We build a model to show that decentralized exchanges (DEX) require less computing power on average than traditional exchanges to accommodate the demand for high-speed trading services. Centralized exchanges acquire excess processing capacity to accommodate activity surges: The idle capacity’s opportunity cost is an externality of low-latency trading. On DEXs, HFTs bid on gas fees in real-time to acquire time priority from a network of miners. The price of speed surges as HFTs compete during activity bursts. HFT-driven demand for speed peaks higher on DEX, but spans a shorter time interval. On aggregate, DEX infrastructure is more cost-efficient.

我们建立了一个模型来表明去中心化交易所（DEX）平均比传统交易所需要更少的计算能力来满足对高速交易服务的需求。中心化交易所获得过剩的处理能力以适应活动激增：闲置能力的机会成本是低延迟交易的外部性。在 DEX 上，HFT 实时竞标 gas 费用，以从矿工网络中获得时间优先权。随着 HFT 在活动爆发期间竞争，速度的价格飙升。HFT 驱动的对速度的需求在 DEX 上达到更高的峰值，但时间间隔更短。总的来说，DEX 基础设施更具成本效益。