Instruct: Identify the main and secondary category of Arxiv papers based on the titles and abstracts
Query: Presentation and Publication: Loss and Slippage in Networks of Automated
  Market Makers   Automated market makers (AMMs) are smart contracts that automatically trade
electronic assets according to a mathematical formula. This paper investigates
how an AMM's formula affects the interests of liquidity providers, who endow
the AMM with assets, and traders, who exchange one asset for another at the
AMM's rates. *Linear slippage* measures how a trade's size affects the trader's
return, *angular slippage* measures how a trade's size affects the subsequent
market price, *divergence loss* measures the opportunity cost of providers'
investments, and *load* balances the costs to traders and providers. We give
formal definitions for these costs, show that they obey certain conservation
laws: these costs can be shifted around but never fully eliminated. We analyze
how these costs behave under *composition*, when simple individual AMMs are
linked to form more complex networks of AMMs.

29
The categories of this paper are: funct-an
12
The categories of this paper are: nucl-th
18
The categories of this paper are: econ
14
The categories of this paper are: math-ph
31
The categories of this paper are: ao-sci
19
The categories of this paper are: eess
17
The categories of this paper are: q-fin
5
The categories of this paper are: gr-qc
16
The categories of this paper are: stat
0
The categories of this paper are: hep-ph
27
The categories of this paper are: comp-gas
2
The categories of this paper are: math
26
The categories of this paper are: bayes-an
7
The categories of this paper are: hep-th
23
The categories of this paper are: solv-int
15
The categories of this paper are: nucl-ex