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The Invisible Leg: $132 Billion in Non-Atomic Arbitrage and the Eleven Searchers Behind It

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.

Why Fixed Block Times Are the Best Deal LPs Already Have

This 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.