AI 中文总结
该研究对以太坊上DEX路由进行大规模实证审计，通过引入三个最优基准，用基于二分法的算法计算基准，发现信息及时性关键及低效率特征，证明三明治攻击致路由次优，为评估改进路由提供严格可重复基础。
AI 中文摘要
我们使用以太坊上298万笔WETH-USDC交易对去中心化交易所（DEX）路由进行大规模实证审计。将实际路由与优化基准进行比较，我们测得每笔交易平均短缺2.02个基点或2400万美元。为了归因损失，我们引入三个可重复的最优基准：支持约束最优（SCO），评估基于实际使用池的拆分质量；全市场最优（FVO），考虑所有可用池以量化更广泛池访问的价值；以及气体感知FVO（G-FVO），将气体成本纳入FVO以捕捉额外池使用与气体支出之间的权衡。通过一种基于二分法的算法实现大规模计算这些基准，该算法用于同一交易对跨多个池的最优路由。出现两个规律：一是信息及时性至关重要，从执行时状态到滞后一个区块状态的优化显著提高平均短缺，进一步的延迟会进一步降低性能，尽管增量递减；在相同的过时快照上评估，实际路由更接近最优，表明时间不匹配是关键因素。二是低效率是异质且重尾的，小额交易遭受更高百分比损失，而一些极端异常值主导总美元短缺。最后，我们证明三明治攻击导致很大一部分路由次优。我们的基准协议和算法为评估和改进信息及时、气体感知路由提供了严格、可重复的基础。
英文摘要
We provide a large-scale empirical audit of DEX routing using 2.98 million WETH-USDC swaps on Ethereum. Comparing realized routes with optimized benchmarks, we measure an average shortfall of 2.02 bps per trade or \$24 million. To attribute losses, we introduce three reproducible optimal benchmarks: a Support-Constrained Optimum (SCO) that evaluates split quality conditional on the pools actually used; a Full-Venue Optimum (FVO) that considers all available pools to quantify the value of broader pool access; and a Gas-Aware FVO (G-FVO) that augments FVO with gas costs to capture the trade-off between additional pool usage and gas expenditure. Computing these benchmarks at scale is enabled by a bisection-based algorithm for optimal routing across multiple pools for the same token pair. Two regularities emerge. First, information timeliness is crucial: moving from execution-time state to one-block lagged state optimization significantly raises mean shortfall and additional delays further degrade performance, albeit with diminishing increments; evaluated on the same stale snapshots, realized routes lie closer to optimal, indicating timing-mismatch as a key component. Second, inefficiency is heterogeneous and heavy-tailed: small trades suffer higher percentage losses, while a few extreme outliers dominate the aggregate dollar shortfalls. Finally, we demonstrate that sandwiching attacks drive a significant fraction of routing sub-optimality. Our benchmark protocol and algorithm offer a rigorous, reproducible basis for evaluating and improving information-timely, gas-aware routing.
Comments21 pages. Accepted at the 5th Workshop on Decentralized Finance (DeFi 2026), held in association with Financial Cryptography and Data Security 2026
