标题： 衡量CEX-DEX提取价值和搜索者盈利能力：MEV暗森林中最黑暗的部分 显示英文标题

标题： Measuring CEX-DEX Extracted Value and Searcher Profitability: The Darkest of the MEV Dark Forest

摘要： 本文提供了对以太坊上集中式和去中心化交易所（CEX-DEX）之间套利的经济学和动态机制的全面实证分析。 我们改进了启发式方法，以从链上数据中识别套利交易，并引入了一个稳健的实证框架，在不知道CEX上交易者实际行为的情况下估计套利收益。 利用从2023年8月至2025年3月共19个月的广泛数据集，我们估计了19个主要CEX-DEX搜索者从7,203,560次识别出的CEX-DEX套利中提取的总计2.338亿美元。 我们的分析显示，随着三个搜索者捕获了交易量和提取价值的四分之三，出现了日益集中的趋势。 我们还证明了搜索者的盈利能力与其与区块构建者的整合程度有关，并揭示了独特的搜索者-构建者关系及其市场影响。 最后，我们纠正了之前低估的与搜索者垂直整合的区块构建者的盈利能力。 这些见解揭示了MEV领域的最黑暗角落，并强调了CEX-DEX套利对以太坊去中心化的重要影响。 显示英文摘要

摘要： This paper provides a comprehensive empirical analysis of the economics and dynamics behind arbitrages between centralized and decentralized exchanges (CEX-DEX) on Ethereum. We refine heuristics to identify arbitrage transactions from on-chain data and introduce a robust empirical framework to estimate arbitrage revenue without knowing traders' actual behaviors on CEX. Leveraging an extensive dataset spanning 19 months from August 2023 to March 2025, we estimate a total of 233.8M USD extracted by 19 major CEX-DEX searchers from 7,203,560 identified CEX-DEX arbitrages. Our analysis reveals increasing centralization trends as three searchers captured three-quarters of both volume and extracted value. We also demonstrate that searchers' profitability is tied to their integration level with block builders and uncover exclusive searcher-builder relationships and their market impact. Finally, we correct the previously underestimated profitability of block builders who vertically integrate with a searcher. These insights illuminate the darkest corner of the MEV landscape and highlight the critical implications of CEX-DEX arbitrages for Ethereum's decentralization.