Abstract Decentralized Finance (DeFi) is a new financial paradigm that leverages distributed
ledger technologies to offer services such as lending, investing, or exchanging cryptoassets …

We compare the market quality of centralized crypto exchanges (CEXs) such as Binance
and Kraken to decentralized blockchain-based venues (DEXs) such as Uniswap v2 and v3 …

Trade execution on Decentralized Exchanges (DEXes) is automatic and does not require
individual buy and sell orders to be matched. Instead, liquidity aggregated in pools from …

Automated market makers (AMMs) are one of the most prominent decentralized finance
(DeFi) applications. AMMs allow users to trade different types of crypto-tokens, without the …

Decentralized exchanges (DEXes) have introduced an innovative trading mechanism,
where it is not necessary to match buy-orders and sell-orders to execute a trade. DEXes …

The rise of Ethereum and other blockchains that support smart contracts has led to the
creation of decentralized exchanges (DEXs), such as Uniswap, Balancer, Curve, mStable …

We consider the impact of trading fees on the profits of arbitrageurs trading against an
automated marker marker (AMM) or, equivalently, on the adverse selection incurred by …

Uniswap v3 is the largest decentralized exchange for digital currencies. A novelty of its
design is that it allows a liquidity provider (LP) to allocate liquidity to one or more closed …

Research on cryptocurrency exchanges, consisting of both centralized exchanges (CEXs)
and decentralized exchanges (DEXs), has seen a significant increase in contributions in …

We present a method for constructing constant function market makers (CFMMs) whose
portfolio value functions match a desired payoff. More specifically, we show that the space of …