Growth of values of binary quadratic forms and Conway rivers

Abstract: We study the growth of the values of binary quadratic forms $Q$ on a binary planar tree as it was described by Conway. We show that the corresponding Lyapunov exponents $\Lambda_Q(x)$ as a function of the path determined by $x\in \mathbb RP^1$ are twice the values of the corresponding exponents for the growth of Markov numbers \cite{SV}, except for the paths corresponding to the Conway rivers, when $\Lambda_Q(x)=0.$ The relation with Galois results about continued fraction expansions for quadratic irrationals is explained and interpreted geometrically.