论文标题
恒定功能做市商的最佳路由
Optimal Routing for Constant Function Market Makers
论文作者
论文摘要
我们考虑在多个恒定功能市场制造商（CFMM）网络上最佳执行涉及多个加密资产（有时称为令牌）的订单的问题。当我们忽略与在CFMM上执行订单相关的固定成本时，可以将此最佳路由问题作为凸优化问题施放，这是可以计算的。当我们包括固定成本时，最佳路由问题是混合构成凸问题，可以使用（有时是缓慢的）全局优化方法解决该问题，或者使用基于凸优化的各种启发式方法近似解决。最佳路由问题包括作为特殊情况的问题，即确定CFMM网络中存在的套利或证明不存在套利的问题。
We consider the problem of optimally executing an order involving multiple crypto-assets, sometimes called tokens, on a network of multiple constant function market makers (CFMMs). When we ignore the fixed cost associated with executing an order on a CFMM, this optimal routing problem can be cast as a convex optimization problem, which is computationally tractable. When we include the fixed costs, the optimal routing problem is a mixed-integer convex problem, which can be solved using (sometimes slow) global optimization methods, or approximately solved using various heuristics based on convex optimization. The optimal routing problem includes as a special case the problem of identifying an arbitrage present in a network of CFMMs, or certifying that none exists.
