去中心化交易网络中的多路径路由：凸分配与改进路径证书
Multi-Path Routing in Decentralized Exchange Networks: Convex Allocation and an Improving-Path Certificate
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中文总结 AI 辅助
研究去中心化交易网络多路径路由问题，提出图论和凸优化框架，含候选路径生成与连续流分配两层。核心贡献是改进路径证书，经以太坊主网评估，该框架在交易规模上表现良好，中位数短缺低，报价排名高。
中文摘要 AI 辅助
我们提出了一个用于去中心化交易网络中多路径路由的图论和凸优化框架，并在以太坊主网上进行了实现和实证评估。该框架将市场建模为有向代币多重图，其弧承载自动做市商（AMM）交换函数。路由分解为两个实现层：通过gas感知边际k最短路径枚举生成候选路径，其中边分数将预期执行成本直接嵌入图遍历，并在路径构建过程中跟踪显式的池简单约束；以及在选定候选路径上进行连续流分配，作为在具有每个池价格影响上限的单纯形上的凹最大化问题求解。在标准凹性和单调性假设下，KKT条件意味着活跃路径上的边际产出均衡。核心技术贡献是一个改进路径证书：在求解20条候选路径上的分配后，KKT乘数用作阈值，通过单个最短路径查询确定任何省略的池简单路径是否可以改进当前解决方案；在我们的实现中，该证书在大多数时期都证实了充分性。执行由智能合约级别强制执行的链上滑点容忍保护。我们在以太坊主网上针对六种交易规模的重复WETH-USDT报价观察，将实现的引擎与四个生产中的去中心化交易所（DEX）聚合器进行评估：所有规模的中位数短缺低于5个基点，前3报价排名超过57%的时期。
英文摘要
We present a graph-theoretic and convex optimization framework for multi-path routing in decentralized exchange networks, together with its implementation and empirical evaluation on Ethereum mainnet. The framework models the market as a directed token multigraph whose arcs carry AMM exchange functions. Routing is decomposed into two implemented layers: candidate path generation via gas-aware marginal k-shortest-path enumeration, where edge scores embed expected execution cost directly into graph traversal with an explicit pool-simple constraint tracked during path construction, and continuous flow allocation over the selected candidates solved as a concave maximization over a simplex with a per-pool price-impact cap. Under standard concavity and monotonicity assumptions, the KKT conditions imply marginal-output equalization across active paths. The central technical contribution is an improving-path certificate: after solving the allocation on k=20 candidate paths, the KKT multiplier is used as a threshold to determine via a single shortest-path query whether any omitted pool-simple path could improve the current solution; in our implementation the certificate confirms sufficiency in the majority of epochs. Execution is protected by an on-chain slippage tolerance enforced at the smart-contract level. We evaluate the implemented engine against four production DEX aggregators on repeated WETH-USDT quote observations across six trade sizes on Ethereum mainnet: median shortfall is below 5 bps across all sizes and top-3 quote rank exceeds 57% of epochs.
