/* ── Capital Pool ── */}
+        <rect x="220" y="20" width="160" height="50" rx="6" stroke="#374151" strokeWidth="1.5" fill="#f3f4f6" />
+        <text x="300" y="42" textAnchor="middle" className="fill-[#374151]" fontSize="13" fontWeight="600" fontFamily="sans-serif">
+          Capital Pool
+        </text>
+        <text x="300" y="58" textAnchor="middle" className="fill-[#6b7280]" fontSize="10" fontFamily="sans-serif">
+          shared ETH reserve
+        </text>
+
+        {/* ── NXM Token ── */}
+        <rect x="220" y="120" width="160" height="50" rx="6" stroke="#9ca3af" strokeWidth="1.2" fill="#f9fafb" />
+        <text x="300" y="142" textAnchor="middle" className="fill-[#374151]" fontSize="13" fontWeight="600" fontFamily="sans-serif">
+          NXM Token
+        </text>
+        <text x="300" y="158" textAnchor="middle" className="fill-[#6b7280]" fontSize="10" fontFamily="sans-serif">
+          membership + pool share
+        </text>
+
+        {/* ── RAMM ── */}
+        <rect x="460" y="120" width="120" height="50" rx="6" stroke="#374151" strokeWidth="1.5" fill="#f3f4f6" />
+        <text x="520" y="142" textAnchor="middle" className="fill-[#374151]" fontSize="13" fontWeight="600" fontFamily="sans-serif">
+          RAMM
+        </text>
+        <text x="520" y="158" textAnchor="middle" className="fill-[#6b7280]" fontSize="10" fontFamily="sans-serif">
+          ~5,000 ETH reserve
+        </text>
+
+        {/* ── Claims ── */}
+        <rect x="460" y="20" width="120" height="50" rx="6" stroke="#9ca3af" strokeWidth="1.2" fill="#f9fafb" />
+        <text x="520" y="50" textAnchor="middle" className="fill-[#374151]" fontSize="13" fontFamily="sans-serif">
+          Claims
+        </text>
+
+        {/* Arrow: Members → Capital Pool (pool ETH) */}
+        <line x1="140" y1="45" x2="216" y2="45" stroke="#9ca3af" strokeWidth="1.2" />
+        <polygon points="216,42 224,45 216,48" fill="#9ca3af" />
+        <text x="178" y="38" textAnchor="middle" className="fill-[#9ca3af]" fontSize="9" fontFamily="sans-serif">
+          pool ETH
+        </text>
+
+        {/* Arrow: Capital Pool → Claims (pays out) */}
+        <line x1="380" y1="45" x2="456" y2="45" stroke="#9ca3af" strokeWidth="1.2" />
+        <polygon points="456,42 464,45 456,48" fill="#9ca3af" />
+        <text x="418" y="38" textAnchor="middle" className="fill-[#9ca3af]" fontSize="9" fontFamily="sans-serif">
+          pays out
+        </text>
+
+        {/* Arrow: Members ↔ NXM (hold) */}
+        <line x1="80" y1="70" x2="80" y2="140" stroke="#9ca3af" strokeWidth="1.2" strokeDasharray="4 3" />
+        <line x1="80" y1="140" x2="216" y2="140" stroke="#9ca3af" strokeWidth="1.2" strokeDasharray="4 3" />
+        <polygon points="216,137 224,140 216,143" fill="#9ca3af" />
+        <text x="148" y="134" textAnchor="middle" className="fill-[#9ca3af]" fontSize="9" fontFamily="sans-serif">
+          hold
+        </text>
+
+        {/* Arrow: RAMM → NXM (trades) */}
+        <line x1="460" y1="145" x2="384" y2="145" stroke="#9ca3af" strokeWidth="1.2" />
+        <polygon points="384,142 376,145 384,148" fill="#9ca3af" />
+        <text x="422" y="138" textAnchor="middle" className="fill-[#9ca3af]" fontSize="9" fontFamily="sans-serif">
+          trades
+        </text>
+
+        {/* Arrow: Capital Pool → RAMM (refills via adjustEth) */}
+        <line x1="380" y1="65" x2="520" y2="116" stroke="#9ca3af" strokeWidth="1.2" strokeDasharray="4 3" />
+        <polygon points="517,113 524,118 515,119" fill="#9ca3af" />
+        <text x="468" y="82" textAnchor="middle" className="fill-[#9ca3af]" fontSize="9" fontFamily="sans-serif">
+          refills
+        </text>
+
+        {/* Book value annotation */}
+        <text x="300" y="200" textAnchor="middle" className="fill-[#6b7280]" fontSize="11" fontFamily="sans-serif">
+          book value =
+        </text>
+        <text x="300" y="220" textAnchor="middle" className="fill-[#6b7280]" fontSize="11" fontFamily="monospace">
+          capital pool / NXM supply
+        </text>
+        <text x="300" y="245" textAnchor="middle" className="fill-[#9ca3af]" fontSize="10" fontFamily="sans-serif">
+          RAMM prices trades against book value
+        </text>
+
+        {/* Connecting line from annotation to both pools */}
+        <line x1="300" y1="175" x2="300" y2="190" stroke="#d1d5db" strokeWidth="1" strokeDasharray="2 2" />
+      </svg>
+    </div>
+  )
+}
diff --git a/pages/research/nexus-mutual-book-value.jsx b/pages/research/nexus-mutual-book-value.jsx
index 8297a48..ec9c452 100644
--- a/pages/research/nexus-mutual-book-value.jsx
+++ b/pages/research/nexus-mutual-book-value.jsx
@@ -6,6 +6,7 @@ import NexusMutualGuarantee from '../../components/research/NexusMutualGuarantee
 import Disclosure from '../../components/research/Disclosure'
 import CodeBlock from '../../components/research/CodeBlock'
 import ExternalLink from '../../components/research/ExternalLink'
+import PriceBandDiagram from '../../components/research/PriceBandDiagram'
 import { research } from '../../data/research'
 
 function Hypothesis({ name, constraint, source, children, border = true }) {
@@ -103,6 +104,7 @@ export default function NexusMutualBookValuePage() {
               than 1%, but the invariant always holds: sell price never exceeds
               book value, and buy price never drops below it.
             </p>
+            <PriceBandDiagram className="my-8" />
             <p className="mt-2 text-muted text-[15px]">
               <ExternalLink href="https://github.com/NexusMutual/smart-contracts/blob/release-candidate/contracts/modules/capital/Ramm.sol">
                 View source contract