Zhang, Li, Tessone (2025), Univ. Zurich BDLT
Verified arXiv:2504.15809
Line-graph transform (edges→vertices) finds the optimal token→token path in a CPMM DEX with finite termination even under arbitrage loops; outperforms the DFS routers used by Uniswap/Pancake on a large fraction of pairs
FX Routing Arbitrage & Negative Cycles Liquidity Networks
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2024
Verified arXiv:2406.16573
Arbitrage & Negative Cycles
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Zhenyu Cui, Stephen Taylor, 2020 (Finance Research Letters, v35)
Verified DOI: 10.1016/j.frl.2019.08.008
Arbitrage & Negative Cycles
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Öz, Ferreira Torres, Schlegel et al. (2025)
Verified arXiv:2501.17335
Cross-chain arbitrage economics: bridge-vs-inventory decision, bridging-time cost C_BR, inventory cost C(I)
FX Routing Arbitrage & Negative Cycles
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Wang, Chen, Wu, Zhou, Deng, Wattenhofer (2021; v3 2022), ETH Zurich et al.
Verified arXiv:2105.02784
Empirical: 292,606 cyclic arbitrages ≈ $138M in one year on Uniswap V2; 85% are length-3 cycles; profitability = product of cycle rates > cumulative fees
FX Routing Arbitrage & Negative Cycles Liquidity Networks
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Deviations from Triangular Arbitrage Parity in Foreign Exchange and Bitcoin Markets
Reynolds, Sögner, Wagner (2020), IHS Working Paper 17
Verified
Real FX/BTC markets show measurable, short-lived deviations from triangular-arbitrage parity
FX Routing Arbitrage & Negative Cycles
No public identifier on record — title listed for reference only.
Di Zhang (2025), Xi'an Jiaotong-Liverpool Univ.
Verified arXiv:2502.03194
GNN + relaxed loss + Deep-Q detects triangular-arbitrage faster than exhaustive search / LP solvers on a currency-rate graph
FX Routing Arbitrage & Negative Cycles
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Zhang, Tessone (2025), Univ. Zurich
Verified arXiv:2509.21152
Three upgrades to D6: BFS link-iteration (lower complexity), route-splitting (divide a large trade across paths to beat price impact), multi-DEX
FX Routing Arbitrage & Negative Cycles
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Fei Wu, Danning Sui, Thomas Thiery, Mallesh Pai, 2025 (KCL / Flashbots / EF / Rice-Consensys-Paradigm)
Verified arXiv:2507.13023
Measures CEX-DEX arbitrage extracted value + searcher profitability
Arbitrage & Negative Cycles
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Zhang, Tessone (2025), Univ. Zurich
Verified arXiv:2508.03217
Defines STAP (standardized total arbitrage profit) via convex optimization as an efficiency measure; proves a zero-STAP market has no residual arbitrage regardless of router
FX Routing Arbitrage & Negative Cycles
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Robin Fritsch, Maria Inês Silva, Akaki Mamageishvili, Benjamin Livshits, Edward W. Felten, 2024
Verified arXiv:2410.10797
Arbitrage & Negative Cycles
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Ozan Solmaz, Lioba Heimbach, Yann Vonlanthen, Roger Wattenhofer, 2025 (ETH Zurich)
Verified arXiv:2506.14768
Characterizes optimistic/latency-driven MEV arbitrage on L2s
Arbitrage & Negative Cycles
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Okasová et al., 2026 (Int. J. of Network Management, Wiley)
Verified DOI: 10.1002/nem.70030
Arbitrage & Negative Cycles
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Nahid Rahman, Joseph Al-Chami, Jeremy Clark, 2025 (Concordia)
Verified arXiv:2510.15612
Systematizes decentralized market microstructure (tangential to arbitrage)
Arbitrage & Negative Cycles
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