LUKS allows multiple passphrases for a single device, however adding or revoking a passphrase doesn't take long. So the passphrases seem to only decrypt some master key which is then used for the rest of the device. Is this the case?
What's the flow of the luksOpen process? Where is this master key stored? How large are the keys? Does the master key get recreated each time you add/revoke a passphrase?