标题： 套利和区块链货币市场中的风险与机遇。 第一部分：风险 显示英文标题

标题： Risks and opportunities in arbitrage and market-making in blockchain-based currency markets. Part 1 : Risks

摘要： 本研究提供了对基于区块链的货币市场高频交易的实用介绍。 这些类型的市场具有一些特定的特征，使其与股票市场有所不同，例如大量的交易交易所（集中式和去中心式）、在不同交易所之间转移资金的相对简便性，以及大量流动性非常低的新货币。 本研究分析了这种交易操作特有的可能风险、潜在机会以及大多数使用的算法，提供了对打算通过提供（并承担）流动性来运营这些市场的从业者有用的信息。 显示英文摘要

摘要： This study provides a practical introduction to high-frequency trading in blockchain-based currency markets. These types of markets have some specific characteristics that differentiate them from the stock markets, such as a large number of trading exchanges (centralized and decentralized), relative simplicity in moving funds from one exchange to another, and the large number of new currencies that have very little liquidity. This study analyzes the possible risks that specifically characterize this type of trading operation, the potential opportunities, and the algorithms that are mostly used, providing information that can be useful for practitioners who intend to operate in these markets by providing (and risking) liquidity.