Proposition 3, pp. 22–23 — constant product pricing is additive and split-liquidity invariant, yet front-running (x < X/2) and two-venue arbitrage are strictly profitable

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Proposition 3, pp. 22–23 — constant product pricing is additive and split-liquidity invariant, yet front-running (x < X/2) and two-venue arbitrage are strictly profitable · Prove2Me