April 11, 2026
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.
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