{"state_type":"pith_open_graph_state","state_version":"1.0","pith_number":"pith:2026:7RMPZNHZQRCUDKPMWQIDABMTPP","merge_version":"pith-open-graph-merge-v1","event_count":2,"valid_event_count":2,"invalid_event_count":0,"equivocation_count":0,"current":{"canonical_record":{"metadata":{"abstract_canon_sha256":"ab6c0bd24363a57887a2eb7881de783a0870bd4869660c7f9bf4c6cb047e8806","cross_cats_sorted":["cs.CR","math.PR","q-fin.TR"],"license":"http://creativecommons.org/licenses/by/4.0/","primary_cat":"cs.GT","submitted_at":"2026-05-25T09:31:40Z","title_canon_sha256":"69a1011f4631b0efc6f78151da6fc95d9b4741775647ea8a1f848e45b69fee1a"},"schema_version":"1.0","source":{"id":"2605.25631","kind":"arxiv","version":1}},"source_aliases":[{"alias_kind":"arxiv","alias_value":"2605.25631","created_at":"2026-05-26T02:04:47Z"},{"alias_kind":"arxiv_version","alias_value":"2605.25631v1","created_at":"2026-05-26T02:04:47Z"},{"alias_kind":"doi","alias_value":"10.48550/arxiv.2605.25631","created_at":"2026-05-26T02:04:47Z"},{"alias_kind":"pith_short_12","alias_value":"7RMPZNHZQRCU","created_at":"2026-05-26T02:04:47Z"},{"alias_kind":"pith_short_16","alias_value":"7RMPZNHZQRCUDKPM","created_at":"2026-05-26T02:04:47Z"},{"alias_kind":"pith_short_8","alias_value":"7RMPZNHZ","created_at":"2026-05-26T02:04:47Z"}],"graph_snapshots":[{"event_id":"sha256:5ea699a61153fa2643fd8b48abbace80e667ae1f73f885cc91d44b46db80c063","target":"graph","created_at":"2026-05-26T02:04:47Z","signer":{"key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","signer_id":"pith.science","signer_type":"pith_registry"},"payload":{"graph_snapshot":{"author_claims":{"count":0,"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57","strong_count":0},"builder_version":"pith-number-builder-2026-05-17-v1","claims":{"count":0,"items":[],"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"formal_canon":{"evidence_count":0,"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"integrity":{"available":true,"clean":true,"detectors_run":[],"endpoint":"/pith/2605.25631/integrity.json","findings":[],"snapshot_sha256":"c28c3603d3b5d939e8dc4c7e95fa8dfce3d595e45f758748cecf8e644a296938","summary":{"advisory":0,"by_detector":{},"critical":0,"informational":0}},"paper":{"abstract_excerpt":"We extend the closed-form privacy-subsidy result of Nakamura~(2026, arXiv:2605.15746) from the single-period Kyle model to continuous-time. A committed Bayesian automated market maker observes the aggregate order flow perturbed by an independent Brownian privacy channel of diffusion intensity $\\sigma_\\varepsilon$. Under the Markovian linear equilibrium, the price-impact coefficient is $\\lambda = \\sigma_v / \\sqrt{\\sigma_u^2 + \\sigma_\\varepsilon^2}$ -- constant in time -- and the cumulative expected transfer from the protocol's liquidity pool to traders over $[0,1]$ is $|\\Pi_M| = \\sigma_v \\sigma","authors_text":"Yuki Nakamura","cross_cats":["cs.CR","math.PR","q-fin.TR"],"headline":"","license":"http://creativecommons.org/licenses/by/4.0/","primary_cat":"cs.GT","submitted_at":"2026-05-25T09:31:40Z","title":"The Privacy Subsidy in Continuous-Time Kyle: Cumulative Welfare under Noise-Perturbed Order-Flow Observation"},"references":{"count":0,"internal_anchors":0,"resolved_work":0,"sample":[],"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"source":{"id":"2605.25631","kind":"arxiv","version":1},"verdict":{"created_at":null,"id":null,"model_set":{},"one_line_summary":"","pipeline_version":null,"pith_extraction_headline":"","strongest_claim":"","weakest_assumption":""}},"verdict_id":null}}],"author_attestations":[],"timestamp_anchors":[],"storage_attestations":[],"citation_signatures":[],"replication_records":[],"corrections":[],"mirror_hints":[],"record_created":{"event_id":"sha256:feda2ebeea4a2ec376cb2c4ce8d46ff134a3cac19e41142e32caad86f635a2e3","target":"record","created_at":"2026-05-26T02:04:47Z","signer":{"key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","signer_id":"pith.science","signer_type":"pith_registry"},"payload":{"attestation_state":"computed","canonical_record":{"metadata":{"abstract_canon_sha256":"ab6c0bd24363a57887a2eb7881de783a0870bd4869660c7f9bf4c6cb047e8806","cross_cats_sorted":["cs.CR","math.PR","q-fin.TR"],"license":"http://creativecommons.org/licenses/by/4.0/","primary_cat":"cs.GT","submitted_at":"2026-05-25T09:31:40Z","title_canon_sha256":"69a1011f4631b0efc6f78151da6fc95d9b4741775647ea8a1f848e45b69fee1a"},"schema_version":"1.0","source":{"id":"2605.25631","kind":"arxiv","version":1}},"canonical_sha256":"fc58fcb4f9844541a9ecb4103005937bfb68867558d96ee666a040c03af58419","receipt":{"algorithm":"ed25519","builder_version":"pith-number-builder-2026-05-17-v1","canonical_sha256":"fc58fcb4f9844541a9ecb4103005937bfb68867558d96ee666a040c03af58419","first_computed_at":"2026-05-26T02:04:47.321485Z","key_id":"pith-v1-2026-05","kind":"pith_receipt","last_reissued_at":"2026-05-26T02:04:47.321485Z","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","receipt_version":"0.3","signature_b64":"umQTEiSnSnu/adYpgZJAnGvz2hKjAWQiGN3QYTB2+9Al6YSGlWok9ecKSG+RJhCRyr8NGQ+HayVs33xyCLgFAg==","signature_status":"signed_v1","signed_at":"2026-05-26T02:04:47.322209Z","signed_message":"canonical_sha256_bytes"},"source_id":"2605.25631","source_kind":"arxiv","source_version":1}}},"equivocations":[],"invalid_events":[],"applied_event_ids":["sha256:feda2ebeea4a2ec376cb2c4ce8d46ff134a3cac19e41142e32caad86f635a2e3","sha256:5ea699a61153fa2643fd8b48abbace80e667ae1f73f885cc91d44b46db80c063"],"state_sha256":"19835a9a45f485ba9af9d67892422ea72b415ae070bfada12d8525906456da97"}