Quantifying Sub-Optimality in Routing for Automated Market Makers
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摘要
We provide a large-scale empirical audit of DEX routing using 2.98 million WETH–USDC swaps on Ethereum. We compare realized routes with optimized benchmarks, finding an average shortfall of 2.02 bps per trade, amounting to about \$24 million on roughly \$120 billion of volume. We introduce three reproducible optimal benchmarks—SCO (activated pools only), FVO (all pools, no gas), and G-FVO (gas-aware)—and a scalable bisection-based routing algorithm to compute these benchmarks. The study highlights two regularities: information timeliness critically affects routing outcomes, and inefficiency is heavy-tailed with a few extreme outliers driving most of the dollar losses. Sandwiching attacks emerge as a concrete channel for routing sub-optimality. The framework provides a rigorous, reproducible basis for timing-aware, gas-aware routing improvements [page::1]
