‘c’ can range from 0 to 2. At c=0, the HMM price is always the same as the CPMM price and creates a large incentive for arbitrageurs. At c=’2’, the HMM price creates no incentive for arbitrageurs. ‘c’ only comes into play when the HMM price is BETTER than the oracle price. In between, HMM still creates an incentive for arbitrageurs but it does so while keeping an eye on the oracle price. If the marginal price using CPMM is too aggressive compared to the oracle price then HMM tries to adjust it closer to the oracle price which provides better performance for LPs.