The legendary first comprehensive study of CEX-DEX arbitrage on Ethereum reveals that non-atomic arbitrage accounts for more than a quarter of top DEX volume, is dominated by eleven searchers, and creates a centralizing force in block building that subsidizes itself with off-chain profits.
@0x3hu79This mathematical framework proves that Ethereum's constant 12-second slots uniquely minimize LP losses to arbitrage - and quantifies exactly how sub-slots, faster blocks, and block time distributions affect the cost of providing liquidity.
@0x3hu79Three sandwich attacks reported as $4.7M in profit were actually worth close to zero. A forensic look at how low-liquidity token pricing distorts MEV dashboards - and why it matters for protocol design, regulation, and the dark forest narrative.
@0x3hu79A study of 442,000 JIT bundles on Uniswap v3 reveals that public and private execution channels create fundamentally different economics - with measurable consequences for builders, searchers, and passive LPs.
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