{"record_type":"pith_number_record","schema_url":"https://pith.science/schemas/pith-number/v1.json","pith_number":"pith:2025:N4VWIPTLHOAGLZ2DYZWR74O5CO","short_pith_number":"pith:N4VWIPTL","schema_version":"1.0","canonical_sha256":"6f2b643e6b3b8065e743c66d1ff1dd13ae386a6a46f5f7baf4b183d4cff3af4e","source":{"kind":"arxiv","id":"2508.03217","version":1},"attestation_state":"computed","paper":{"title":"Measuring DEX Efficiency and The Effect of an Enhanced Routing Method on Both DEX Efficiency and Stakeholders' Benefits","license":"http://creativecommons.org/licenses/by-nc-nd/4.0/","headline":"","cross_cats":[],"primary_cat":"q-fin.TR","authors_text":"Claudio J.Tessone, Yu Zhang","submitted_at":"2025-08-05T08:45:38Z","abstract_excerpt":"The efficiency of decentralized exchanges (DEXs) and the influence of token routing algorithms on market performance and stakeholder outcomes remain underexplored. This paper introduces the concept of Standardized Total Arbitrage Profit (STAP), computed via convex optimization, as a systematic measure of DEX efficiency. We prove that executing the trade order maximizing STAP and reintegrating the resulting transaction fees eliminates all arbitrage opportunities-both cyclic arbitrage within DEXs and between DEXs and centralized exchanges (CEXs). In a fully efficient DEX (i.e., STAP = 0), the mo"},"verification_status":{"content_addressed":true,"pith_receipt":true,"author_attested":false,"weak_author_claims":0,"strong_author_claims":0,"externally_anchored":false,"storage_verified":false,"citation_signatures":0,"replication_records":0,"graph_snapshot":true,"references_resolved":false,"formal_links_present":false},"canonical_record":{"source":{"id":"2508.03217","kind":"arxiv","version":1},"metadata":{"license":"http://creativecommons.org/licenses/by-nc-nd/4.0/","primary_cat":"q-fin.TR","submitted_at":"2025-08-05T08:45:38Z","cross_cats_sorted":[],"title_canon_sha256":"c0d094bcc3b46703672c10199c1f34d248133383bbbf44e3577335bd85633608","abstract_canon_sha256":"527d07e2175394990e7e2b8a8f3a1fb08fc852d86d79abbce979f8a6cef06f2e"},"schema_version":"1.0"},"receipt":{"kind":"pith_receipt","key_id":"pith-v1-2026-05","algorithm":"ed25519","signed_at":"2026-07-05T11:48:39.025648Z","signature_b64":"N0mCz+xcJ1UIjSC98HpGI6KXAyDyAhkgiXKH4PGiFzou83PSOaa6atBqJ+mbtT0z+k+Eb5cZWbpcNX0wSonSAw==","signed_message":"canonical_sha256_bytes","builder_version":"pith-number-builder-2026-05-17-v1","receipt_version":"0.3","canonical_sha256":"6f2b643e6b3b8065e743c66d1ff1dd13ae386a6a46f5f7baf4b183d4cff3af4e","last_reissued_at":"2026-07-05T11:48:39.025200Z","signature_status":"signed_v1","first_computed_at":"2026-07-05T11:48:39.025200Z","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54"},"graph_snapshot":{"paper":{"title":"Measuring DEX Efficiency and The Effect of an Enhanced Routing Method on Both DEX Efficiency and Stakeholders' Benefits","license":"http://creativecommons.org/licenses/by-nc-nd/4.0/","headline":"","cross_cats":[],"primary_cat":"q-fin.TR","authors_text":"Claudio J.Tessone, Yu Zhang","submitted_at":"2025-08-05T08:45:38Z","abstract_excerpt":"The efficiency of decentralized exchanges (DEXs) and the influence of token routing algorithms on market performance and stakeholder outcomes remain underexplored. This paper introduces the concept of Standardized Total Arbitrage Profit (STAP), computed via convex optimization, as a systematic measure of DEX efficiency. We prove that executing the trade order maximizing STAP and reintegrating the resulting transaction fees eliminates all arbitrage opportunities-both cyclic arbitrage within DEXs and between DEXs and centralized exchanges (CEXs). In a fully efficient DEX (i.e., STAP = 0), the mo"},"claims":{"count":0,"items":[],"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"source":{"id":"2508.03217","kind":"arxiv","version":1},"verdict":{"id":null,"model_set":{},"created_at":null,"strongest_claim":"","one_line_summary":"","pipeline_version":null,"weakest_assumption":"","pith_extraction_headline":""},"integrity":{"clean":true,"summary":{"advisory":0,"critical":0,"by_detector":{},"informational":0},"endpoint":"/pith/2508.03217/integrity.json","findings":[],"available":true,"detectors_run":[],"snapshot_sha256":"c28c3603d3b5d939e8dc4c7e95fa8dfce3d595e45f758748cecf8e644a296938"},"references":{"count":0,"sample":[],"resolved_work":0,"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57","internal_anchors":0},"formal_canon":{"evidence_count":0,"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"author_claims":{"count":0,"strong_count":0,"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"builder_version":"pith-number-builder-2026-05-17-v1"},"aliases":[{"alias_kind":"arxiv","alias_value":"2508.03217","created_at":"2026-07-05T11:48:39.025258+00:00"},{"alias_kind":"arxiv_version","alias_value":"2508.03217v1","created_at":"2026-07-05T11:48:39.025258+00:00"},{"alias_kind":"doi","alias_value":"10.48550/arxiv.2508.03217","created_at":"2026-07-05T11:48:39.025258+00:00"},{"alias_kind":"pith_short_12","alias_value":"N4VWIPTLHOAG","created_at":"2026-07-05T11:48:39.025258+00:00"},{"alias_kind":"pith_short_16","alias_value":"N4VWIPTLHOAGLZ2D","created_at":"2026-07-05T11:48:39.025258+00:00"},{"alias_kind":"pith_short_8","alias_value":"N4VWIPTL","created_at":"2026-07-05T11:48:39.025258+00:00"}],"events":[],"event_summary":{},"paper_claims":[],"inbound_citations":{"count":0,"internal_anchor_count":0,"sample":[]},"formal_canon":{"evidence_count":0,"sample":[],"anchors":[]},"links":{"html":"https://pith.science/pith/N4VWIPTLHOAGLZ2DYZWR74O5CO","json":"https://pith.science/pith/N4VWIPTLHOAGLZ2DYZWR74O5CO.json","graph_json":"https://pith.science/api/pith-number/N4VWIPTLHOAGLZ2DYZWR74O5CO/graph.json","events_json":"https://pith.science/api/pith-number/N4VWIPTLHOAGLZ2DYZWR74O5CO/events.json","paper":"https://pith.science/paper/N4VWIPTL"},"agent_actions":{"view_html":"https://pith.science/pith/N4VWIPTLHOAGLZ2DYZWR74O5CO","download_json":"https://pith.science/pith/N4VWIPTLHOAGLZ2DYZWR74O5CO.json","view_paper":"https://pith.science/paper/N4VWIPTL","resolve_alias":"https://pith.science/api/pith-number/resolve?arxiv=2508.03217&json=true","fetch_graph":"https://pith.science/api/pith-number/N4VWIPTLHOAGLZ2DYZWR74O5CO/graph.json","fetch_events":"https://pith.science/api/pith-number/N4VWIPTLHOAGLZ2DYZWR74O5CO/events.json","actions":{"anchor_timestamp":"https://pith.science/pith/N4VWIPTLHOAGLZ2DYZWR74O5CO/action/timestamp_anchor","attest_storage":"https://pith.science/pith/N4VWIPTLHOAGLZ2DYZWR74O5CO/action/storage_attestation","attest_author":"https://pith.science/pith/N4VWIPTLHOAGLZ2DYZWR74O5CO/action/author_attestation","sign_citation":"https://pith.science/pith/N4VWIPTLHOAGLZ2DYZWR74O5CO/action/citation_signature","submit_replication":"https://pith.science/pith/N4VWIPTLHOAGLZ2DYZWR74O5CO/action/replication_record"}},"created_at":"2026-07-05T11:48:39.025258+00:00","updated_at":"2026-07-05T11:48:39.025258+00:00"}