A Lyapunov exponent attached to modular functions

To each weakly holomorphic modular function $f\not \equiv 0$ for $\mathrm{SL}(2,\mathbb{Z})$, which is non-negative on the geodesic arc $\{e^{it} : \pi/3\leq t\leq 2\pi/3\}$, we attach a $\mathrm{GL}(2,\mathbb{Z})$-invariant map $\Lambda_f:\mathbb{P}^1(\mathbb{R})\to \mathbb{R}$ that generalizes the Lyapunov exponent function introduced by Spalding and Veselov. We prove that it takes every value between $0$ and $\Lambda_f\left(\frac{1+\sqrt{5}}{2}\right)$ and it gives an increasing convex function on the Markov irrationalities when ordered using their parametrization by Farey fractions in $[0,1/2]$. In the case of quadratic irrationals $w$ with purely periodic continued fraction expansion, the value $\Lambda_f(w)$ equals the real part of the cycle integral of $f$ along the associated geodesic $C_w$ on the modular surface, normalized with the word length of the associated hyperbolic matrix $A_w$ as a word in the generators $T=\left(\begin{smallmatrix} 1 & 1 \\ 0 & 1 \end{smallmatrix}\right)$ and $V=\left(\begin{smallmatrix} 1 & 0 \\ 1 & 1 \end{smallmatrix}\right)$. These results are related to conjectures of Kaneko who observed several similar behavior for the cycle integrals of the modular $j$ function when normalized by the hyperbolic length of the geodesic $C_w$.