CEX-DEX arbitrage on Ethereum extracted an estimated 233.8M USD in 19 months, increasingly concentrated among three searchers tied to dominant block builders.
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Measuring CEX-DEX Extracted Value and Searcher Profitability: The Darkest of the MEV Dark Forest
CEX-DEX arbitrage on Ethereum extracted an estimated 233.8M USD in 19 months, increasingly concentrated among three searchers tied to dominant block builders.