← All articles

#centralization

1 article

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.