Algebraic billiards in the Fermat hyperbola

We prove two results on the algebraic dynamics of billiards in generic algebraic curves of degree $d\ge 2$. First, the dynamical degree grows quadratically in $d$; second, the set of complex periodic points has measure 0, implying the Ivrii Conjecture for the classical billiard map in generic algebraic domains. To prove these results, we specialize to a new billiard table, the Fermat hyperbola, on which the indeterminacy points satisfy an exceptionality property. Over $\mathbb{C}$, we construct an algebraically stable model for this billiard via an iterated blowup. Over more general fields, we prove essential stability, i.e. algebraic stability for a particular big and nef divisor.