The head space is key if at room temp.
Oxidation of nic is a function of temperature and available oxygen.
Molecules of nic will be oxidized by molecules of oxygen. I dont recall the exchange reaction rate of molecules, but if you have a lot of head room then you have a lot of oxygen molecules to oxide the nic molecules. Where if you have only a tiny bit of head room there arent nearly as many oxygen molecules available. The oxygen will (at room temp) oxidize the nic molecules until the oxygen molecules are depleted, then oxidation stops. Tiny bit of headroom, not many oxygen molecules and not much nic oxidized, lots of headroom then lots of oxygen molecules and lots of nic molecules get oxidized.
Opening the bottle allows more oxygen molecules to enter and then even more nic gets oxidized.
The oxidation reaction slows down as temperature is reduced.
This BTW was info I got from our own Dr Curt.
As for the appearance, a little bit of oxidation in stronger nic may appear darker because it isnt diluted as much.
Here is a pic of 1000mg nic
Here is nic dispensed from that exact same Mason Jar about an hour later but diluted down to 100mg.
Also, how much head room are we talking? Just enough so the cone cape doesn’t displace the liquid?
AT first glance one would think the top bottle was more oxidized, but in reality the bottom bottle is just more diluted (by 90% P/VG) so the color is not as noticeable. The nic molecules in both bottles are equally oxidized.