arXiv · arXiv · 2026
Automated Market Makers based on concentrated liquidity, such as Uniswap v3, significantly improve capital efficiency but expose Liquidity Providers (LPs) to adverse selection costs, formalized as Loss-Versus-Rebalancing (LVR). While theoretical literature quantifies these costs, the interplay between realistic blockchain microstructure and endogenous pricing mechanisms remains under-explored. This paper develops a g…
Daniele Maria Di Nosse, Fabrizio Lillo
arXiv · arXiv · 2026
This paper develops a three-currency Heath-Jarrow-Morton framework in which corporate credit is treated as a separate economy, connected to the nominal and real economies through synthetic inflation and credit exchange rates. The framework produces a testable identity. Under joint no-arbitrage, the credit spread of an issuer expressed over the inflation-rateindexed risk-free curve equals the same issuer's credit spre…
Raphael Coelho
arXiv · arXiv · 2013
Through the analysis of a dataset of ultra high frequency order book updates, we introduce a model which accommodates the empirical properties of the full order book together with the stylized facts of lower frequency financial data. To do so, we split the time interval of interest into periods in which a well chosen reference price, typically the mid price, remains constant. Within these periods, we view the limit o…
Weibing Huang, Charles-Albert Lehalle, Mathieu Rosenbaum
arXiv · arXiv · 2026
In this paper, we develop an open-economy macroeconomic model of a Proof-of-Stake network to analyze nominal token-price dynamics and the systemic effects of speculative capital. We first consider a network populated solely by active utility users, who finance network activity through a steady exogenous inflow of fiat currency. We prove the existence of a unique, globally asymptotically stable steady-state equilibriu…
Mikhail Perepelitsa
arXiv · arXiv · 2026
Retractions serve as an indicator of failures in research integrity, yet most analyses focus on absolute counts rather than risk per paper. We use one of the largest open bibliographic databases to develop incidence metrics normalized by population: retractions per publication and per active author annually. Applying an epidemiological framework that models counts with exposure, we find evidence of exponential growth…
Sara Venturini, Alessandra Urbinati, Paola Gallo, Jessica T. Davis, Alessandro Vespignani
arXiv · arXiv · 2026
Recent multimodal large language models have achieved strong performance in unified text and image understanding and generation, yet extending such native capability to 3D remains challenging due to limited data. Compared to abundant 2D imagery, high-quality 3D assets are scarce, making 3D synthesis under-constrained. Existing methods often rely on indirect pipelines that edit in 2D and lift results into 3D via optim…
Chongjie Ye, Cheng Cao, Chuanyu Pan, Yiming Hao, Yihao Zhi
arXiv · arXiv · 2026
We present a large-scale experimental study of quantum-computing-based molecular simulation carried out on IQM's Sirius 24-qubit superconducting processor, utilizing up to 16 operational qubits. The work employs Sample-based Quantum Diagonalization (SQD) together with the Local Unitary Cluster Jastrow (LUCJ) ansatz to estimate ground-state energies for a set of benchmark molecules, including H$_2$, LiH, BeH$_2$, H$_2…
Anurag K. S. V., Ashish Kumar Patra, Manas Mukherjee, Alok Shukla, Sai Shankar P.
arXiv · arXiv · 2026
The Martian brain terrain (MBT), characterized by its unique brain-like morphology, is a potential geological archive for finding hints of paleoclimatic conditions during its formation period. The morphological similarity of MBT to self-organized patterned ground on Earth suggests a shared formation mechanism. However, the lack of quantitative descriptions and robust physical modeling of self-organized stone transpor…
Shenyi Zhang, Lei Zhang, Yutian Ke, Jinhai Zhang