Recently, an in-depth study on MEV (maximal extractable value) arbitrage Bots has attracted industry attention. This study is the first to use formal methods to analyze in detail the profit situation and market dynamics of CEX-DEX cross-exchange arbitrage.

Research results show that MEV arbitrage can indeed bring considerable profits, but actual profits may be lower than generally expected. The excess returns of top traders usually diminish rapidly within half a second to two seconds, reflecting the market's quick response to price discrepancies.

It is worth noting that the blockchain ecosystem is experiencing an increasingly pronounced trend of centralization, a phenomenon particularly evident in the field of builders. However, as competition among builders intensifies, the profit margin for CEX-DEX Arbitrage is narrowing year by year.

Research has also found that arbitrage Bots are deeply integrated into the block building process in various ways. Interestingly, the Bots that are more closely tied to block builders often show lower surface profits, but in reality, they may be transferring profits to related parties. In contrast, arbitrageurs associated with smaller market share block builders may retain a higher actual profit margin.

Although block building occupies an important position in the industry, research shows that it is still a low-margin field. Even the top-ranked participants face severe profitability challenges.

This study lasted one year and seven months, covering data from 19 major CEX-DEX arbitrage Bots, providing us with unprecedented insights into the MEV ecosystem. It not only reveals the diversity of arbitrage strategies but also showcases the complex dynamics of the blockchain market, offering valuable reference information for industry participants and researchers.