SIGNATURE WORK
CONFERENCE & EXHIBITION 2022

Financial services have benefited from Blockchains and Decentralized Finance (DeFi). However, using so-called Miner Extractable Value (MEV), opportunistic traders extract monetary value from the mesh of DeFi smart contracts, raising quantifiable, proof-of-work-based security issues, which posed threats on the Ethereum blockchain. Quantitative insights on MEV were often lacking in related studies, making it difficult to quantify the practical dangers. Furthermore, earlier studies only focused on limited DEXes. In our study, we look at how the arbitrage trading category has manifested in real-world applications. We also estimate the MEV that occurred because of arbitrage trading, from both the searcher and miner perspectives. We extended our discovered application scenario to a greater range of decentralized exchanges than in the previous study, including Uniswap v2, Uniswap v3, Curve, Balancer, Bancor, and 0x. There are 125 different users (account) addresses and 1969 smart contracts executing 25834 arbitrages between blocks 12965000 and 13000000, resulting in a profit of 1.132M USD. Furthermore, a high percentage of successful arbitrage transactions are found at the end of the blocks. Arbitrages that were relevant to Uniswap V2 accounted for the majority of all arbitrage transactions, with a large portion of them involving two or three markets.