@article{decentralizedexchangestheprofitability,
  title = {Decentralized Exchanges: The Profitability Frontier of Constant Product Market Makers},
  author = {Tobias Bitterli and Fabian Schär},
  year = {2023},
  eprint = {2302.05219},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2302.05219v2},
}