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Head First DeFi: TX & Strategies
  • Decoding the DNA of DeFi Transactions & Strategies
    • From Arbitrage, Sandwich to JIT and Oracle Manipulation
    • Be Prepared To Explore the DeFi World
    • Case Study Format
  • MEV Transaction & Strategy 101
    • A $3.2 Million Profit Arbitrage, the Most Lucrative MEV of 2022
    • Understand Back-Run Arbitrages and Their Signals and Join the MEV Game.
    • Wallchain's MEV Arbitrage Redistribution
    • MEV Blocker, the multi-transaction MEV redistribution system that refunds 90% of builder rewards
    • With NFT arbitrage, someone was snipping your Baby Doge.
    • The Hidden Tax That You Should Know About
    • MEV-Share, Flashbots' MEV Redistribution Solution
  • Don't Let Your Trading Become the Recipe of Someone's Sandwich
    • The Notorious Jaredfromsubway.eth's Sandwich Attack
    • Combined with Flash Loan, This Leveraged Sandwich Launched the Attack with Millions of Volumes
    • Sandwich Targeting Liquidity Providers
    • The Flash-Loan-Enabled Sandwich Attack against Ethereum Foundation
  • Under the Hood of the DeFi Lego
    • What's Really Going on When Processing Liquidity in a Uniswap Pool?
      • Pretend You Are One of the Shareholders of a Bank Branch.
      • Let's Match the Bank Branch to a Uniswap Pool.
      • Adding Liquidity.
      • Removing Liquidity.
      • Conclusion
    • Liquidation: A Good Entry Point to Comprehend Internal Accounting Used by Many DeFi Protocols.
    • A Cross-Chain Arbitrage: The Art of Arbitraging BANANA Cross BSC and Polygon Chains
    • Liquidity Rebalancing: Moving Around $9.4 Million for More Fee Revenues.
    • Rebalancing loan positions utilizing AAVE Flash loan
    • How Does the Grok Token Exploiter Exploit the X Token By Baking His Own Cake And Eating it?
  • Unlocking the Power of Advanced DeFi Transactions and Becoming a DeFi Sleuth
    • Just-in-Time, an MEV Type That Benefits Traders in the Same Trading Venue
    • A Bot Devised Arbitrage Strategies Centered on Autonomous Minting and Burning of Synthetic Tokens
    • The Defect in a Lending Protocol's Oracle Module Was Exploited by a Bot to Generate a $110K Profit
    • A $296K-Profit Arbitrage Done by the Lightning Reflex Bot After the Vyper-Curve Exploit
    • Coffeebabe.eth Utilized Curve's CRV/WETH Pool's Price Deviation for a $5.4 Million Profit Arbitrage.
    • An Attacker Baited MEV Arbitrage Bots and Emptied Their Wallets
    • How Enso Solves 73.5ETH in 116 Steps in One Transaction
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On this page
  • Strategy One-liner
  • Big Picture
  • Key Steps
  • Key Protocols
  • Key Addresses
  • Key Assets
  • Simplified Illustration
  • Step-by-step Decoding
  • More Details
  • Keywords

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  1. MEV Transaction & Strategy 101

A $3.2 Million Profit Arbitrage, the Most Lucrative MEV of 2022

PreviousMEV Transaction & Strategy 101NextUnderstand Back-Run Arbitrages and Their Signals and Join the MEV Game.

Last updated 1 year ago

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Strategy One-liner

This is an arbitrage between two pools. The searcher made a profit of $3.2 million out of one single arbitrage, paying 1.2582 ETH to the miner as a bribe while borrowing about 297 WBTC from Uniswap by using the flash swap.

Big Picture

Key Steps

  1. Step 0: The searcher borrowed 296.8354 WBTC from Uniswap V2's WETH/WBTC pool using Uniswap's flash swap.

  2. Step 1: The searcher swapped the borrowed WBTC for 4,160.9977 WETH in Uniswap V3's WETH/WBTC pool.

  3. Step 5: To ensure the miner accepts the arbitrage, the searcher transferred 1.2582 ETH to the miner as a bribe.

Key Protocols

  • Uniswap: The biggest DEX protocol.

Key Addresses

  • The searcher's EOA, shown as a pentagon, is marked as "from": 0xB8Ef267283E0A11a2CB7BdB4C1667B9c7E3a6e9F.

  • Uniswap V2 Liquidity Pool, shown as an oval, trading WBTC and WETH: 0xBb2b8038a1640196FbE3e38816F3e67Cba72D940

  • Uniswap V3 Liquidity Pool, shown as an oval, trading WBTC and WETH: 0xCBCdF9626bC03E24f779434178A73a0B4bad62eD

Key Assets

WBTC, WETH.

Simplified Illustration

Step-by-step Decoding

Step 0: The searcher's bot borrowed 296.835415WBTC from Uniswap V2's WETH/WBTC pool using Uniswap's flash swap.

Step 1-2: The searcher's bot swapped the borrowed WBTC for 4,160.997729 WETH in Uniswap V3's WETH/WBTC pool.

Step 3: The searcher's bot returned the borrowed WBTC in 2,193.2113 WETH.

Step 4: The searcher burned 0.0072 ETH as a gas fee.

Step 5: To ensure the miner accepts the arbitrage, the searcher transferred 1.258 ETH to the miner as a bribe.

More Details

How do we get the token flow chart?

You can paste the transaction hash into the search box and click the search icon or button.

How do we know the profit and loss of this arbitrage?

We have calculated and displayed the profit, revenue, and cost of this arbitrage right beside the token flow chart. The computation is based on the price of the tokens involved when the arbitrage happened.

How do we get the balance changes of each hash address?

On the bottom of the EigenTx transaction detail page, you can find the balance change table. The table below shows the profit of the searcher.

Keywords

Uniswap, arbitrage, flash loan, flash swap

The searcher's bot, shown as an oval, is marked as "to" in the center: 0xbaDc0dEfAfCF6d4239BDF0b66da4D7Bd36fCF05A. This used to be and lost 1,101 ETH.

You can examine all the above transfers between two hashes in the Transfer List table at the bottom of the EigenTx transaction detail page. Visit for more about EigenTx's layout and features.

Sometimes, all you have is the hash of a transaction. You can get the token flow chart by searching the transaction at or .

Using :

Using :

a famous bot that got hacked
the manual of EigenTx
https://eigenphi.io/
https://eigenphi.io/mev/eigentx
https://eigenphi.io/
https://eigenphi.io/mev/eigentx
Transaction Flow Chart | EigenTx:0xb55d4267a3565fdc8bada2638f97ed0bb31aa40bf8d4b304086dbdc1ca7d7844EigenPhi
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