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That was my initial thought as well: this would just become an arms race to submit your trade last? But maybe if the trades were priority queued it would negate that.

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Correct. I believe you need to randomize the auction time. This massively reduces the speed advantage. Without that speed is as important as ever.

How does a priority queue work?

That just leads to the same question: is there proof its harder to game random batches?

Gameability is distinct to whether there is an advantage to low latency. A random batch auction will be gameable but not so much via speed. Not sure how a math proof would work for that though.

But maybe if the trades were priority queued it would negate that.

If the trades are priority queued, then you have just recreated the speed "arms race" that this idea hopes to eliminate.

But if you submit your trade ‘first’ you miss out on any information that arrives afterwards.

Maybe it cancels out the advantage of being ‘first’? I am admittedly well outside my area of expertise.

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