\u0634\u0631\u062d \u0645\u0631\u0627\u062c\u062d\u0629 CEX-DEX: \u0623\u062b\u0631 \u0627\u0644\u0633\u0639\u0631 \u0641\u064a AMM \u0648\u0627\u0644\u063a\u0627\u0632 \u0648MEV \u0648\u0646\u0642\u0637\u0629 \u0627\u0644\u062a\u0639\u0627\u062f\u0644 \u0627\u0644\u062d\u0642\u064a\u0642\u064a\u0629<\/span><\/h2>\n\u0639\u0646\u062f\u0645\u0627 \u064a\u062a\u062d\u0631\u0643 \u0633\u0639\u0631 \u0627\u0644\u0628\u064a\u062a\u0643\u0648\u064a\u0646 \u0623\u0648 \u0627\u0644\u0625\u064a\u062b\u0631 \u0641\u064a \u0645\u0646\u0635\u0629 \u062a\u062f\u0627\u0648\u0644 \u0645\u0631\u0643\u0632\u064a\u0629 \u0643\u0628\u064a\u0631\u0629\u060c \u0644\u0627 \u064a\u062a\u063a\u064a\u0631 \u0627\u0644\u0633\u0639\u0631 \u062f\u0627\u062e\u0644 \u0645\u062c\u0645\u0651\u0639 \u0645\u0646\u0635\u0629 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u0644\u0627\u0645\u0631\u0643\u0632\u064a\u0629 \u0645\u0646 \u062a\u0644\u0642\u0627\u0621 \u0646\u0641\u0633\u0647. \u0628\u0644 \u064a\u0628\u0642\u0649 \u062d\u064a\u062b \u062a\u0631\u0643\u062a\u0647 \u0622\u062e\u0631 \u0639\u0645\u0644\u064a\u0629 \u0645\u0628\u0627\u062f\u0644\u0629 \u0625\u0644\u0649 \u0623\u0646 \u064a\u0623\u062a\u064a \u0645\u0646 \u064a\u062a\u062f\u0627\u0648\u0644 \u0639\u0644\u064a\u0647 \u0644\u064a\u0639\u064a\u062f\u0647 \u0625\u0644\u0649 \u0645\u0633\u062a\u0648\u0649 \u0627\u0644\u0633\u0648\u0642. \u0647\u0630\u0627 \u0627\u0644\u0634\u062e\u0635 \u0647\u0648 \u0645\u064f\u0631\u0627\u062c\u0650\u062d CEX-DEX. \u064a\u0634\u0631\u062d \u0647\u0630\u0627 \u0627\u0644\u062f\u0644\u064a\u0644 \u0643\u064a\u0641 \u062a\u0639\u0645\u0644 \u0627\u0644\u0635\u0641\u0642\u0629\u060c \u0648\u0644\u0645\u0627\u0630\u0627 \u062a\u0633\u0627\u0648\u064a \u0641\u062c\u0648\u0629 \u0633\u0639\u0631\u064a\u0629 \u0628\u0646\u0633\u0628\u0629 1% \u0623\u0642\u0644 \u0628\u0643\u062b\u064a\u0631 \u0645\u0646 1%\u060c \u0648\u0645\u0627 \u0627\u0644\u0630\u064a \u062a\u0633\u062a\u0647\u0644\u0643\u0647 \u0631\u0633\u0648\u0645 \u0627\u0644\u063a\u0627\u0632 \u0648\u0631\u0633\u0648\u0645 \u0627\u0644\u0645\u062c\u0645\u0651\u0639 \u0648\u0628\u064f\u0646\u0627\u0629 \u0627\u0644\u0643\u062a\u0644\u060c \u0648\u0643\u064a\u0641 \u062a\u062d\u0633\u0628 \u0627\u0644\u0641\u062c\u0648\u0629 \u0627\u0644\u062a\u064a \u062a\u062d\u062a\u0627\u062c\u0647\u0627 \u0641\u0639\u0644\u0627\u064b \u0642\u0628\u0644 \u0623\u0646 \u062a\u0643\u0648\u0646 \u0627\u0644\u0641\u0631\u0635\u0629 \u062d\u0642\u064a\u0642\u064a\u0629.<\/p>\n<\/div>\n
\n\u0641\u064a \u0647\u0630\u0627 \u0627\u0644\u062f\u0644\u064a\u0644<\/strong><\/p>\n\n- \u0645\u0627 \u0647\u064a \u0645\u0631\u0627\u062c\u062d\u0629 CEX-DEX<\/a><\/li>\n
- \u0644\u0645\u0627\u0630\u0627 \u062a\u062a\u0623\u062e\u0631 \u0623\u0633\u0639\u0627\u0631 DEX \u0639\u0646 \u0627\u0644\u0645\u0646\u0635\u0627\u062a \u0627\u0644\u0645\u0631\u0643\u0632\u064a\u0629<\/a><\/li>\n
- \u0631\u064a\u0627\u0636\u064a\u0627\u062a AMM: \u0623\u062b\u0631 \u0627\u0644\u0633\u0639\u0631 \u0648\u0627\u0644\u062d\u062c\u0645 \u0627\u0644\u0623\u0645\u062b\u0644 \u0644\u0644\u0635\u0641\u0642\u0629<\/a><\/li>\n
- \u0645\u062b\u0627\u0644 \u0639\u0645\u0644\u064a: \u0641\u062c\u0648\u0629 1% \u0641\u064a \u0645\u062c\u0645\u0651\u0639 ETH\/USDC<\/a><\/li>\n
- \u0646\u0637\u0627\u0642 \u0639\u062f\u0645 \u0627\u0644\u062a\u062f\u0627\u0648\u0644: \u0643\u0645 \u064a\u062c\u0628 \u0623\u0646 \u062a\u0643\u0648\u0646 \u0627\u0644\u0641\u062c\u0648\u0629<\/a><\/li>\n
- \u0633\u0627\u0642\u0627\u0646 \u0628\u0644\u0627 \u0630\u0631\u0651\u064a\u0629: \u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u062a\u0646\u0641\u064a\u0630<\/a><\/li>\n
- MEV \u0648\u0628\u064f\u0646\u0627\u0629 \u0627\u0644\u0643\u062a\u0644 \u0648\u0645\u0646 \u064a\u0641\u0648\u0632 \u0628\u0627\u0644\u0633\u0628\u0627\u0642<\/a><\/li>\n
- \u0627\u062e\u062a\u064a\u0627\u0631 \u0627\u0644\u0634\u0628\u0643\u0629: Ethereum \u0648\u0627\u0644\u0640 Rollups \u0648\u0627\u0644\u0634\u0628\u0643\u0627\u062a \u0627\u0644\u0633\u0631\u064a\u0639\u0629<\/a><\/li>\n
- \u0627\u0644\u0645\u062e\u0632\u0648\u0646 \u0648\u0625\u0639\u0627\u062f\u0629 \u0627\u0644\u062a\u0648\u0627\u0632\u0646 \u0648\u0627\u0644\u062c\u0633\u0648\u0631<\/a><\/li>\n
- \u062e\u0637\u0648\u0629 \u0628\u062e\u0637\u0648\u0629: \u062a\u0642\u064a\u064a\u0645 \u0627\u0644\u0641\u0631\u0635\u0629<\/a><\/li>\n
- \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0648\u0627\u0644\u0642\u064a\u0648\u062f<\/a><\/li>\n
- CEX-DEX \u0623\u0645 CEX-CEX: \u0623\u064a\u0647\u0645\u0627 \u064a\u0646\u0627\u0633\u0628\u0643<\/a><\/li>\n
- \u0627\u0644\u0623\u0633\u0626\u0644\u0629 \u0627\u0644\u0634\u0627\u0626\u0639\u0629<\/a><\/li>\n<\/ol>\n<\/div>\n
\u0645\u0627 \u0647\u064a \u0645\u0631\u0627\u062c\u062d\u0629 CEX-DEX<\/h2>\n
\u0627\u0644\u0625\u062c\u0627\u0628\u0629 \u0627\u0644\u0645\u062e\u062a\u0635\u0631\u0629:<\/strong> \u0645\u0631\u0627\u062c\u062d\u0629 CEX-DEX \u0647\u064a \u0634\u0631\u0627\u0621 \u0631\u0645\u0632 (\u062a\u0648\u0643\u0646) \u0641\u064a \u0645\u0646\u0635\u0629 \u062a\u062f\u0627\u0648\u0644 \u0644\u0627\u0645\u0631\u0643\u0632\u064a\u0629 (\u0645\u062c\u0645\u0651\u0639 \u0642\u0627\u0626\u0645 \u0639\u0644\u0649 \u0639\u0642\u062f \u0630\u0643\u064a \u0645\u062b\u0644 \u0635\u0627\u0646\u0639 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0622\u0644\u064a) \u0648\u0628\u064a\u0639\u0647 \u0641\u064a \u0627\u0644\u0648\u0642\u062a \u0646\u0641\u0633\u0647 \u0641\u064a \u0645\u0646\u0635\u0629 \u062a\u062f\u0627\u0648\u0644 \u0645\u0631\u0643\u0632\u064a\u0629\u060c \u0623\u0648 \u0627\u0644\u0639\u0643\u0633\u060c \u0639\u0646\u062f\u0645\u0627 \u064a\u062e\u062a\u0644\u0641 \u0627\u0644\u0633\u0639\u0631\u0627\u0646 \u0628\u0623\u0643\u062b\u0631 \u0645\u0646 \u0627\u0644\u062a\u0643\u0644\u0641\u0629 \u0627\u0644\u0625\u062c\u0645\u0627\u0644\u064a\u0629 \u0644\u0644\u0635\u0641\u0642\u062a\u064a\u0646. \u0648\u0644\u0623\u0646 \u0633\u0639\u0631 \u0627\u0644\u0645\u062c\u0645\u0651\u0639 \u0644\u0627 \u064a\u062a\u063a\u064a\u0631 \u0625\u0644\u0627 \u0639\u0646\u062f\u0645\u0627 \u064a\u062c\u0631\u064a \u0623\u062d\u062f\u0647\u0645 \u0639\u0645\u0644\u064a\u0629 \u0645\u0628\u0627\u062f\u0644\u0629\u060c \u0641\u0625\u0646\u0647 \u064a\u062a\u062e\u0644\u0641 \u0639\u0646 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0645\u0631\u0643\u0632\u064a\u0629 \u0628\u0639\u062f \u0643\u0644 \u062d\u0631\u0643\u0629\u060c \u0648\u0627\u0644\u0645\u064f\u0631\u0627\u062c\u0650\u062d\u0648\u0646 \u0647\u0645 \u0645\u0646 \u064a\u0639\u064a\u062f\u0648\u0646\u0647 \u0625\u0644\u0649 \u0645\u0633\u062a\u0648\u0627\u0647.<\/p>\n\u062a\u0639\u0645\u0644 \u0627\u0644\u0645\u0646\u0635\u062a\u0627\u0646 \u0628\u0637\u0631\u064a\u0642\u062a\u064a\u0646 \u0645\u062e\u062a\u0644\u0641\u062a\u064a\u0646 \u062a\u0645\u0627\u0645\u0627\u064b. \u062a\u062f\u064a\u0631 \u0627\u0644\u0645\u0646\u0635\u0629 \u0627\u0644\u0645\u0631\u0643\u0632\u064a\u0629 (CEX) \u062f\u0641\u062a\u0631 \u0623\u0648\u0627\u0645\u0631: \u064a\u0636\u0639 \u0635\u0627\u0646\u0639\u0648 \u0627\u0644\u0633\u0648\u0642 \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0639\u0631\u0636 \u0648\u0627\u0644\u0637\u0644\u0628\u060c \u0648\u064a\u062a\u062d\u0631\u0643 \u0627\u0644\u0633\u0639\u0631 \u0628\u0627\u0633\u062a\u0645\u0631\u0627\u0631 \u0645\u0639 \u0648\u0635\u0648\u0644 \u0627\u0644\u0623\u0648\u0627\u0645\u0631\u060c \u0648\u063a\u0627\u0644\u0628\u0627\u064b \u0622\u0644\u0627\u0641 \u0627\u0644\u0645\u0631\u0627\u062a \u0641\u064a \u0627\u0644\u062b\u0627\u0646\u064a\u0629. \u0623\u0645\u0627 \u0627\u0644\u0645\u0646\u0635\u0629 \u0627\u0644\u0644\u0627\u0645\u0631\u0643\u0632\u064a\u0629 (DEX) \u0627\u0644\u0645\u0628\u0646\u064a\u0629 \u0639\u0644\u0649 \u0635\u0627\u0646\u0639 \u0633\u0648\u0642 \u0622\u0644\u064a (AMM) \u0641\u0644\u064a\u0633 \u0644\u062f\u064a\u0647\u0627 \u062f\u0641\u062a\u0631 \u0623\u0648\u0627\u0645\u0631. \u0641\u0647\u064a \u062a\u062d\u062a\u0641\u0638 \u0628\u0627\u062d\u062a\u064a\u0627\u0637\u064a\u064a\u0646 \u0645\u0646 \u0627\u0644\u0631\u0645\u0648\u0632 \u0641\u064a \u0639\u0642\u062f \u0630\u0643\u064a \u0648\u062a\u062d\u062f\u062f \u0627\u0644\u0633\u0639\u0631 \u0645\u0646 \u0627\u0644\u0646\u0633\u0628\u0629 \u0628\u064a\u0646 \u0647\u0630\u064a\u0646 \u0627\u0644\u0627\u062d\u062a\u064a\u0627\u0637\u064a\u064a\u0646. \u0627\u0644\u0645\u062c\u0645\u0651\u0639 \u0644\u0627 \u064a\u0631\u0627\u0642\u0628 \u0627\u0644\u0639\u0627\u0644\u0645 \u0627\u0644\u062e\u0627\u0631\u062c\u064a. \u0641\u0625\u0630\u0627 \u0627\u0631\u062a\u0641\u0639 ETH \u0628\u0646\u0633\u0628\u0629 1% \u0641\u064a \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0645\u0631\u0643\u0632\u064a\u0629\u060c \u064a\u0638\u0644 \u0627\u0644\u0645\u062c\u0645\u0651\u0639 \u064a\u0639\u0631\u0636 ETH \u0628\u0627\u0644\u0633\u0639\u0631 \u0627\u0644\u0642\u062f\u064a\u0645 \u062d\u062a\u0649 \u064a\u0634\u062a\u0631\u064a \u0645\u062a\u062f\u0627\u0648\u0644 \u0645\u0646\u0647 \u0643\u0645\u064a\u0629 \u0643\u0627\u0641\u064a\u0629 \u0644\u062a\u062d\u0631\u064a\u0643 \u0627\u0644\u0627\u062d\u062a\u064a\u0627\u0637\u064a\u0627\u062a.<\/p>\n
\u0648\u0639\u0627\u062f\u0629\u064b \u0645\u0627 \u064a\u0643\u0648\u0646 \u0647\u0630\u0627 \u0627\u0644\u0645\u062a\u062f\u0627\u0648\u0644 \u0631\u0648\u0628\u0648\u062a\u0627\u064b \u064a\u0642\u0648\u0645 \u0628\u062b\u0644\u0627\u062b\u0629 \u0623\u0645\u0648\u0631 \u0641\u064a \u0622\u0646 \u0648\u0627\u062d\u062f \u062a\u0642\u0631\u064a\u0628\u0627\u064b:<\/p>\n
\n- \u064a\u0643\u062a\u0634\u0641<\/strong> \u0623\u0646 \u0633\u0639\u0631 \u0627\u0644\u0645\u062c\u0645\u0651\u0639 \u064a\u0628\u062a\u0639\u062f \u0639\u0646 \u0627\u0644\u0633\u0639\u0631 \u0627\u0644\u0645\u0631\u0643\u0632\u064a \u0628\u0623\u0643\u062b\u0631 \u0645\u0646 \u0627\u0644\u062a\u0643\u0627\u0644\u064a\u0641.<\/li>\n
- \u064a\u064f\u062c\u0631\u064a \u0645\u0628\u0627\u062f\u0644\u0629 \u0639\u0644\u0649 \u0627\u0644\u0633\u0644\u0633\u0644\u0629<\/strong> \u0645\u0642\u0627\u0628\u0644 \u0627\u0644\u0645\u062c\u0645\u0651\u0639 \u0641\u064a \u0627\u0644\u0627\u062a\u062c\u0627\u0647 \u0627\u0644\u0645\u0631\u0628\u062d\u060c \u0628\u062d\u062c\u0645 \u064a\u062c\u0639\u0644 \u0627\u0644\u0645\u062c\u0645\u0651\u0639 \u064a\u0646\u062a\u0647\u064a \u0642\u0631\u064a\u0628\u0627\u064b \u0645\u0646 \u0627\u0644\u0633\u0639\u0631 \u0627\u0644\u0645\u0631\u0643\u0632\u064a.<\/li>\n
- \u064a\u062a\u062d\u0648\u0651\u0637 \u0641\u064a CEX<\/strong> \u0628\u0635\u0641\u0642\u0629 \u0645\u0639\u0627\u0643\u0633\u0629\u060c \u0628\u062d\u064a\u062b \u0644\u0627 \u064a\u062d\u062a\u0641\u0638 \u0628\u0623\u064a \u0645\u0631\u0643\u0632 \u0635\u0627\u0641\u064d \u0641\u064a \u0627\u0644\u0631\u0645\u0632.<\/li>\n<\/ul>\n
\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0627\u062a \u0647\u0630\u0647 \u0627\u0644\u0639\u0645\u0644\u064a\u0629 \u0644\u064a\u0633\u062a \u0633\u0631\u0627\u064b: \u062a\u0633\u0645\u064a \u0627\u0644\u0623\u0628\u062d\u0627\u062b \u0627\u0644\u0623\u0643\u0627\u062f\u064a\u0645\u064a\u0629 \u0627\u0644\u0642\u064a\u0645\u0629 \u0627\u0644\u0645\u0633\u062a\u062d\u0648\u0630 \u0639\u0644\u064a\u0647\u0627 \u0628\u0647\u0630\u0647 \u0627\u0644\u0637\u0631\u064a\u0642\u0629 \u0627\u0644\u062e\u0633\u0627\u0631\u0629 \u0645\u0642\u0627\u0628\u0644 \u0625\u0639\u0627\u062f\u0629 \u0627\u0644\u062a\u0648\u0627\u0632\u0646<\/em> (LVR)\u060c \u0644\u0623\u0646 \u0643\u0644 \u062f\u0648\u0644\u0627\u0631 \u064a\u0643\u0633\u0628\u0647 \u0627\u0644\u0645\u064f\u0631\u0627\u062c\u0650\u062d \u0647\u0648 \u062f\u0648\u0644\u0627\u0631 \u064a\u062e\u0633\u0631\u0647 \u0645\u0632\u0648\u062f\u0648 \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0641\u064a \u0627\u0644\u0645\u062c\u0645\u0651\u0639 \u0645\u0642\u0627\u0631\u0646\u0629\u064b \u0628\u0625\u0639\u0627\u062f\u0629 \u0627\u0644\u062a\u0648\u0627\u0632\u0646 \u0628\u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0633\u0648\u0642. \u0648\u0627\u0644\u0623\u0642\u0644 \u0648\u0636\u0648\u062d\u0627\u064b \u0647\u0648 \u0645\u0642\u062f\u0627\u0631 \u0645\u0627 \u064a\u062a\u0628\u0642\u0649 \u0645\u0646 \u0627\u0644\u0641\u062c\u0648\u0629 \u0627\u0644\u0638\u0627\u0647\u0631\u0629 \u0628\u0639\u062f \u0631\u0633\u0648\u0645 \u0627\u0644\u0645\u062c\u0645\u0651\u0639 \u0648\u0623\u062b\u0631 \u0627\u0644\u0633\u0639\u0631 \u0648\u0627\u0644\u063a\u0627\u0632 \u0648\u0627\u0644\u062f\u0641\u0639\u0629 \u0644\u0645\u0646 \u064a\u0631\u062a\u0651\u0628 \u0627\u0644\u0643\u062a\u0644\u0629. \u0648\u0647\u0630\u0627 \u0645\u0627 \u064a\u0642\u064a\u0633\u0647 \u0628\u0642\u064a\u0629 \u0647\u0630\u0627 \u0627\u0644\u062f\u0644\u064a\u0644 \u0628\u0627\u0644\u0623\u0631\u0642\u0627\u0645. \u0644\u0644\u0627\u0637\u0644\u0627\u0639 \u0639\u0644\u0649 \u0646\u0638\u0631\u0629 \u0623\u0634\u0645\u0644 \u0639\u0644\u0649 \u0627\u0644\u0645\u0631\u0627\u062c\u062d\u0629 \u0639\u0644\u0649 \u0627\u0644\u0633\u0644\u0633\u0644\u0629 \u0648\u0627\u0644\u0642\u0631\u0648\u0636 \u0627\u0644\u0641\u0648\u0631\u064a\u0629 \u0648\u0633\u0644\u0633\u0644\u0629 \u062a\u0648\u0631\u064a\u062f MEV\u060c \u0631\u0627\u062c\u0639 \u062f\u0644\u064a\u0644\u0646\u0627 \u0644\u0645\u0631\u0627\u062c\u062d\u0629 DeFi<\/a>\u061b \u0623\u0645\u0627 \u0647\u0630\u0627 \u0627\u0644\u0645\u0642\u0627\u0644 \u0641\u064a\u0631\u0643\u0632 \u0639\u0644\u0649 \u0627\u0644\u0635\u0641\u0642\u0629 \u0628\u064a\u0646 \u0627\u0644\u0645\u0646\u0635\u062a\u064a\u0646 \u0648\u0623\u0631\u0642\u0627\u0645\u0647\u0627.<\/p>\n\u0644\u0645\u0627\u0630\u0627 \u062a\u062a\u0623\u062e\u0631 \u0623\u0633\u0639\u0627\u0631 DEX \u0639\u0646 \u0627\u0644\u0645\u0646\u0635\u0627\u062a \u0627\u0644\u0645\u0631\u0643\u0632\u064a\u0629<\/h2>\n
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\u062d\u0644\u0642\u0629 \u0645\u0631\u0627\u062c\u062d\u0629 CEX-DEX: \u064a\u062a\u062d\u0631\u0643 \u0627\u0644\u0633\u0639\u0631 \u0627\u0644\u0645\u0631\u0643\u0632\u064a \u0623\u0648\u0644\u0627\u064b\u060c \u0648\u064a\u062a\u0623\u062e\u0631 \u0627\u0644\u0645\u062c\u0645\u0651\u0639\u060c \u0648\u064a\u064f\u062c\u0631\u064a \u0627\u0644\u0645\u064f\u0631\u0627\u062c\u0650\u062d \u0645\u0628\u0627\u062f\u0644\u0629 \u0645\u0642\u0627\u0628\u0644 \u0627\u0644\u0645\u062c\u0645\u0651\u0639 \u0645\u0639 \u0627\u0644\u062a\u062d\u0648\u0651\u0637 \u0641\u064a \u0627\u0644\u0645\u0646\u0635\u0629 \u0627\u0644\u0645\u0631\u0643\u0632\u064a\u0629. \u0648\u062a\u0639\u064a\u062f \u0627\u0644\u0645\u0628\u0627\u062f\u0644\u0629 \u0627\u0644\u0645\u062c\u0645\u0651\u0639 \u0646\u062d\u0648 \u0633\u0639\u0631 \u0627\u0644\u0633\u0648\u0642.<\/figcaption><\/figure>\n\u0631\u064a\u0627\u0636\u064a\u0627\u062a AMM: \u0623\u062b\u0631 \u0627\u0644\u0633\u0639\u0631 \u0648\u0627\u0644\u062d\u062c\u0645 \u0627\u0644\u0623\u0645\u062b\u0644 \u0644\u0644\u0635\u0641\u0642\u0629<\/h2>\n
\u0644\u0627 \u064a\u0645\u0643\u0646\u0643 \u062a\u062d\u062f\u064a\u062f \u062d\u062c\u0645 \u0635\u0641\u0642\u0629 CEX-DEX \u0628\u0627\u0644\u0637\u0631\u064a\u0642\u0629 \u0627\u0644\u062a\u064a \u062a\u062d\u062f\u062f \u0628\u0647\u0627 \u062d\u062c\u0645 \u0635\u0641\u0642\u0629 \u0641\u064a \u062f\u0641\u062a\u0631 \u0623\u0648\u0627\u0645\u0631. \u0641\u0641\u064a \u0627\u0644\u0645\u062c\u0645\u0651\u0639 \u0635\u0641\u0642\u062a\u0643 \u0646\u0641\u0633\u0647\u0627 \u062a\u062d\u0631\u0651\u0643 \u0627\u0644\u0633\u0639\u0631<\/strong>\u060c \u0648\u062a\u062d\u0631\u0643\u0647 \u0639\u0644\u0649 \u0645\u0646\u062d\u0646\u0649 \u0645\u0639\u0631\u0648\u0641. \u0648\u0647\u0630\u0627 \u0627\u0644\u0645\u0646\u062d\u0646\u0649 \u064a\u062d\u062f\u062f \u0645\u0642\u062f\u0627\u0631 \u0627\u0644\u0631\u0628\u062d \u0627\u0644\u0645\u062a\u0627\u062d \u0648\u062d\u062c\u0645 \u0627\u0644\u0635\u0641\u0642\u0629 \u0627\u0644\u0645\u0646\u0627\u0633\u0628 \u0645\u0639\u0627\u064b.<\/p>\n\u0635\u064a\u063a\u0629 \u0627\u0644\u062c\u062f\u0627\u0621 \u0627\u0644\u062b\u0627\u0628\u062a<\/h3>\n
\u064a\u062d\u0627\u0641\u0638 \u0635\u0627\u0646\u0639 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0622\u0644\u064a \u0627\u0644\u0643\u0644\u0627\u0633\u064a\u0643\u064a (\u0639\u0644\u0649 \u0637\u0631\u0627\u0632 Uniswap v2\u060c \u0648\u0627\u0644\u0645\u0633\u062a\u062e\u062f\u0645 \u0623\u064a\u0636\u0627\u064b \u0641\u064a \u0643\u062b\u064a\u0631 \u0645\u0646 \u0627\u0644\u0646\u0633\u062e \u0627\u0644\u0645\u0634\u062a\u0642\u0629) \u0639\u0644\u0649 \u062b\u0628\u0627\u062a \u062c\u062f\u0627\u0621 \u0627\u0644\u0627\u062d\u062a\u064a\u0627\u0637\u064a\u064a\u0646:<\/p>\n
x * y = k \u0633\u0639\u0631 X \u0628\u0648\u062d\u062f\u0627\u062a Y = y \/ x<\/div>\n\u0644\u0646\u0623\u062e\u0630 \u0645\u062c\u0645\u0651\u0639\u0627\u064b \u0641\u064a\u0647 x = 2,000 ETH<\/strong> \u0648y = 7,000,000 USDC<\/strong>. \u0633\u0639\u0631 \u0627\u0644\u0645\u062c\u0645\u0651\u0639 \u0647\u0648 7,000,000 \/ 2,000 = 3,500 USDC \u0644\u0643\u0644 ETH<\/strong>\u060c \u0648k = 14,000,000,000. \u0625\u0630\u0627 \u0623\u062f\u062e\u0644\u062a \u0394y \u0645\u0646 USDC (\u0628\u0639\u062f \u0627\u0644\u0631\u0633\u0648\u0645)\u060c \u0641\u0633\u062a\u062d\u0635\u0644 \u0639\u0644\u0649<\/p>\nETH \u0627\u0644\u0646\u0627\u062a\u062c = x * \u0394y \/ (y + \u0394y)<\/div>\n\u0643\u0644 USDC \u062a\u0636\u064a\u0641\u0647 \u064a\u062c\u0639\u0644 ETH \u0627\u0644\u062a\u0627\u0644\u064a \u0623\u063a\u0644\u0649. \u0627\u0644\u0634\u0631\u0627\u0621 \u0628\u0645\u0628\u0644\u063a 10,000 USDC \u064a\u062d\u0631\u0651\u0643 \u0627\u0644\u0633\u0639\u0631 \u0623\u0642\u0644 \u0628\u0643\u062b\u064a\u0631 \u0645\u0646 \u0627\u0644\u0634\u0631\u0627\u0621 \u0628\u0645\u0628\u0644\u063a 80,000 USDC\u060c \u0648\u0645\u062a\u0648\u0633\u0637 \u0627\u0644\u0633\u0639\u0631 \u0627\u0644\u0630\u064a \u062a\u062f\u0641\u0639\u0647 \u064a\u0643\u0648\u0646 \u062f\u0627\u0626\u0645\u0627\u064b \u0623\u0633\u0648\u0623 \u0645\u0646 \u0633\u0639\u0631 \u0627\u0644\u0645\u062c\u0645\u0651\u0639 \u0627\u0644\u0627\u0628\u062a\u062f\u0627\u0626\u064a. \u0647\u0630\u0627 \u0627\u0644\u0641\u0631\u0642 \u0647\u0648 \u0623\u062b\u0631 \u0627\u0644\u0633\u0639\u0631<\/strong>\u060c \u0648\u0647\u0648 \u0644\u064a\u0633 \u0631\u0633\u0645\u0627\u064b \u064a\u0641\u0631\u0636\u0647 \u0623\u062d\u062f: \u0625\u0646\u0647 \u0627\u0644\u0645\u0646\u062d\u0646\u0649 \u0646\u0641\u0633\u0647.<\/p>\n\u0627\u0644\u062d\u062c\u0645 \u0627\u0644\u0623\u0645\u062b\u0644: \u062a\u0648\u0642\u0651\u0641 \u062d\u064a\u062b \u064a\u0644\u062a\u0642\u064a \u0627\u0644\u0645\u062c\u0645\u0651\u0639 \u0628\u0627\u0644\u0633\u0648\u0642<\/h3>\n
\u0644\u0646\u0641\u062a\u0631\u0636 \u0623\u0646 \u0633\u0639\u0631 ETH \u0641\u064a \u0627\u0644\u0645\u0646\u0635\u0629 \u0627\u0644\u0645\u0631\u0643\u0632\u064a\u0629 3,535\u060c \u0623\u064a \u0623\u0639\u0644\u0649 \u0645\u0646 \u0627\u0644\u0645\u062c\u0645\u0651\u0639 \u0628\u0646\u0633\u0628\u0629 1%. \u0634\u0631\u0627\u0621 ETH \u0645\u0646 \u0627\u0644\u0645\u062c\u0645\u0651\u0639 \u0648\u0628\u064a\u0639\u0647 \u0641\u064a CEX \u0645\u0631\u0628\u062d \u0641\u0642\u0637 \u0645\u0627 \u062f\u0627\u0645 \u0627\u0644\u0633\u0639\u0631 \u0627\u0644\u062d\u062f\u0651\u064a<\/em> \u0644\u0644\u0645\u062c\u0645\u0651\u0639 (\u0634\u0627\u0645\u0644\u0627\u064b \u0627\u0644\u0631\u0633\u0648\u0645) \u0623\u0642\u0644 \u0645\u0646 3,535. \u0648\u0645\u0639 \u0634\u0631\u0627\u0626\u0643 \u064a\u0631\u062a\u0641\u0639 \u0633\u0639\u0631 \u0627\u0644\u0645\u062c\u0645\u0651\u0639. \u0627\u0644\u0635\u0641\u0642\u0629 \u0627\u0644\u0645\u062b\u0644\u0649 \u0647\u064a \u0627\u0644\u062a\u064a \u062a\u062f\u0641\u0639 \u0627\u0644\u0633\u0639\u0631 \u0627\u0644\u062d\u062f\u0651\u064a \u0644\u0644\u0645\u062c\u0645\u0651\u0639\u060c \u0628\u0639\u062f \u0627\u0644\u0631\u0633\u0648\u0645\u060c \u0625\u0644\u0649 \u0627\u0644\u0633\u0639\u0631 \u0627\u0644\u0645\u0631\u0643\u0632\u064a \u062a\u0645\u0627\u0645\u0627\u064b. \u0625\u0646 \u0627\u0634\u062a\u0631\u064a\u062a \u0623\u0642\u0644 \u0641\u0625\u0646\u0643 \u062a\u062a\u0631\u0643 \u0631\u0628\u062d\u0627\u064b \u062f\u0648\u0646 \u0627\u0633\u062a\u063a\u0644\u0627\u0644\u061b \u0648\u0625\u0646 \u0627\u0634\u062a\u0631\u064a\u062a \u0623\u0643\u062b\u0631 \u0641\u0625\u0646 \u0627\u0644\u0648\u062d\u062f\u0627\u062a \u0627\u0644\u0623\u062e\u064a\u0631\u0629 \u062a\u0643\u0644\u0651\u0641\u0643 \u0623\u0643\u062b\u0631 \u0645\u0645\u0627 \u064a\u0645\u0643\u0646\u0643 \u0628\u064a\u0639\u0647\u0627 \u0628\u0647.<\/p>\n\u0628\u0627\u0644\u0646\u0633\u0628\u0629 \u0644\u0645\u062c\u0645\u0651\u0639 \u0627\u0644\u062c\u062f\u0627\u0621 \u0627\u0644\u062b\u0627\u0628\u062a \u0630\u064a \u0627\u0644\u0631\u0633\u0648\u0645 f\u060c \u0644\u0644\u0645\u064f\u062f\u062e\u0644 \u0627\u0644\u0623\u0645\u062b\u0644 \u0635\u064a\u063a\u0629 \u0645\u063a\u0644\u0642\u0629:<\/p>\n
\u0394y* = ( sqrt( \u03b3 \u00b7 x \u00b7 y \u00b7 P_cex ) \u2212 y ) \/ \u03b3 \u062d\u064a\u062b \u03b3 = 1 \u2212 f<\/div>\n\u0645\u0639 f = 0.3% \u064a\u0643\u0648\u0646 \u0627\u0644\u0645\u064f\u062f\u062e\u0644 \u0627\u0644\u0623\u0645\u062b\u0644 \u0646\u062d\u0648 24,400 USDC<\/strong>. \u0648\u0647\u0648 \u064a\u0634\u062a\u0631\u064a \u0646\u062d\u0648 6.95 ETH \u0628\u0645\u062a\u0648\u0633\u0637 \u0633\u0639\u0631 \u064a\u0642\u0627\u0631\u0628 3,523\u060c \u0648\u064a\u0646\u062a\u0647\u064a \u0627\u0644\u0645\u062c\u0645\u0651\u0639 \u0639\u0646\u062f \u0646\u062d\u0648 3,524.5. \u0639\u0646\u062f \u0647\u0630\u0647 \u0627\u0644\u0646\u0642\u0637\u0629\u060c \u0648\u0645\u0639 \u0625\u0636\u0627\u0641\u0629 \u0631\u0633\u0648\u0645 0.3%\u060c \u0633\u064a\u0643\u0644\u0651\u0641 ETH \u0627\u0644\u062a\u0627\u0644\u064a \u0646\u062d\u0648 3,535: \u0623\u064a \u0633\u0639\u0631 \u0627\u0644\u0633\u0648\u0642. \u0648\u064a\u0648\u0636\u062d \u0627\u0644\u062c\u062f\u0648\u0644 \u0645\u0627 \u064a\u062d\u062f\u062b \u0639\u0646\u062f \u0623\u062d\u062c\u0627\u0645 \u0623\u062e\u0631\u0649.<\/p>\n\n
- \n
- \u0645\u0627 \u0647\u064a \u0645\u0631\u0627\u062c\u062d\u0629 CEX-DEX<\/a><\/li>\n
- \u0644\u0645\u0627\u0630\u0627 \u062a\u062a\u0623\u062e\u0631 \u0623\u0633\u0639\u0627\u0631 DEX \u0639\u0646 \u0627\u0644\u0645\u0646\u0635\u0627\u062a \u0627\u0644\u0645\u0631\u0643\u0632\u064a\u0629<\/a><\/li>\n
- \u0631\u064a\u0627\u0636\u064a\u0627\u062a AMM: \u0623\u062b\u0631 \u0627\u0644\u0633\u0639\u0631 \u0648\u0627\u0644\u062d\u062c\u0645 \u0627\u0644\u0623\u0645\u062b\u0644 \u0644\u0644\u0635\u0641\u0642\u0629<\/a><\/li>\n
- \u0645\u062b\u0627\u0644 \u0639\u0645\u0644\u064a: \u0641\u062c\u0648\u0629 1% \u0641\u064a \u0645\u062c\u0645\u0651\u0639 ETH\/USDC<\/a><\/li>\n
- \u0646\u0637\u0627\u0642 \u0639\u062f\u0645 \u0627\u0644\u062a\u062f\u0627\u0648\u0644: \u0643\u0645 \u064a\u062c\u0628 \u0623\u0646 \u062a\u0643\u0648\u0646 \u0627\u0644\u0641\u062c\u0648\u0629<\/a><\/li>\n
- \u0633\u0627\u0642\u0627\u0646 \u0628\u0644\u0627 \u0630\u0631\u0651\u064a\u0629: \u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u062a\u0646\u0641\u064a\u0630<\/a><\/li>\n
- MEV \u0648\u0628\u064f\u0646\u0627\u0629 \u0627\u0644\u0643\u062a\u0644 \u0648\u0645\u0646 \u064a\u0641\u0648\u0632 \u0628\u0627\u0644\u0633\u0628\u0627\u0642<\/a><\/li>\n
- \u0627\u062e\u062a\u064a\u0627\u0631 \u0627\u0644\u0634\u0628\u0643\u0629: Ethereum \u0648\u0627\u0644\u0640 Rollups \u0648\u0627\u0644\u0634\u0628\u0643\u0627\u062a \u0627\u0644\u0633\u0631\u064a\u0639\u0629<\/a><\/li>\n
- \u0627\u0644\u0645\u062e\u0632\u0648\u0646 \u0648\u0625\u0639\u0627\u062f\u0629 \u0627\u0644\u062a\u0648\u0627\u0632\u0646 \u0648\u0627\u0644\u062c\u0633\u0648\u0631<\/a><\/li>\n
- \u062e\u0637\u0648\u0629 \u0628\u062e\u0637\u0648\u0629: \u062a\u0642\u064a\u064a\u0645 \u0627\u0644\u0641\u0631\u0635\u0629<\/a><\/li>\n
- \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0648\u0627\u0644\u0642\u064a\u0648\u062f<\/a><\/li>\n
- CEX-DEX \u0623\u0645 CEX-CEX: \u0623\u064a\u0647\u0645\u0627 \u064a\u0646\u0627\u0633\u0628\u0643<\/a><\/li>\n
- \u0627\u0644\u0623\u0633\u0626\u0644\u0629 \u0627\u0644\u0634\u0627\u0626\u0639\u0629<\/a><\/li>\n<\/ol>\n<\/div>\n
\u0645\u0627 \u0647\u064a \u0645\u0631\u0627\u062c\u062d\u0629 CEX-DEX<\/h2>\n
\u0627\u0644\u0625\u062c\u0627\u0628\u0629 \u0627\u0644\u0645\u062e\u062a\u0635\u0631\u0629:<\/strong> \u0645\u0631\u0627\u062c\u062d\u0629 CEX-DEX \u0647\u064a \u0634\u0631\u0627\u0621 \u0631\u0645\u0632 (\u062a\u0648\u0643\u0646) \u0641\u064a \u0645\u0646\u0635\u0629 \u062a\u062f\u0627\u0648\u0644 \u0644\u0627\u0645\u0631\u0643\u0632\u064a\u0629 (\u0645\u062c\u0645\u0651\u0639 \u0642\u0627\u0626\u0645 \u0639\u0644\u0649 \u0639\u0642\u062f \u0630\u0643\u064a \u0645\u062b\u0644 \u0635\u0627\u0646\u0639 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0622\u0644\u064a) \u0648\u0628\u064a\u0639\u0647 \u0641\u064a \u0627\u0644\u0648\u0642\u062a \u0646\u0641\u0633\u0647 \u0641\u064a \u0645\u0646\u0635\u0629 \u062a\u062f\u0627\u0648\u0644 \u0645\u0631\u0643\u0632\u064a\u0629\u060c \u0623\u0648 \u0627\u0644\u0639\u0643\u0633\u060c \u0639\u0646\u062f\u0645\u0627 \u064a\u062e\u062a\u0644\u0641 \u0627\u0644\u0633\u0639\u0631\u0627\u0646 \u0628\u0623\u0643\u062b\u0631 \u0645\u0646 \u0627\u0644\u062a\u0643\u0644\u0641\u0629 \u0627\u0644\u0625\u062c\u0645\u0627\u0644\u064a\u0629 \u0644\u0644\u0635\u0641\u0642\u062a\u064a\u0646. \u0648\u0644\u0623\u0646 \u0633\u0639\u0631 \u0627\u0644\u0645\u062c\u0645\u0651\u0639 \u0644\u0627 \u064a\u062a\u063a\u064a\u0631 \u0625\u0644\u0627 \u0639\u0646\u062f\u0645\u0627 \u064a\u062c\u0631\u064a \u0623\u062d\u062f\u0647\u0645 \u0639\u0645\u0644\u064a\u0629 \u0645\u0628\u0627\u062f\u0644\u0629\u060c \u0641\u0625\u0646\u0647 \u064a\u062a\u062e\u0644\u0641 \u0639\u0646 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0645\u0631\u0643\u0632\u064a\u0629 \u0628\u0639\u062f \u0643\u0644 \u062d\u0631\u0643\u0629\u060c \u0648\u0627\u0644\u0645\u064f\u0631\u0627\u062c\u0650\u062d\u0648\u0646 \u0647\u0645 \u0645\u0646 \u064a\u0639\u064a\u062f\u0648\u0646\u0647 \u0625\u0644\u0649 \u0645\u0633\u062a\u0648\u0627\u0647.<\/p>\n
\u062a\u0639\u0645\u0644 \u0627\u0644\u0645\u0646\u0635\u062a\u0627\u0646 \u0628\u0637\u0631\u064a\u0642\u062a\u064a\u0646 \u0645\u062e\u062a\u0644\u0641\u062a\u064a\u0646 \u062a\u0645\u0627\u0645\u0627\u064b. \u062a\u062f\u064a\u0631 \u0627\u0644\u0645\u0646\u0635\u0629 \u0627\u0644\u0645\u0631\u0643\u0632\u064a\u0629 (CEX) \u062f\u0641\u062a\u0631 \u0623\u0648\u0627\u0645\u0631: \u064a\u0636\u0639 \u0635\u0627\u0646\u0639\u0648 \u0627\u0644\u0633\u0648\u0642 \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0639\u0631\u0636 \u0648\u0627\u0644\u0637\u0644\u0628\u060c \u0648\u064a\u062a\u062d\u0631\u0643 \u0627\u0644\u0633\u0639\u0631 \u0628\u0627\u0633\u062a\u0645\u0631\u0627\u0631 \u0645\u0639 \u0648\u0635\u0648\u0644 \u0627\u0644\u0623\u0648\u0627\u0645\u0631\u060c \u0648\u063a\u0627\u0644\u0628\u0627\u064b \u0622\u0644\u0627\u0641 \u0627\u0644\u0645\u0631\u0627\u062a \u0641\u064a \u0627\u0644\u062b\u0627\u0646\u064a\u0629. \u0623\u0645\u0627 \u0627\u0644\u0645\u0646\u0635\u0629 \u0627\u0644\u0644\u0627\u0645\u0631\u0643\u0632\u064a\u0629 (DEX) \u0627\u0644\u0645\u0628\u0646\u064a\u0629 \u0639\u0644\u0649 \u0635\u0627\u0646\u0639 \u0633\u0648\u0642 \u0622\u0644\u064a (AMM) \u0641\u0644\u064a\u0633 \u0644\u062f\u064a\u0647\u0627 \u062f\u0641\u062a\u0631 \u0623\u0648\u0627\u0645\u0631. \u0641\u0647\u064a \u062a\u062d\u062a\u0641\u0638 \u0628\u0627\u062d\u062a\u064a\u0627\u0637\u064a\u064a\u0646 \u0645\u0646 \u0627\u0644\u0631\u0645\u0648\u0632 \u0641\u064a \u0639\u0642\u062f \u0630\u0643\u064a \u0648\u062a\u062d\u062f\u062f \u0627\u0644\u0633\u0639\u0631 \u0645\u0646 \u0627\u0644\u0646\u0633\u0628\u0629 \u0628\u064a\u0646 \u0647\u0630\u064a\u0646 \u0627\u0644\u0627\u062d\u062a\u064a\u0627\u0637\u064a\u064a\u0646. \u0627\u0644\u0645\u062c\u0645\u0651\u0639 \u0644\u0627 \u064a\u0631\u0627\u0642\u0628 \u0627\u0644\u0639\u0627\u0644\u0645 \u0627\u0644\u062e\u0627\u0631\u062c\u064a. \u0641\u0625\u0630\u0627 \u0627\u0631\u062a\u0641\u0639 ETH \u0628\u0646\u0633\u0628\u0629 1% \u0641\u064a \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0645\u0631\u0643\u0632\u064a\u0629\u060c \u064a\u0638\u0644 \u0627\u0644\u0645\u062c\u0645\u0651\u0639 \u064a\u0639\u0631\u0636 ETH \u0628\u0627\u0644\u0633\u0639\u0631 \u0627\u0644\u0642\u062f\u064a\u0645 \u062d\u062a\u0649 \u064a\u0634\u062a\u0631\u064a \u0645\u062a\u062f\u0627\u0648\u0644 \u0645\u0646\u0647 \u0643\u0645\u064a\u0629 \u0643\u0627\u0641\u064a\u0629 \u0644\u062a\u062d\u0631\u064a\u0643 \u0627\u0644\u0627\u062d\u062a\u064a\u0627\u0637\u064a\u0627\u062a.<\/p>\n
\u0648\u0639\u0627\u062f\u0629\u064b \u0645\u0627 \u064a\u0643\u0648\u0646 \u0647\u0630\u0627 \u0627\u0644\u0645\u062a\u062f\u0627\u0648\u0644 \u0631\u0648\u0628\u0648\u062a\u0627\u064b \u064a\u0642\u0648\u0645 \u0628\u062b\u0644\u0627\u062b\u0629 \u0623\u0645\u0648\u0631 \u0641\u064a \u0622\u0646 \u0648\u0627\u062d\u062f \u062a\u0642\u0631\u064a\u0628\u0627\u064b:<\/p>\n
- \n
- \u064a\u0643\u062a\u0634\u0641<\/strong> \u0623\u0646 \u0633\u0639\u0631 \u0627\u0644\u0645\u062c\u0645\u0651\u0639 \u064a\u0628\u062a\u0639\u062f \u0639\u0646 \u0627\u0644\u0633\u0639\u0631 \u0627\u0644\u0645\u0631\u0643\u0632\u064a \u0628\u0623\u0643\u062b\u0631 \u0645\u0646 \u0627\u0644\u062a\u0643\u0627\u0644\u064a\u0641.<\/li>\n
- \u064a\u064f\u062c\u0631\u064a \u0645\u0628\u0627\u062f\u0644\u0629 \u0639\u0644\u0649 \u0627\u0644\u0633\u0644\u0633\u0644\u0629<\/strong> \u0645\u0642\u0627\u0628\u0644 \u0627\u0644\u0645\u062c\u0645\u0651\u0639 \u0641\u064a \u0627\u0644\u0627\u062a\u062c\u0627\u0647 \u0627\u0644\u0645\u0631\u0628\u062d\u060c \u0628\u062d\u062c\u0645 \u064a\u062c\u0639\u0644 \u0627\u0644\u0645\u062c\u0645\u0651\u0639 \u064a\u0646\u062a\u0647\u064a \u0642\u0631\u064a\u0628\u0627\u064b \u0645\u0646 \u0627\u0644\u0633\u0639\u0631 \u0627\u0644\u0645\u0631\u0643\u0632\u064a.<\/li>\n
- \u064a\u062a\u062d\u0648\u0651\u0637 \u0641\u064a CEX<\/strong> \u0628\u0635\u0641\u0642\u0629 \u0645\u0639\u0627\u0643\u0633\u0629\u060c \u0628\u062d\u064a\u062b \u0644\u0627 \u064a\u062d\u062a\u0641\u0638 \u0628\u0623\u064a \u0645\u0631\u0643\u0632 \u0635\u0627\u0641\u064d \u0641\u064a \u0627\u0644\u0631\u0645\u0632.<\/li>\n<\/ul>\n
\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0627\u062a \u0647\u0630\u0647 \u0627\u0644\u0639\u0645\u0644\u064a\u0629 \u0644\u064a\u0633\u062a \u0633\u0631\u0627\u064b: \u062a\u0633\u0645\u064a \u0627\u0644\u0623\u0628\u062d\u0627\u062b \u0627\u0644\u0623\u0643\u0627\u062f\u064a\u0645\u064a\u0629 \u0627\u0644\u0642\u064a\u0645\u0629 \u0627\u0644\u0645\u0633\u062a\u062d\u0648\u0630 \u0639\u0644\u064a\u0647\u0627 \u0628\u0647\u0630\u0647 \u0627\u0644\u0637\u0631\u064a\u0642\u0629 \u0627\u0644\u062e\u0633\u0627\u0631\u0629 \u0645\u0642\u0627\u0628\u0644 \u0625\u0639\u0627\u062f\u0629 \u0627\u0644\u062a\u0648\u0627\u0632\u0646<\/em> (LVR)\u060c \u0644\u0623\u0646 \u0643\u0644 \u062f\u0648\u0644\u0627\u0631 \u064a\u0643\u0633\u0628\u0647 \u0627\u0644\u0645\u064f\u0631\u0627\u062c\u0650\u062d \u0647\u0648 \u062f\u0648\u0644\u0627\u0631 \u064a\u062e\u0633\u0631\u0647 \u0645\u0632\u0648\u062f\u0648 \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0641\u064a \u0627\u0644\u0645\u062c\u0645\u0651\u0639 \u0645\u0642\u0627\u0631\u0646\u0629\u064b \u0628\u0625\u0639\u0627\u062f\u0629 \u0627\u0644\u062a\u0648\u0627\u0632\u0646 \u0628\u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0633\u0648\u0642. \u0648\u0627\u0644\u0623\u0642\u0644 \u0648\u0636\u0648\u062d\u0627\u064b \u0647\u0648 \u0645\u0642\u062f\u0627\u0631 \u0645\u0627 \u064a\u062a\u0628\u0642\u0649 \u0645\u0646 \u0627\u0644\u0641\u062c\u0648\u0629 \u0627\u0644\u0638\u0627\u0647\u0631\u0629 \u0628\u0639\u062f \u0631\u0633\u0648\u0645 \u0627\u0644\u0645\u062c\u0645\u0651\u0639 \u0648\u0623\u062b\u0631 \u0627\u0644\u0633\u0639\u0631 \u0648\u0627\u0644\u063a\u0627\u0632 \u0648\u0627\u0644\u062f\u0641\u0639\u0629 \u0644\u0645\u0646 \u064a\u0631\u062a\u0651\u0628 \u0627\u0644\u0643\u062a\u0644\u0629. \u0648\u0647\u0630\u0627 \u0645\u0627 \u064a\u0642\u064a\u0633\u0647 \u0628\u0642\u064a\u0629 \u0647\u0630\u0627 \u0627\u0644\u062f\u0644\u064a\u0644 \u0628\u0627\u0644\u0623\u0631\u0642\u0627\u0645. \u0644\u0644\u0627\u0637\u0644\u0627\u0639 \u0639\u0644\u0649 \u0646\u0638\u0631\u0629 \u0623\u0634\u0645\u0644 \u0639\u0644\u0649 \u0627\u0644\u0645\u0631\u0627\u062c\u062d\u0629 \u0639\u0644\u0649 \u0627\u0644\u0633\u0644\u0633\u0644\u0629 \u0648\u0627\u0644\u0642\u0631\u0648\u0636 \u0627\u0644\u0641\u0648\u0631\u064a\u0629 \u0648\u0633\u0644\u0633\u0644\u0629 \u062a\u0648\u0631\u064a\u062f MEV\u060c \u0631\u0627\u062c\u0639 \u062f\u0644\u064a\u0644\u0646\u0627 \u0644\u0645\u0631\u0627\u062c\u062d\u0629 DeFi<\/a>\u061b \u0623\u0645\u0627 \u0647\u0630\u0627 \u0627\u0644\u0645\u0642\u0627\u0644 \u0641\u064a\u0631\u0643\u0632 \u0639\u0644\u0649 \u0627\u0644\u0635\u0641\u0642\u0629 \u0628\u064a\u0646 \u0627\u0644\u0645\u0646\u0635\u062a\u064a\u0646 \u0648\u0623\u0631\u0642\u0627\u0645\u0647\u0627.<\/p>\n
\u0644\u0645\u0627\u0630\u0627 \u062a\u062a\u0623\u062e\u0631 \u0623\u0633\u0639\u0627\u0631 DEX \u0639\u0646 \u0627\u0644\u0645\u0646\u0635\u0627\u062a \u0627\u0644\u0645\u0631\u0643\u0632\u064a\u0629<\/h2>\n
\u064a\u062a\u0645 \u0627\u0643\u062a\u0634\u0627\u0641 \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0645\u0634\u0641\u0631\u0629 \u0627\u0644\u0643\u0628\u064a\u0631\u0629 \u0641\u064a \u0627\u0644\u063a\u0627\u0644\u0628 \u0641\u064a \u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u0641\u0648\u0631\u064a \u0648\u0627\u0644\u0639\u0642\u0648\u062f \u0627\u0644\u0622\u062c\u0644\u0629 \u0627\u0644\u062f\u0627\u0626\u0645\u0629 \u0627\u0644\u0639\u0645\u064a\u0642\u0629 \u0641\u064a \u0627\u0644\u0645\u0646\u0635\u0627\u062a \u0627\u0644\u0645\u0631\u0643\u0632\u064a\u0629. \u0648\u0627\u0644\u0645\u062c\u0645\u0651\u0639\u0627\u062a \u062a\u062a\u0628\u0639\u0647\u0627. \u0648\u0647\u0646\u0627\u0643 \u062b\u0644\u0627\u062b\u0629 \u0623\u0633\u0628\u0627\u0628 \u0647\u064a\u0643\u0644\u064a\u0629 \u062a\u064f\u0628\u0642\u064a\u0647\u0627 \u0645\u062a\u0623\u062e\u0631\u0629:<\/p>\n
\u0627\u0644\u0645\u062c\u0645\u0651\u0639 \u0633\u0644\u0628\u064a<\/h3>\n
\u0644\u0627 \u064a\u0648\u062c\u062f \u0641\u064a \u0645\u062c\u0645\u0651\u0639 AMM \u0635\u0627\u0646\u0639 \u0633\u0648\u0642 \u064a\u0644\u063a\u064a \u0627\u0644\u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0642\u062f\u064a\u0645\u0629 \u0639\u0646\u062f \u0648\u0635\u0648\u0644 \u0627\u0644\u0623\u062e\u0628\u0627\u0631. \u0633\u0639\u0631\u0647 \u062f\u0627\u0644\u0629 \u0641\u064a \u0627\u062d\u062a\u064a\u0627\u0637\u064a\u0627\u062a\u0647\u060c \u0648\u0644\u0627 \u064a\u063a\u064a\u0651\u0631 \u0627\u0644\u0627\u062d\u062a\u064a\u0627\u0637\u064a\u0627\u062a \u0633\u0648\u0649 \u0639\u0645\u0644\u064a\u0629 \u0645\u0628\u0627\u062f\u0644\u0629. \u0648\u0628\u064a\u0646 \u0639\u0645\u0644\u064a\u0627\u062a \u0627\u0644\u0645\u0628\u0627\u062f\u0644\u0629 \u064a\u0648\u0627\u0635\u0644 \u0627\u0644\u0645\u062c\u0645\u0651\u0639 \u0639\u0631\u0636 \u0627\u0644\u0633\u0639\u0631 \u0627\u0644\u0642\u062f\u064a\u0645 \u0645\u0647\u0645\u0627 \u062a\u062d\u0631\u0643 \u0627\u0644\u0633\u0648\u0642.<\/p>\n
\u0627\u0644\u0643\u062a\u0644 \u0645\u0646\u0641\u0635\u0644\u0629<\/h3>\n
\u062a\u062a\u062d\u062f\u062b \u0627\u0644\u0645\u0646\u0635\u0629 \u0627\u0644\u0645\u0631\u0643\u0632\u064a\u0629 \u0628\u0627\u0633\u062a\u0645\u0631\u0627\u0631\u060c \u0628\u064a\u0646\u0645\u0627 \u062a\u062a\u062d\u062f\u062b \u0633\u0644\u0633\u0644\u0629 \u0627\u0644\u0643\u062a\u0644 \u0639\u0644\u0649 \u062e\u0637\u0648\u0627\u062a. \u0641\u064a \u0634\u0628\u0643\u0629 Ethereum \u0627\u0644\u0631\u0626\u064a\u0633\u064a\u0629 \u062a\u064f\u0646\u062a\u064e\u062c \u0643\u062a\u0644\u0629 \u0643\u0644 12 \u062b\u0627\u0646\u064a\u0629\u060c \u0644\u0630\u0644\u0643 \u0644\u0627 \u064a\u0645\u0643\u0646 \u062a\u0635\u062d\u064a\u062d \u0633\u0639\u0631 \u0627\u0644\u0645\u062c\u0645\u0651\u0639 \u0625\u0644\u0627 \u0645\u0631\u0629 \u0648\u0627\u062d\u062f\u0629 \u0644\u0643\u0644 \u0643\u062a\u0644\u0629\u060c \u0648\u0645\u0646 \u064a\u0623\u062a\u064a \u0623\u0648\u0644\u0627\u064b \u0641\u064a \u062a\u0644\u0643 \u0627\u0644\u0643\u062a\u0644\u0629 \u064a\u0633\u062a\u062d\u0648\u0630 \u0639\u0644\u0649 \u0627\u0644\u062a\u0635\u062d\u064a\u062d. \u0623\u0645\u0627 \u0627\u0644\u0634\u0628\u0643\u0627\u062a \u0627\u0644\u0623\u0633\u0631\u0639 \u0648\u0627\u0644\u0640 Rollups \u0641\u062a\u0646\u062a\u062c \u0627\u0644\u0643\u062a\u0644 \u062e\u0644\u0627\u0644 \u0645\u0626\u0627\u062a \u0627\u0644\u0623\u062c\u0632\u0627\u0621 \u0645\u0646 \u0627\u0644\u0623\u0644\u0641 \u0645\u0646 \u0627\u0644\u062b\u0627\u0646\u064a\u0629 \u0625\u0644\u0649 \u062b\u0627\u0646\u064a\u062a\u064a\u0646 \u062a\u0642\u0631\u064a\u0628\u0627\u064b\u060c \u0645\u0627 \u064a\u0642\u0644\u0635 \u0627\u0644\u0641\u062c\u0648\u0629 \u0627\u0644\u0645\u062a\u0631\u0627\u0643\u0645\u0629 \u0628\u064a\u0646 \u0627\u0644\u062a\u0635\u062d\u064a\u062d\u0627\u062a\u060c \u0644\u0643\u0646\u0647 \u0644\u0627 \u064a\u062c\u0639\u0644\u0647\u0627 \u0635\u0641\u0631\u0627\u064b \u0623\u0628\u062f\u0627\u064b.<\/p>\n
\u062a\u0635\u062d\u064a\u062d \u0627\u0644\u0645\u062c\u0645\u0651\u0639 \u064a\u0643\u0644\u0651\u0641 \u0645\u0627\u0644\u0627\u064b<\/h3>\n
\u0643\u0644 \u0639\u0645\u0644\u064a\u0629 \u0645\u0628\u0627\u062f\u0644\u0629 \u062a\u062f\u0641\u0639 \u0631\u0633\u0648\u0645 \u0627\u0644\u0645\u062c\u0645\u0651\u0639 (\u0645\u062b\u0644\u0627\u064b 0.05% \u0623\u0648 0.3% \u0645\u0646 \u0627\u0644\u0645\u0628\u0644\u063a) \u0625\u0636\u0627\u0641\u0629 \u0625\u0644\u0649 \u0627\u0644\u063a\u0627\u0632. \u0644\u0630\u0644\u0643 \u0644\u0627 \u062a\u064f\u0635\u062d\u064e\u0651\u062d \u0627\u0644\u0627\u0646\u062d\u0631\u0627\u0641\u0627\u062a \u0627\u0644\u0635\u063a\u064a\u0631\u0629 \u0623\u0628\u062f\u0627\u064b: \u0641\u062a\u0631\u0643\u0647\u0627 \u0623\u0631\u062e\u0635. \u0648\u064a\u0646\u0634\u0623 \u0628\u0630\u0644\u0643 \u0646\u0637\u0627\u0642 \u062d\u0648\u0644 \u0627\u0644\u0633\u0639\u0631 \u0627\u0644\u0645\u0631\u0643\u0632\u064a \u064a\u0646\u062c\u0631\u0641 \u0627\u0644\u0645\u062c\u0645\u0651\u0639 \u062f\u0627\u062e\u0644\u0647 \u0628\u0628\u0633\u0627\u0637\u0629. \u0648\u0644\u0627 \u062a\u0638\u0647\u0631 \u0635\u0641\u0642\u0629 \u0645\u0631\u0627\u062c\u062d\u0629 \u0625\u0644\u0627 \u0639\u0646\u062f\u0645\u0627 \u062a\u062a\u062c\u0627\u0648\u0632 \u0627\u0644\u0641\u062c\u0648\u0629 \u0647\u0630\u0627 \u0627\u0644\u0646\u0637\u0627\u0642.<\/p>\n
\u062d\u0644\u0642\u0629 \u0645\u0631\u0627\u062c\u062d\u0629 CEX-DEX: \u064a\u062a\u062d\u0631\u0643 \u0627\u0644\u0633\u0639\u0631 \u0627\u0644\u0645\u0631\u0643\u0632\u064a \u0623\u0648\u0644\u0627\u064b\u060c \u0648\u064a\u062a\u0623\u062e\u0631 \u0627\u0644\u0645\u062c\u0645\u0651\u0639\u060c \u0648\u064a\u064f\u062c\u0631\u064a \u0627\u0644\u0645\u064f\u0631\u0627\u062c\u0650\u062d \u0645\u0628\u0627\u062f\u0644\u0629 \u0645\u0642\u0627\u0628\u0644 \u0627\u0644\u0645\u062c\u0645\u0651\u0639 \u0645\u0639 \u0627\u0644\u062a\u062d\u0648\u0651\u0637 \u0641\u064a \u0627\u0644\u0645\u0646\u0635\u0629 \u0627\u0644\u0645\u0631\u0643\u0632\u064a\u0629. \u0648\u062a\u0639\u064a\u062f \u0627\u0644\u0645\u0628\u0627\u062f\u0644\u0629 \u0627\u0644\u0645\u062c\u0645\u0651\u0639 \u0646\u062d\u0648 \u0633\u0639\u0631 \u0627\u0644\u0633\u0648\u0642.<\/figcaption><\/figure>\n \u0631\u064a\u0627\u0636\u064a\u0627\u062a AMM: \u0623\u062b\u0631 \u0627\u0644\u0633\u0639\u0631 \u0648\u0627\u0644\u062d\u062c\u0645 \u0627\u0644\u0623\u0645\u062b\u0644 \u0644\u0644\u0635\u0641\u0642\u0629<\/h2>\n
\u0644\u0627 \u064a\u0645\u0643\u0646\u0643 \u062a\u062d\u062f\u064a\u062f \u062d\u062c\u0645 \u0635\u0641\u0642\u0629 CEX-DEX \u0628\u0627\u0644\u0637\u0631\u064a\u0642\u0629 \u0627\u0644\u062a\u064a \u062a\u062d\u062f\u062f \u0628\u0647\u0627 \u062d\u062c\u0645 \u0635\u0641\u0642\u0629 \u0641\u064a \u062f\u0641\u062a\u0631 \u0623\u0648\u0627\u0645\u0631. \u0641\u0641\u064a \u0627\u0644\u0645\u062c\u0645\u0651\u0639 \u0635\u0641\u0642\u062a\u0643 \u0646\u0641\u0633\u0647\u0627 \u062a\u062d\u0631\u0651\u0643 \u0627\u0644\u0633\u0639\u0631<\/strong>\u060c \u0648\u062a\u062d\u0631\u0643\u0647 \u0639\u0644\u0649 \u0645\u0646\u062d\u0646\u0649 \u0645\u0639\u0631\u0648\u0641. \u0648\u0647\u0630\u0627 \u0627\u0644\u0645\u0646\u062d\u0646\u0649 \u064a\u062d\u062f\u062f \u0645\u0642\u062f\u0627\u0631 \u0627\u0644\u0631\u0628\u062d \u0627\u0644\u0645\u062a\u0627\u062d \u0648\u062d\u062c\u0645 \u0627\u0644\u0635\u0641\u0642\u0629 \u0627\u0644\u0645\u0646\u0627\u0633\u0628 \u0645\u0639\u0627\u064b.<\/p>\n
\u0635\u064a\u063a\u0629 \u0627\u0644\u062c\u062f\u0627\u0621 \u0627\u0644\u062b\u0627\u0628\u062a<\/h3>\n
\u064a\u062d\u0627\u0641\u0638 \u0635\u0627\u0646\u0639 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0622\u0644\u064a \u0627\u0644\u0643\u0644\u0627\u0633\u064a\u0643\u064a (\u0639\u0644\u0649 \u0637\u0631\u0627\u0632 Uniswap v2\u060c \u0648\u0627\u0644\u0645\u0633\u062a\u062e\u062f\u0645 \u0623\u064a\u0636\u0627\u064b \u0641\u064a \u0643\u062b\u064a\u0631 \u0645\u0646 \u0627\u0644\u0646\u0633\u062e \u0627\u0644\u0645\u0634\u062a\u0642\u0629) \u0639\u0644\u0649 \u062b\u0628\u0627\u062a \u062c\u062f\u0627\u0621 \u0627\u0644\u0627\u062d\u062a\u064a\u0627\u0637\u064a\u064a\u0646:<\/p>\n
x * y = k \u0633\u0639\u0631 X \u0628\u0648\u062d\u062f\u0627\u062a Y = y \/ x<\/div>\n\u0644\u0646\u0623\u062e\u0630 \u0645\u062c\u0645\u0651\u0639\u0627\u064b \u0641\u064a\u0647 x = 2,000 ETH<\/strong> \u0648y = 7,000,000 USDC<\/strong>. \u0633\u0639\u0631 \u0627\u0644\u0645\u062c\u0645\u0651\u0639 \u0647\u0648 7,000,000 \/ 2,000 = 3,500 USDC \u0644\u0643\u0644 ETH<\/strong>\u060c \u0648k = 14,000,000,000. \u0625\u0630\u0627 \u0623\u062f\u062e\u0644\u062a \u0394y \u0645\u0646 USDC (\u0628\u0639\u062f \u0627\u0644\u0631\u0633\u0648\u0645)\u060c \u0641\u0633\u062a\u062d\u0635\u0644 \u0639\u0644\u0649<\/p>\n
ETH \u0627\u0644\u0646\u0627\u062a\u062c = x * \u0394y \/ (y + \u0394y)<\/div>\n\u0643\u0644 USDC \u062a\u0636\u064a\u0641\u0647 \u064a\u062c\u0639\u0644 ETH \u0627\u0644\u062a\u0627\u0644\u064a \u0623\u063a\u0644\u0649. \u0627\u0644\u0634\u0631\u0627\u0621 \u0628\u0645\u0628\u0644\u063a 10,000 USDC \u064a\u062d\u0631\u0651\u0643 \u0627\u0644\u0633\u0639\u0631 \u0623\u0642\u0644 \u0628\u0643\u062b\u064a\u0631 \u0645\u0646 \u0627\u0644\u0634\u0631\u0627\u0621 \u0628\u0645\u0628\u0644\u063a 80,000 USDC\u060c \u0648\u0645\u062a\u0648\u0633\u0637 \u0627\u0644\u0633\u0639\u0631 \u0627\u0644\u0630\u064a \u062a\u062f\u0641\u0639\u0647 \u064a\u0643\u0648\u0646 \u062f\u0627\u0626\u0645\u0627\u064b \u0623\u0633\u0648\u0623 \u0645\u0646 \u0633\u0639\u0631 \u0627\u0644\u0645\u062c\u0645\u0651\u0639 \u0627\u0644\u0627\u0628\u062a\u062f\u0627\u0626\u064a. \u0647\u0630\u0627 \u0627\u0644\u0641\u0631\u0642 \u0647\u0648 \u0623\u062b\u0631 \u0627\u0644\u0633\u0639\u0631<\/strong>\u060c \u0648\u0647\u0648 \u0644\u064a\u0633 \u0631\u0633\u0645\u0627\u064b \u064a\u0641\u0631\u0636\u0647 \u0623\u062d\u062f: \u0625\u0646\u0647 \u0627\u0644\u0645\u0646\u062d\u0646\u0649 \u0646\u0641\u0633\u0647.<\/p>\n
\u0627\u0644\u062d\u062c\u0645 \u0627\u0644\u0623\u0645\u062b\u0644: \u062a\u0648\u0642\u0651\u0641 \u062d\u064a\u062b \u064a\u0644\u062a\u0642\u064a \u0627\u0644\u0645\u062c\u0645\u0651\u0639 \u0628\u0627\u0644\u0633\u0648\u0642<\/h3>\n
\u0644\u0646\u0641\u062a\u0631\u0636 \u0623\u0646 \u0633\u0639\u0631 ETH \u0641\u064a \u0627\u0644\u0645\u0646\u0635\u0629 \u0627\u0644\u0645\u0631\u0643\u0632\u064a\u0629 3,535\u060c \u0623\u064a \u0623\u0639\u0644\u0649 \u0645\u0646 \u0627\u0644\u0645\u062c\u0645\u0651\u0639 \u0628\u0646\u0633\u0628\u0629 1%. \u0634\u0631\u0627\u0621 ETH \u0645\u0646 \u0627\u0644\u0645\u062c\u0645\u0651\u0639 \u0648\u0628\u064a\u0639\u0647 \u0641\u064a CEX \u0645\u0631\u0628\u062d \u0641\u0642\u0637 \u0645\u0627 \u062f\u0627\u0645 \u0627\u0644\u0633\u0639\u0631 \u0627\u0644\u062d\u062f\u0651\u064a<\/em> \u0644\u0644\u0645\u062c\u0645\u0651\u0639 (\u0634\u0627\u0645\u0644\u0627\u064b \u0627\u0644\u0631\u0633\u0648\u0645) \u0623\u0642\u0644 \u0645\u0646 3,535. \u0648\u0645\u0639 \u0634\u0631\u0627\u0626\u0643 \u064a\u0631\u062a\u0641\u0639 \u0633\u0639\u0631 \u0627\u0644\u0645\u062c\u0645\u0651\u0639. \u0627\u0644\u0635\u0641\u0642\u0629 \u0627\u0644\u0645\u062b\u0644\u0649 \u0647\u064a \u0627\u0644\u062a\u064a \u062a\u062f\u0641\u0639 \u0627\u0644\u0633\u0639\u0631 \u0627\u0644\u062d\u062f\u0651\u064a \u0644\u0644\u0645\u062c\u0645\u0651\u0639\u060c \u0628\u0639\u062f \u0627\u0644\u0631\u0633\u0648\u0645\u060c \u0625\u0644\u0649 \u0627\u0644\u0633\u0639\u0631 \u0627\u0644\u0645\u0631\u0643\u0632\u064a \u062a\u0645\u0627\u0645\u0627\u064b. \u0625\u0646 \u0627\u0634\u062a\u0631\u064a\u062a \u0623\u0642\u0644 \u0641\u0625\u0646\u0643 \u062a\u062a\u0631\u0643 \u0631\u0628\u062d\u0627\u064b \u062f\u0648\u0646 \u0627\u0633\u062a\u063a\u0644\u0627\u0644\u061b \u0648\u0625\u0646 \u0627\u0634\u062a\u0631\u064a\u062a \u0623\u0643\u062b\u0631 \u0641\u0625\u0646 \u0627\u0644\u0648\u062d\u062f\u0627\u062a \u0627\u0644\u0623\u062e\u064a\u0631\u0629 \u062a\u0643\u0644\u0651\u0641\u0643 \u0623\u0643\u062b\u0631 \u0645\u0645\u0627 \u064a\u0645\u0643\u0646\u0643 \u0628\u064a\u0639\u0647\u0627 \u0628\u0647.<\/p>\n
\u0628\u0627\u0644\u0646\u0633\u0628\u0629 \u0644\u0645\u062c\u0645\u0651\u0639 \u0627\u0644\u062c\u062f\u0627\u0621 \u0627\u0644\u062b\u0627\u0628\u062a \u0630\u064a \u0627\u0644\u0631\u0633\u0648\u0645 f\u060c \u0644\u0644\u0645\u064f\u062f\u062e\u0644 \u0627\u0644\u0623\u0645\u062b\u0644 \u0635\u064a\u063a\u0629 \u0645\u063a\u0644\u0642\u0629:<\/p>\n
\u0394y* = ( sqrt( \u03b3 \u00b7 x \u00b7 y \u00b7 P_cex ) \u2212 y ) \/ \u03b3 \u062d\u064a\u062b \u03b3 = 1 \u2212 f<\/div>\n\u0645\u0639 f = 0.3% \u064a\u0643\u0648\u0646 \u0627\u0644\u0645\u064f\u062f\u062e\u0644 \u0627\u0644\u0623\u0645\u062b\u0644 \u0646\u062d\u0648 24,400 USDC<\/strong>. \u0648\u0647\u0648 \u064a\u0634\u062a\u0631\u064a \u0646\u062d\u0648 6.95 ETH \u0628\u0645\u062a\u0648\u0633\u0637 \u0633\u0639\u0631 \u064a\u0642\u0627\u0631\u0628 3,523\u060c \u0648\u064a\u0646\u062a\u0647\u064a \u0627\u0644\u0645\u062c\u0645\u0651\u0639 \u0639\u0646\u062f \u0646\u062d\u0648 3,524.5. \u0639\u0646\u062f \u0647\u0630\u0647 \u0627\u0644\u0646\u0642\u0637\u0629\u060c \u0648\u0645\u0639 \u0625\u0636\u0627\u0641\u0629 \u0631\u0633\u0648\u0645 0.3%\u060c \u0633\u064a\u0643\u0644\u0651\u0641 ETH \u0627\u0644\u062a\u0627\u0644\u064a \u0646\u062d\u0648 3,535: \u0623\u064a \u0633\u0639\u0631 \u0627\u0644\u0633\u0648\u0642. \u0648\u064a\u0648\u0636\u062d \u0627\u0644\u062c\u062f\u0648\u0644 \u0645\u0627 \u064a\u062d\u062f\u062b \u0639\u0646\u062f \u0623\u062d\u062c\u0627\u0645 \u0623\u062e\u0631\u0649.<\/p>\n
\n - \u064a\u064f\u062c\u0631\u064a \u0645\u0628\u0627\u062f\u0644\u0629 \u0639\u0644\u0649 \u0627\u0644\u0633\u0644\u0633\u0644\u0629<\/strong> \u0645\u0642\u0627\u0628\u0644 \u0627\u0644\u0645\u062c\u0645\u0651\u0639 \u0641\u064a \u0627\u0644\u0627\u062a\u062c\u0627\u0647 \u0627\u0644\u0645\u0631\u0628\u062d\u060c \u0628\u062d\u062c\u0645 \u064a\u062c\u0639\u0644 \u0627\u0644\u0645\u062c\u0645\u0651\u0639 \u064a\u0646\u062a\u0647\u064a \u0642\u0631\u064a\u0628\u0627\u064b \u0645\u0646 \u0627\u0644\u0633\u0639\u0631 \u0627\u0644\u0645\u0631\u0643\u0632\u064a.<\/li>\n
- \u0644\u0645\u0627\u0630\u0627 \u062a\u062a\u0623\u062e\u0631 \u0623\u0633\u0639\u0627\u0631 DEX \u0639\u0646 \u0627\u0644\u0645\u0646\u0635\u0627\u062a \u0627\u0644\u0645\u0631\u0643\u0632\u064a\u0629<\/a><\/li>\n
![\"\u0627\u0644\u0631\u0628\u062d](\"https:\/\/bjftradinggroup.com\/wp-content\/uploads\/2026\/11\/profit-vs-trade-size-cex-dex-arbitrage-1760x800-1.webp\")
![\"\u0634\u0644\u0627\u0644](\"https:\/\/bjftradinggroup.com\/wp-content\/uploads\/2026\/11\/cost-waterfall-cex-dex-arbitrage-1760x800-1.webp\")
![\"\u0635\u0627\u0641\u064a](\"https:\/\/bjftradinggroup.com\/wp-content\/uploads\/2026\/11\/break-even-gap-cex-dex-arbitrage-1760x800-1.webp\")