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UID:pretalx-mk6-ZGGEPB@cfp.twed.org
DTSTART;TZID=CET:20260606T141500
DTEND;TZID=CET:20260606T143500
DESCRIPTION:Non-custodial swap aggregators show users the best single-excha
 nge rate\, but is that actually optimal execution? This talk presents empi
 rical findings from a live BTC→XMR aggregator across 23+ exchanges\, exa
 mining whether splitting trades can improve outcomes.\nThe answer: yes\, b
 ut only sometimes. Across 2\,714 logged events\, split routing gain scales
  with trade size\, averaging 0.38% at 8 BTC versus 0.10% at 0.5 BTC\, with
  a >1% tail emerging at 2 BTC and above. Zero events produced a negative o
 utcome.\nThe underlying mechanism is the liquidity cliff: every exchange h
 as a capacity ceiling beyond which their rate degrades. Traditional aggreg
 ators query at the full amount and never see it. Exploiting it requires co
 ntinuously pre-sampled sub-amount rate curves\, infrastructure most aggreg
 ators don't have.\nWe present the detection methodology\, the gain distrib
 ution\, and when split routing is worth surfacing and when it isn't.
DTSTAMP:20260512T235049Z
LOCATION:Hall 1 / Sala 1
SUMMARY:Liquidity Fragmentation in Non-Custodial XMR Markets - 4rkal
URL:https://cfp.twed.org/mk6/talk/ZGGEPB/
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