We collect and study 15,097 blocks proposed for inclusion in the Ethereum blockchain during 8 minutes on December 3rd, 2024, corresponding to 39 added blocks. These proposed blocks contain 10,793 unique transactions, and 2,380,014 transaction-block pairings, our primary unit of analysis. We find that 20% of user transactions are delayed: although proposed during a bidding cycle, they are not included in the corresponding winning block. Approximately 30% of such delayed transactions are exclusive to a losing builder. We also identify two arbitrage bots trading between decentralized (DEX) and centralized exchanges (CEX), which are responsible for a significant fraction of the value of proposed blocks. By examining their bidding dynamics, we estimate that the implied price at which these bots trade USDC/WETH and USDT/WETH on CEXes is approximately 2.8 basis points better than the contemporaneous Binance price.

翻译：我们收集并研究了2024年12月3日8分钟内为纳入以太坊区块链而提议的15,097个区块，对应实际添加的39个区块。这些提议区块包含10,793笔独立交易，以及2,380,004个交易-区块配对（我们的核心分析单元）。研究发现，20%的用户交易存在延迟：尽管在竞价周期内被提议，但并未被纳入对应的获胜区块。此类延迟交易中约30%为单一失败构建者所独有。我们还识别出两个在去中心化交易所（DEX）与中心化交易所（CEX）间套利的交易机器人，其交易价值占提议区块总价值的显著比例。通过分析其竞价动态，我们估算出这些机器人在CEX上交易USDC/WETH和USDT/WETH的隐含价格，较同期币安价格约优2.8个基点。