Arbitrage in the market for cryptocurrencies
确认加密货币市场存在套利机会，但2018年4月后其规模大幅下降，分析多种交易策略后发现此后几乎无法利用价差获利，并检验了可能提升市场效率的机制。
Arbitrage opportunities in markets for cryptocurrencies are well-documented. In this paper, we confirm that they exist; however, their magnitude decreased greatly from April 2018 onward. Analyzing various trading strategies, we show that it is barely possible to exploit existing price differences since then. We discuss and test several mechanisms that may be responsible for the increased market efficiency and find that informed trading is correlated with a reduction in arbitrage opportunities.