Uniswap, Defi, Uniswap V3.
sec, arb prob %: 63.0 25.4 14.5 5.3 1.7 Table 1 (top) from the paper “Automated Market Making and Arbitrage Profits in the Presence of Fees”. When the function is changed to use uniform block times, the outcome is slightly, but not significantly different. The results from the full DEX simulation