Arbitrage can arise from the simultaneous purchase and sale of the same asset in different markets in order to profit from a difference in its price. This work systematically reviews arbitrage opportunities between Automated Market Makers (AMMs) on Ethereum ZK rollups, and Centralised Exchanges (CEXs). First, we propose a theoretical framework to measure such arbitrage opportunities and derive a formula for the related Maximal Arbitrage Value (MAV) that accounts for both price divergences and liquidity available in the trading venues. Then, we empirically measure the historical MAV available between SyncSwap, an AMM on zkSync Era, and Binance, and investigate how quickly misalignments in price are corrected against explicit and implicit market costs. Overall, the cumulative MAV from July to September 2023 on the USDC-ETH SyncSwap pool amounts to $104.96k (0.24% of trading volume).

翻译：套利可能源于在不同市场中同时买卖同一资产，以获取价格差异带来的利润。本文系统性地研究了以太坊ZK Rollups上的自动做市商（AMMs）与中心化交易所（CEXs）之间的套利机会。首先，我们提出了一个衡量此类套利机会的理论框架，并推导出相关最大套利价值（MAV）的公式，该公式同时考虑了交易场所的价格差异和可用流动性。然后，我们实证测量了zkSync Era上的AMM——SyncSwap与币安之间历史上的MAV，并研究了价格错位在显性和隐性市场成本下的修正速度。总体而言，2023年7月至9月期间，USDC-ETH SyncSwap池的累计MAV达104,960美元（占交易量的0.24%）。