Research

"To Wait or To Probe: Arbitrage Competition on High-throughput Blockchains"
Fei Wu, Burak Öz.
Preprint.

"The Price of Decentralization in Block Building"
Burak Öz*, Fei Wu*,  Luis Correia,  Sen Yang,  Bruno Mazorra,  Stefanos Leonardos.
Preprint.

"Geographical Centralization Resilience in Ethereum's Block-Building Paradigms"
Sen Yang, Burak Öz, Fei Wu, and Fan Zhang
In ACM SIGMETRICS International Conference on Measurement and Modeling of Computer Systems  (SIGMETRICS 2026).
Non-archival: Ethereum Zurich 2026. Designing DeFi Conference 2026.

"The Free Option Problem of ePBS"
Bruno Mazorra,  Burak Öz, Christoph Schlegel, and Fei Wu*
In Financial Cryptography and Data Security - 30th International Conference (FC 2026).
Non-archival: Comlubia CryptoEconomics Workshop 2025.

"Measuring CEX-DEX Extracted Value and Searcher Profitability: The Darkest of the MEV Dark Forest"
Fei Wu, Danning Sui, Thomas Thiery, and Mallesh Pai
In 7th International Conference on Advances in Financial Technologies (AFT 2025).
Non-archival: The Latest in DeFi Research Conference 2025. Columbia CryptoEconomics Workshop 2025.

"From Competition to Centralization: The Oligopoly in Ethereum Block Building Auctions"  
Fei Wu, Thomas Thiery, Stefanos Leonardos, and Carmine Ventre
In 28th European Conference on Artificial Intelligence (ECAI 2025).

"To Compete or Collude: Bidding Incentives in Ethereum Block Building Auctions"  
Fei Wu, Thomas Thiery, Stefanos Leonardos, and Carmine Ventre
In 5th ACM International Conference on AI in Finance (ICAIF 2024).
Non-archival: ICML 2024 Agentic Markets Workshop.

"Strategic Bidding Wars in On-chain Auctions"  
Fei Wu, Thomas Thiery, Stefanos Leonardos, and Carmine Ventre
In 6th IEEE International Conference on Blockchain and Cryptocurrency (ICBC 2024).
Non-archival: Comlubia CryptoEconomics Workshop 2023.

Prisoners of Geography 2.0: The Theory Behind Where Validators Want to Run
Fei Wu

Free Option Problem in ePBS
Part I  and  Part II
Christoph Schlegel, Bruno Mazorra, Burak Öz, Fei Wu, and others

Dune Dashboard: CEX-DEX Arbitrages
Fei Wu

Dune Query: CEX-DEX Arbitrage Heuristics and Dataset
Fei Wu and Danning Sui

MMASim - MEV-Boost Auction Simulation Framework
Fei Wu and Thomas Thiery

"Game-theoretic Model for MEV-boost Auctions (MMA)"
Thomas Thiery, Julian Ma, Fei Wu and others