The gas limit is the trade.

LiveThe running read

Once an hour a public script reads the chain and appends a line. It records the block, the base fee, and the shMON unstake fee. It does not search for a route and it does not send a transaction. The prints in the rest of this tape stay the 16 October pass.

01What Monad actually charges

A transaction pays gas_limit × price. The price is at least 100 gwei. Gas left unused is not refunded against that bill, and a revert pays the whole limit. Shrinking a quote, or hoping the chain will charge only the gas that was consumed, does not change the number a signer has to put on the transaction.

The table is the floor with no tip: limit times 100 gwei. A tip, a cushion so the transaction does not revert, and the calldata all sit on top.

A gain has to clear the limit you would actually sign. A forge gasUsed figure includes the test harness, so it is an upper bound on the work, not a number to put in a wallet. The wallet number is what eth_estimateGas returns on a Monad node, checked by an eth_call one gas lower that reverts. The closest print below is the harness. The section after it is the node.

02The universe, counted

A pair counted as solvent when both token balances covered the reserves. A cycle had to start and end in WMON. The fee in the constant-product math was 997. A hit was a cycle whose quoted profit was above 0.005 MON. A skim was spare inventory above 0.02 MON or 0.02 USDC. The public RPCs were rpc.monad.xyz, rpc-mainnet.monadinfra.com, and rpc.ankr.com/monad_mainnet.

Eight v2-style factories. 39,296 pairs. 35,000 of them solvent. Two hits. Zero skims.

Beside that book, 210 Uniswap v3 and Pancake v3 pools were opened, 74 of them live, 36 with liquidity. Curve was read on stables, on cbBTC/WBTC/LBTC, and on the LST pool. Uniswap v4 was quoted, not indexed. Kuru was asked bestBidAsk on 100 markets. LFJ, Pinot, Atlantis, Capricorn, Monday Trade, Bean, Aethonswap, Balancer v3, and SomeSwap were opened where a contract answered. Morpho Blue was read for positions that were actually underwater. Share tokens were shMON, sMON, gMON, aprMON, sLVMON, strUSD, and the other wrappers that expose a redeem.

The two hits are below. On the forge harness the real one still loses to the limit the test signed. Priced later on the Monad node, the same path clears, and that print is the next section. The other hit is a pair of mock tokens and is smaller than a three-hop bill. Everything else in this tape is a route we measured because it looked like money, and it did not clear.

03The closest print

DYORSwap, factory 0xE78B9c8F3e9f46CEDC204309E9F387f736d0d278, router 0x26CEb692410c4b3C12D63e01CFc03eEA103fc474. The path is WMON, USDC, NADXBT, WMON. NADXBT is a 9-decimal token, 11,866 bytes of code, at 0x7289A594e116DC99af16ff0db0529A803b68Bfa5.

The WMON/USDC pool is ordinary: about 1,500 MON and 34.66 USDC, near the market. The USDC/NADXBT pool holds 0.240 USDC. The WMON/NADXBT pool holds 0.06745 MON. NADXBT is far cheaper through USDC than it is against that last pool, so a small MON sale buys the token cheaply and sells it into the 0.067 MON inventory.

Settled on a fork

swapExactETHForTokens of 0.01 MON returned 0.063059387 MON of WMON. Gross profit 0.053059387 MON. The router’s own quote was 0.063077226 MON, and the constant-product scan quoted 0.053077226 MON of profit on the same size. The 0.000018 MON gap is a small transfer haircut. The tokens moved.

The floor is already 0.00294 MON above the gain, before calldata and before a cushion. The limit the fork test actually attached is the honest signature: 579,384 gas, 0.0579384 MON, net −0.004879 MON. A short limit reverts, and a revert bills the whole limit.

The same three swaps by hand, each output sent back to the caller, returned the full quoted 0.063077226 MON and burned 962,235 gas. That bare bill was 0.0985735 MON, and the net was −0.045496 MON. The existing router is the cheaper machine. A new contract around the same hops would add a deployment, and a deployment costs more than this entire gain.

That note was the harness at size 0.01. The router call on a Monad node, at size 0.006, with the node’s own access list, comes in under the gain. The next section is that measurement. The harness number stays here so the miss is not rewritten.

04The floor clears

Same router, same three pools, smaller size. swapExactETHForTokens of 0.006 MON. The path is still WMON, USDC, NADXBT, WMON. The three pools were solvent on the fork: token balance equaled reserve on both sides of each pair. The WMON/NADXBT pool still holds about 0.067 MON, so this size is most of the mispricing, and the next person to trade it takes it.

Fork balance, live gas. Not broadcast

The router’s return value is the quote, 0.060465831 MON. The WMON that arrives is less. On a fork of block 113,785,475 the recipient’s WMON balance rose by 0.060420185 MON. A live trace at block 113,787,261 shows the same transfer, 60,420,185,260,805,938 wei, to the published team owner 0xc0c4E411e41bECAD6DA860F67063C2D6363a6113. That address was the from of a simulation. Nothing was signed.

Setting minOut to the quote reverts with DyorRouterV2: INSUFFICIENT_OUTPUT_AMOUNT. Setting it to the received amount, 60,420,185,260,805,938 wei, is accepted. The return array is not the fill.

Gas, from the live node, base fee 100 gwei. With no access list, eth_estimateGas at that minOut is 523,536. The bill is 0.052353600 MON. Net 0.002066585 MON. With minOut of 1 and no list, an eth_call succeeds at 519,452 gas and reverts at 519,451. There are 20,665 gas of room before the 523,536 bill meets the gain. A fat cushion spends it.

The node’s access list is 12 entries. With that list, and minOut equal to the received amount, eth_estimateGas is 294,130. The bill is 0.029413000 MON. Net 0.025007185 MON. The same list on an Ethereum-schedule fork used 290,584 gas for a successful swap, against 518,184 with no list, so the cut shows up on both meters. One gas under 291,725 the live eth_call fails. At 291,725 it returns. There are 250,071 gas of room before the access-list bill meets the gain. The price can rise from 100 gwei to 185 gwei and the bill still sits under the gain. At 186 gwei it does not.

The list is the router, WMON, USDC, NADXBT, the factory, the three pairs, the USDC delegatecall target 0xbd520ea8cbb4f81b62aff3c3ffe7affd69800b6d, a 23,329-byte contract the router calls with empty calldata at 0xe18cec5cab64b54357fb1d9cb317ccabbaeae648, and two accounts with no code, 0x30c4ee621d3c2e9b75528a11843797e1738d8e4b and 0xdf25f88aa6cde9937fdcfcf10fa349528c79dbf9. Anyone can rebuild it with eth_createAccessList.

A revert still pays the whole limit. One failed attempt at that gas costs more than the net. The pool is thin. The next section is the receipt from the one send that used this simulation. The clip limit, the round, and the 5 MON reserve are unchanged.

The same hour, v3 round trips of 1 MON were quoted and not settled. WETH came back +0.003455 through Uniswap fee 500 into Pancake fee 500. AUSD came back +0.008570 through Uniswap fee 100 into Pancake fee 500. USDC was −0.001325, USDT −0.002571, WBTC −0.144079. A two-leg v3 bill is about 0.028 MON before any list. Neither positive quote clears that, so they stay quotes. The skim book under 0.02 MON was not walked again. The earlier zero above 0.02 still stands.

Gross 0.054420185 MON. Signed limit 294,130. Bill 0.029413 MON. Net +0.025007185 MON at the 100 gwei floor. Not a receipt.

05The fill

Mainnet receipt

The same path was still there at block 113,790,995. A dry call from the rebalancer gas wallet 0xC2cF684A3931143FD877F02222085713842a090E received 0.060420185 WMON, the access-list estimate was 294,057, and the net at 100 gwei was 0.025014485 MON. The eight v2 factories had the same pair counts as the blotter: 21,289, 13,062, 3,802, 1,037, 67, 30, 8, and 1. No new pair had appeared.

The send used that wallet, not a vault. The balance before the swap was 97.358921519 MON. The script refused to sign unless the fresh net was above 0.005 MON and the balance after the spend would stay at or above 5 MON. minOut was the 0.006 MON input plus the gas bill. The tip was 0. The max fee was 100 gwei.

The chain agrees. Both receipts are status success, both gas-used figures equal the limits, and the wallet balance read after the unwrap is 97.379696904 MON. The landed gain is smaller than the swap-only simulation because the unwrap paid 42,391 gas to turn the WMON back into MON.

A second call of the same path at block 113,791,497 returned 0.003315408 MON on a 0.006 MON input. The access-list bill was still 0.029405700 MON. The net was −0.032090292 MON. The inventory in the 0.067 MON pool is gone. The same script now refuses to sign.

The rest of the book, read in the same pass, did not clear. The four Kuru books that answered before still are not crossed: cbBTC/USDC bid over ask 0.99960, WETH/USDC 0.99955, the third USDC book 0.99940, MON/USDC 0.99822. The gMON market 0x1ca0f16a316c3ee0ff3cec5382caad5648ea512d now answers bestBidAsk instead of reverting, at 0.99900, and it is not crossed. The shMON unstake fee is 0.680874% of the ray. That is still the fee, not a discount. The clip gas, the ten minute round, and the 5 MON reserve are unchanged.

Landed +0.020775385 MON. Swap 294,057 gas. Unwrap 42,391 gas. Wallet left at 97.379696904 MON.

06Settled, and still short

These moved tokens on a fork, or they already have a mainnet receipt. The gain is real. The bill is larger.

07Share tokens

A discount to net asset value is a print only when the share can be turned back into MON in the same transaction. These could not.

08Pools and books that were actually there

These quotes executed against contracts that hold the tokens. The edge, where there was one, was smaller than the fee or smaller than the gas.

09Numbers that were not inventory

These are in the tape because they looked like the largest numbers on the desk. The chain did not hold the tokens the index was pricing.

13No size cap

The earlier hit line was 0.005 MON and the earlier skim line was 0.02. This pass drops both. A constant-product cycle is kept when the optimal size, anywhere inside the reserve, quotes a profit above zero. A skim is a same-block balance above the reserve, of any size. The eight factories still had the same lengths: 21,289, 13,062, 3,802, 1,037, 67, 30, 8, and 1, read at block 113,795,144. Three more v2 books answered allPairsLength: LFJ v1 16, Purps 11, SomeSwap 46. The constant-product graph held 35,083 pairs with both reserves above zero. It examined 6,209 cycles and found 138 quotes above zero.

The largest quote was 0.139697384 MON on 2.542 MON of shMON, Madness into Purps. The Madness pair 0xCd7A88b15CE3D693F4883BF58490125e32CB3416 reported a reserve and a token balance of zero. That quote has no inventory. The Nad router 0x8986c8fd44eb85294a725a7e61af35e76ba26f91 reverted getAmountsOut on the CHOG and NPC cycles, so those stay on the constant-product screen. The mock Cake cycle is the same one already on the blotter, about 0.018972 MON, still under a three-hop bill.

Mainnet receipt

UNCLE, 0x483A6a93c352c9666dFE84693E5B957d555D7777, was solvent on both sides. Pancake v2 pair 0x90934790DCB95A51156405348ddcdFf5A438A214. Purps pair 0xb0923F9D83EAAC35f5C8A2753ba6f13994f05276. The optimal size was 0.081016337 MON. Both routers returned 0.126985578 WMON. Gross 0.045969241 MON. A fork of the two swaps moved that amount. One creation does both swaps and unwraps, and it returns no runtime code. At block 113,798,387 the access list had 8 entries, eth_estimateGas was 318,301, the bill at 100 gwei was 0.031830100 MON, and the net was 0.014139141 MON.

The send used the rebalancer gas wallet again. The balance before it was 97.161076832 MON. minOut on the second swap was the input plus the gas bill. The tip was 0. The max fee was 100 gwei. The script signed because the fresh net was above 0.005 MON and the balance after the spend stayed above 5 MON.

The receipt is status success. Gas used equals the limit. The created address 0x274ebd04e252c14d9cbc23e3ef1538b4b0d0ea46 has no code. The wallet balance read after the transaction is 97.175215973 MON.

The same size after that block buys 851.966591326 UNCLE and sells it for 0.059445328 MON. That is 0.021571009 MON under the input, before gas. The script refuses to sign.

The skim, read in one block

39,369 pairs, reserves and balances taken at block 113,796,243. Zero pairs held extra WMON or extra USDC. A split read a few blocks earlier had shown 206.743794619 WMON on Nad pair 0x97199B34564911936bC850aC45eDe785892B5AAD, plus USDC gaps of 5.576478, 3.071158, 0.680964, and 0.348831. The same pairs, read together, had balance equal to reserve. skim transferred 0. The gap was the pool moving between two calls. It was not inventory.

The deep books, any size the quoter still answered

Eight QuoterV2 contracts, fees 100, 500, 2,500, 3,000, and 10,000, sizes from 0.05 MON through 50,000 MON where the quote still returned. 46 legs were live. The best round trip was WMON/AUSD at 0.5 MON, Uniswap fee 100 into Pancake fee 2,500, +0.018544795 MON. WMON/USDC at 50 MON, Pancake fee 500 into fee 2,500, was +0.005433631 MON. WMON/WETH at 0.5 MON was +0.003275493 MON. WMON/USDT at 0.05 MON was +0.001455614 MON. USDC/USDT and USDC/AUSD were negative at 0.05. A two-leg v3 bill is about 0.028 MON. None of those quotes clears it.

Uniswap v4, 1 MON into USDC, fee 500, tick spacing 10, returned 0.022973 USDC. GHO/USDC, fee 100, tick spacing 1, returned 0.998899 USDC for 1 GHO. The index mid near 0.9546 does not survive that call. No v3 leg answered for GHO or for cbBTC. Curve’s factory listed 34 pools. Every completed round trip, from a thousandth of the balance up to half of it, came back under the amount that went in. Kuru bid over ask: cbBTC/USDC 0.99960, WETH/USDC 0.99945, the third USDC book 0.99940, MON/USDC 0.99809, gMON 0.99900. None crossed. The NADXBT path returned 0.003302582 MON on 0.006 MON. The shMON unstake fee was 0.680782% of the ray.

LFJ’s LB factory holds 78 pairs and Bean’s holds 80. The LB quoter for 1 WMON returned 0.022906 USDC, in line with the v4 price. Joe v1’s 16 pairs are inside the constant-product count above. The clip gas, the ten minute round, and the 5 MON reserve are unchanged.

Landed +0.014139141 MON. Creation gas 318,301. Wallet left at 97.175215973 MON. The same size now comes back 0.059445328 MON.

14A thousand MON

This pass keeps a trade that spends 100, 1,000, or 10,000 MON when the settled gain after the gas limit is above zero, including a gain that is only a fraction of a MON. Factory lengths were read at block 113,822,808 and had not moved: Uniswap v2 21,289, Pancake v2 13,062, Nadswap 3,802, DYORSwap 1,037, OctoSwap 67, Madness 30, zkSwap 8, Swyrl 1, LFJ v1 16, Purps 11, SomeSwap 46. Kansei’s v2 factory had 2 pairs. Curve’s twocrypto factory had 13 pools and its tricrypto factory had 0. Bean’s LB factory still had 80 pairs. LFJ’s LB factory still had 78.

The router grid, at block 113,823,585, asked ten v2 routers for round trips at 100 and 1,000 MON, and at 23, 230, and 1,000 units of the 6-decimal stables. 172 first legs returned an amount. Zero came back above the input. Curve’s 13 twocrypto pools were round-tripped from a thousandth of the balance up to half of it. Every completed trip was negative. Eight QuoterV2 contracts were asked for WMON round trips and three-hop paths through USDC, USDT, AUSD, and WETH. 1,164 two-leg trips and 411 triangles came back. Zero were positive. The least bad two-leg print was −0.020381 MON at 100 MON of shMON, Uniswap fee 100 both ways. At 1,000 MON the least bad was −0.238771 MON, same pair. The least bad triangle was −0.095601 MON at 100 MON, WMON to AUSD to USDC to WMON.

Uniswap v4, fee 500, tick spacing 10, returned 2.332681 USDC for 100 MON, 23.326564 USDC for 1,000 MON, and 233.240849 USDC for 10,000 MON. That is the deep book, not a gap. Atlantis, Aethon, and zkSwap returned no WMON to USDC quote at 1,000 MON on fees 100, 500, 2,500, 3,000, and 10,000. iZiSwap has WMON/USDC pools at fees 500, 3,000, and 10,000. swapX2Y reverted with PR. WooFi quoted 23.271756 USDC for 1,000 WMON, and 983.791127 WMON for 23 USDC.

A 1,000 MON deposit quotes 904.185759 gMON, 911.123491 aprMON, and 610.773751 shMON. Selling those shares back to WMON on OctoSwap returned 31.950095, 30.087284, and 26.090124 MON. The shMON unstake ray on this pass was 6,742,276,241,333,382,050,000,000, which is 0.674228%. Earlier prints near 0.680% stay where they were written.

The one net above zero

Bean pair 0xa292bbDaCF094C9E224628708e23f66Ac103Ff7c buys shramp, 0x42a4aA89864A794dE135B23C6a8D2E05513d7777, and Uniswap v2 sells it. The pair and the Uniswap pool both hold the tokens. Size 0.000123236 MON. A fork of the two swaps and a Monad trace both returned 0.054652568 MON. Gross 0.054529332 MON. The access list had the node’s entries. eth_estimateGas was 537,447. The same call fails at 537,446. At 100 gwei the bill is 0.053744700 MON and the net is +0.000784632 MON. There is no spare gas under that limit. A revert would bill 0.053744700 MON. It was not sent.

The larger shramp book, Bean pair 0x46D9179949539ac00B0972BfEdc4f7aC4e5B19C9, quotes a bigger gross and loses it to gas. Size 0.390716529 MON. Gross 0.135644023 MON. Monad estimate 2,157,718 gas, bill 0.215771800 MON, net −0.080127777 MON. The emo book quoted +0.022934995 MON and the creation estimate was 6,616,287 gas, a bill of 0.661628700 MON. The wallet was left at 96.985938010 MON. The clip gas, the ten minute round, and the 5 MON reserve are unchanged.

No send. The only Monad net above zero was +0.000784632 MON, and 537,446 gas reverts.

15The same shapes

The two fills were small. NADXBT was 0.006 MON on one DYORSwap router, WMON to USDC to NADXBT to WMON. UNCLE was 0.081016337 MON, PancakeSwap v2 into Purps, in one creation. Both were signed by the rebalancer 0xC2cF684A3931143FD877F02222085713842a090E. This pass priced those two paths again, then every WMON and USDC pair on nine v2 routers, and kept a route only when a fresh Monad simulation still cleared 0.005 MON after the gas limit, with 15,000 gas to spare, a limit of at most 800,000, and a size of at most 2 MON.

At block 113,877,222 the rebalancer held 96.456732959 MON. The NADXBT path at the fill size returned 0.003340795 MON. The UNCLE path returned 0.059445328 MON. A grid from 0.001 MON to 2 MON, read at block 113,877,436, was negative on every size. The least bad NADXBT print was −0.000083576 MON at 0.001 MON. The least bad UNCLE print was −0.000005407 MON at 0.001 MON.

Factory lengths were unchanged: Uniswap v2 21,289, PancakeSwap v2 13,062, DYORSwap 1,037, Purps 11, SomeSwap 46, LFJ v1 16, OctoSwap 67, zkSwap 8, Kansei 2. The index kept 35,401 pairs that hold WMON or USDC, and 34,355 of those legs touch WMON. Constant-product search kept the top 20 cross-router hops and found 5 same-router triangles above zero before gas.

The closest hop

AFF, 0xF6Aad8897eA650788e5033Cda6Bf99D5a144238c, bought on PancakeSwap v2 and sold on Uniswap v2. Size 0.2 MON. At block 113,878,240 the router and the creation trace both returned 0.226527576 MON. Gross 0.026527576 MON. The access list had 7 entries. eth_estimateGas was 320,764. At 100 gwei the bill is 0.032076400 MON and the net is −0.005548824 MON. A later call at block 113,878,764, same estimate, succeeds at 319,304 gas and fails at 319,303. That is 1,460 gas of room under the limit. The gate wants 15,000. It was not sent.

The next router quotes, at block 113,878,764, were smaller. CHOG on OctoSwap into Uniswap v2, 0.5 MON, gross +0.011681677 MON. BTCBR on DYORSwap into Uniswap v2, 0.1 MON, gross +0.010054049 MON. A Uniswap v2 DUST triangle, 0.02 MON, gross +0.001255914 MON. SomeSwap’s router reverted on the CHOG hop, and LFJ’s router reverted on a 2 MON USDC hop into SomeSwap. Those grosses sit under the 0.029 MON bill of the NADXBT swap. They were not estimated and they were not sent.

What keeps looking

runner/rebalancer-seek.mjs reads the same nine routers, refreshes the hot pairs, and signs with the rebalancer key only when a fresh simulation still clears the gates above. The balance has to stay at or above 5 MON. If the showcase round already has a rebalancer transaction pending, the tick waits. A revert ends the process. The schedule is minute 15 of each hour. After the index, the job checks about every 4 seconds for 35 minutes, and it skips a path it has already priced until the reserves move. One trade locks at most 2 MON plus about 0.08 MON of gas, and that MON comes back in the same transaction.

The rebalancer already holds 96.456732959 MON. No top-up is required for that loop. A 50 MON top-up, taking the wallet toward 150 MON, is a buffer for showcase gas and for one reverted limit. The buffer was not sent.

No send. NADXBT at 0.006 MON came back 0.003340795. UNCLE at 0.081016337 MON came back 0.059445328. The closest new hop netted −0.005548824 MON.

16A fraction

The router creation for AFF billed 0.032076400 MON and the net was −0.005548824 MON. Calling the two pairs, and leaving 15,000 gas under the signed limit, bills 0.0252909 MON. At 0.2 MON that is a gain. The rebalancer sent it.

Creation 0x2b9abaee48e68ccbce0a93227b809dc217fd179b80da2b0e375767fabcba8fee in block 113,887,873. Status success. Value in 0.2 MON. Gas limit and gas used 252,909. Max fee 100 gwei, tip 0. The bill is 0.0252909 MON. The created address 0x6b0d2fa6d43bbc17cc52d10335fcd82940a88fb4 has no code. The wallet was 96.208312614 MON before that block and 96.208679186 MON after it. The native delta is +0.000366572 MON.

The same pass, one v3 round trip

PancakeSwap v3, WMON to AUSD fee 500 and back fee 2,500, in one exactInput. Size 1 MON. The trace returned 1.035711141 MON. Gross 0.035711141 MON. eth_estimateGas was 317,540. The call succeeds at 316,111 and fails at 316,110. Signing 331,111 leaves 15,000 gas under the limit. The bill on that print is 0.033111100 MON and the net is +0.002600041 MON. The call at the limit minus 15,000 succeeds. That print is the simulation. The receipt is the next paragraph.

Creation 0x7dd7ec22473b38d9ae226d3c79ffd2a189ac2ff3c7026c4bb31cb0d6a1e200e7 in block 113,890,792. Status success. Value in 1 MON. Gas limit and gas used 332,184. Max fee 100 gwei, tip 0. The bill is 0.033218400 MON. The created address 0x5adb947c9663bf427bf0f42c5b9f216efd100cb7 has no code. The wallet was 96.208679186 MON before that block and 96.210408280 MON after it. The native delta is +0.001729094 MON. The fresh simulation before the signature moved the limit from 331,111 to 332,184, and the receipt is that later limit.

At block 113,886,544 the same pass read 80 Bean LB pairs and 78 LFJ LB pairs. The positive LB quotes were the shramp and emo prints already on this tape: 0.054529332 MON and 0.135644023 MON on shramp, 0.022934995 MON on emo. Those gas results are unchanged, and they were not sent. v3 quoters for USDC, USDT0, AUSD, WETH, shMON, gMON, and aprMON, across Uniswap, Pancake, Capricorn, Monday, and OctoSwap, printed 287 quotes above the input. The best gross was AUSD at 0.034820 MON. The next quotes were under 0.002 MON, which sits under a two-leg bill of about 0.033 MON.

runner/direct-seek.mjs signs the same rebalancer key when a fresh simulation of a direct hop, or of this AUSD path, still clears after a limit that succeeds 15,000 gas lower. The net floor on that job is 1 wei. The wallet stays at or above 5 MON. A revert ends the process. The 0.2 MON AFF size, and the 1 MON AUSD size, are not sent again unless that fresh simulation still clears.

Landed +0.000366572 MON on the direct AFF hop. Landed +0.001729094 MON on the AUSD round trip. The other 286 v3 quotes sat under the bill.

17The wider book

The AUSD path that landed was quoted again at block 113,896,596. Size 1 MON came back 0.965548722 MON. Gross −0.034451278 MON. It was not sent again.

The same pass read 100 live WMON pools on Uniswap v3, Pancake v3, Capricorn, OctoSwap, zkSwap, and Monday. The tokens were USDC, USDT0, AUSD, WETH, shMON, gMON, aprMON, mUSD, EURW, cbBTC, wstETH, and sMON. Same-venue fee round trips at 0.5, 1, and 2 MON, and v2 router crosses on Uniswap, Pancake, DYORSwap, Purps, OctoSwap, zkSwap, and LFJ, produced no quote above 0.012 MON.

Crossing venues, the best quote was Pancake fee 500 into Uniswap fee 500, through AUSD, at block 113,898,376. Size 0.3 MON. The second quote returned 0.321119229 MON. Gross +0.021119229 MON. A two-leg v3 creation bills about 0.033 MON. The quote is short of that bill. The same cross at 0.5 MON grossed less, and at 1 MON it was negative. It was not sent.

Curve’s stableswap factory had 34 pools. Ten hold WMON. The four-coin pool 0x74d80eE400D3026FDd2520265cC98300710b25D4 returned 0.999799878 MON on 1 MON in. Gross −0.000200122 MON before gas. The other nine get_dy calls reverted. Twocrypto still had 13 pools. Balancer’s weighted factory reported 1 pool. None of those quotes were sent.

The wallet was 96.058914973 MON after this pass. Four clip calls in the same window, the last 0x3df09a6e45aa2afaa53fb07757542e7ebcad3079bf4f9b9eb0eacba89e493bca in block 113,898,577, each paid a gas limit near 372,000. The native delta on each one is that gas bill. They are the clip loop, and they are not a new arb receipt.

No new send. The closest gross was +0.021119229 MON, and the gas limit is larger than that.

18The follow-up

The same AUSD cross was quoted again at block 113,901,365. Pancake fee 500 into Uniswap fee 500, size 0.3 MON, came back 0.317491377 MON. Gross +0.017491377 MON. A two-leg v3 bill is still about 0.033 MON. The same path on one Pancake router, fee 500 into fee 2,500, was negative at every size from 0.05 MON to 2 MON. It was not sent.

v2 router crosses on the same block, including OctoSwap, peaked at AUSD, OctoSwap into Pancake, size 0.5 MON. Back 0.509514651 MON. Gross +0.009514651 MON. A direct pair creation bills about 0.025 MON. The quote is short of that bill.

WooFi querySwap of the USDC that Uniswap v2 returns, sold back to WMON, was quoted at block 113,903,556. Size 5 MON, Uniswap out 116,211 USDC, WooFi back 5.001346146 MON. Gross +0.001346146 MON. The same direction at 10 MON and 20 MON was negative. Metric and BrownFi getAmountsOut on WMON to USDC reverted. Those are not quotes.

Balancer querySwapSingleTokenExactIn on the WETH pool 0x067abd928147282fb06475a09f6be22cee933ea3, then the best v3 sell, lost 0.001287099 MON on 1 MON. The WBTC pool 0xad4779c425fefdf8c0fddf72ec53be34bae0809d lost 0.051322463 MON on 1 MON. Neither was sent.

The direct seeker, run 38897053998, indexed 34,994 WMON legs and found 5 constant-product hops above 0.02 MON. The best print was USDC, Uniswap into SomeSwap, size 2 MON, gross +0.026086634 MON. SomeSwap getAmountsOut reverted on that USDC amount, so the print is not a router quote. The job ended with 0 sends. Its last AUSD simulation, block 113,900,962, size 1 MON, net −0.072662843 MON after a 332,123 gas limit.

Two clip calls landed while that job ran. 0x45bbe816dbcdfa7c97e4c5e130c5785650d1e1308a804f370739a287090a3e07 in block 113,900,683, gas 371,736, native delta −0.037708117 MON. 0xf7dcf187beaf9989f28079f5ac793538b75e198fc1395676ccd1150457b0daac in block 113,902,798, gas 371,777, native delta −0.037674239 MON. Both call the clip pool. The wallet after the second was 95.983532617 MON. They are not arb receipts.

No new send. The best fresh gross was +0.017491377 MON, and the gas limit is larger than that.

19The next set

Eight quoters were opened at block 113,913,145: Pancake, Uniswap, Capricorn, Monday, OctoSwap, zkSwap, Aethon, and Atlantis. Forty-four fee tiers answered for CHOG, WBTC, USDC, WETH, AUSD, and shMON at 0.1 MON. Aethon and Atlantis answered once the Algebra struct included a deployer.

The best quote was one Uniswap router, AUSD fee 100 into fee 500, at block 113,914,517. Size 0.25 MON. The second quote returned 0.269961538 MON. Gross +0.019961538 MON. The same path at 0.2 MON was +0.018766459 MON, and at 0.5 MON it was +0.007153368 MON. A two-leg v3 creation bills about 0.033 MON. The peak is short of that bill. It was not sent.

Uniswap v4, quoter 0xa222dd357a9076d1091ed6aa2e16c9742dd26891, at block 113,913,272. AUSD fee 10,000, tick spacing 200, size 0.1 MON, sold on Uniswap v3 fee 500, came back 0.110307578 MON. Gross +0.010307578 MON. The fee 500 MON/USDC pool returned 0.023207 USDC on 1 MON. Native MON fee 100 returned 14 units of USDC at every size from 0.1 MON to 50 MON. None of those were sent.

CHOG, Uniswap fee 3,000 into Capricorn fee 10,000, grossed +0.000843010 MON at 0.1 MON and was negative at 0.5 MON. Aethon, selling the USDC that Pancake fee 500 returns, grossed +0.000668985 MON at 0.1 MON and was negative at 0.5 MON. Atlantis was negative at 0.1 MON. Kuru MON/USDC bestBidAsk was 0.023250 bid and 0.023289 ask. The book is not crossed.

A Gecko price on Pancake pool 0x481c4905f01b2544f60c1b9d35b6a6cacd7d3200 sat orders of magnitude off the other WBTC pools. The quoter returned 2 units of WBTC for 0.1 MON on the fee tiers that answered. That index price is not a quote. The Hanji helper 0x237db58fea34a35a8543b44c217d221606ce7788 is 130 bytes and getQuote reverted.

One clip call landed in this window. 0x263ef8ca4d2e77c2d6bd152ccd9624faa5d30249bdaa555805b62ba15b0da62e in block 113,907,008, gas 370,422, native delta −0.037763224 MON. It calls the clip pool. The wallet after it was 95.945769394 MON. It is not an arb receipt.

No new send. The best gross was +0.019961538 MON, and the gas limit is larger than that.

10The rule the desk keeps

Profit has to exceed gas_limit × price, and the limit has to be high enough that the call succeeds. The 0.006 MON cycle did that once. The receipt is +0.020775385 MON after the swap limit and the unwrap. The same call after that receipt loses 0.032090292 MON. The 0.081016337 MON UNCLE cycle did it once. The receipt is +0.014139141 MON. The same size after that receipt comes back 0.059445328 MON. The solvent Uniswap v2 book was 20,911 pairs and zero hits. Pancake v2 was 13,057 solvent pairs and one mock-token cycle. A same-block read of 39,369 pairs found no extra WMON and no extra USDC above the reserve. The thousand-MON pass had one Monad net above zero, +0.000784632 MON, and that call reverts one gas below the limit. It was not sent. The same-shape pass priced both fill sizes from 0.001 MON to 2 MON and priced the best new hop, AFF at 0.2 MON through the routers. The net was −0.005548824 MON, with 1,460 gas of room. It was not sent. Calling those two pairs directly, and signing 15,000 gas above the floor, landed +0.000366572 MON in block 113,887,873. A Pancake v3 AUSD round trip at 1 MON landed +0.001729094 MON in block 113,890,792. The signed limit on that receipt is 332,184. The earlier simulation at 331,111 gas stays on the blotter as a simulation. A later pass quoted 100 v3 pools, seven v2 routers, and 34 Curve stableswap pools. The best new gross was +0.021119229 MON. It was not sent. A follow-up requoted that cross at +0.017491377 MON, and the direct seeker finished with 0 sends. The next set of quoters peaked at +0.019961538 MON on one Uniswap router. It was not sent.

A quote is not a send. The signer sends when the settled gain is larger than the limit the wallet will put on the transaction, checked with eth_call first, because a revert bills that limit in full. The clip gas limit stays 420,000. The rough gas figure on the spread desk stays a half million gas at 100 gwei. The signing wallet keeps 5 MON. Rounds stay ten minutes apart, and a round sends at most 20 clips.

Nothing in this tape lowers those numbers so a button can light up. The policy firewall, the owner pause, and the createVault preflight stay where they are. There is no promised rate.

11The open book

Anyone can re-read these calls. The chain is the record.

• Chain 143. https://rpc.monad.xyz, https://rpc-mainnet.monadinfra.com, and https://rpc.ankr.com/monad_mainnet. Base fee 100 gwei at block 113,745,594. aprMON fork block 113,747,559. The NADXBT fork was public Ankr state in this same pass.
• Factories: Uniswap v2 0x182a927119d56008d921126764bf884221b10f59, Pancake v2 0x02a84c1b3bbd7401a5f7fa98a384ebc70bb5749e, Nadswap 0xa25b13127e63ddae6d0b35570ff3d39dbd621001, DYORSwap 0xE78B9c8F3e9f46CEDC204309E9F387f736d0d278, OctoSwap 0xce104732685b9d7b2f07a09d828f6b19786cda32, Madness 0x93d71152a93619c0b10a2efc856ac46120fd01ab, zkSwap 0x0ff16867bcac3c5fdc2dc73558e3f8e2ed89eea2, Swyrl 0xd158cdfec90e9429a290c3144afeb72e8c23603a.
• WMON 0x3bd359C1119dA7Da1D913D1C4D2B7c461115433A. USDC 0x754704Bc059F8C67012fEd69BC8A327a5aafb603. USDT0 0xe7cd86e13AC4309349F30B3435a9d337750fC82D. NADXBT 0x7289A594e116DC99af16ff0db0529A803b68Bfa5.
• DYOR pairs: WMON/USDC 0xBE8345287c5bA716941f50A80020911AC2e07c68, USDC/NADXBT 0x7789D1E9DC0ddA50DF30e66b9DFf53D862393b1E, WMON/NADXBT 0xFdcB57E198D123545A9E71FDd0DEA424E13B2720. Router 0x26CEb692410c4b3C12D63e01CFc03eEA103fc474. The clearing simulation is a fork of block 113,785,475 and a live estimate at block 113,787,261. Rebuild the list with eth_createAccessList.
• Kuru books that answered: 0x40c49f171202f91ff5d2fae34c22dd2bfdd22af0, 0xa6afd386135b7d41a6c40c525abc4a1019b0d132, 0x851145eaefdc37956b08da829fa31722199f3f07, 0x065c9d28e428a0db40191a54d33d5b7c71a9c394.
• The fill, from the rebalancer gas wallet 0xC2cF684A3931143FD877F02222085713842a090E: swap 0xeb3e75d70f43b979cd5f942eb9febbd06712ae9eab008030ef07caf972002b50 in block 113,791,208, unwrap 0x40dbbe260991fcadc9b74bedde130aab2dc15d7409554cf6553bb4d109d3bc63 in block 113,791,211.
• The uncapped fill, same wallet: creation 0xca88170e3f920d5e3a9d32e2737254788c2a0cf3b60720953d6c79a41faac218 in block 113,798,632. UNCLE 0x483A6a93c352c9666dFE84693E5B957d555D7777. Pancake router 0xB1Bc24c34e88f7D43D5923034E3a14B24DaACfF9. Purps router 0x22aDf91b491abc7a50895Cd5c5c194EcCC93f5E2.
• The thousand-MON pass, quoted at block 113,823,585. Bean shramp pair 0xa292bbDaCF094C9E224628708e23f66Ac103Ff7c. shramp 0x42a4aA89864A794dE135B23C6a8D2E05513d7777. Uniswap v2 pair 0x451766F50b7eAf76F976cd3e779C64DbA8b8aA3D. The larger book is 0x46D9179949539ac00B0972BfEdc4f7aC4e5B19C9. Curve twocrypto factory 0xe7fbd704b938cb8fe26313c3464d4b7b7348c88c. Not sent.
• The same-shape pass. Balance at block 113,877,222. Size grid at block 113,877,436. AFF creation estimate at block 113,878,240, gas floor at block 113,878,764. AFF 0xF6Aad8897eA650788e5033Cda6Bf99D5a144238c. Rebalancer 0xC2cF684A3931143FD877F02222085713842a090E. Not sent.
• The direct AFF fill, same wallet: creation 0x2b9abaee48e68ccbce0a93227b809dc217fd179b80da2b0e375767fabcba8fee in block 113,887,873. Pancake pair 0x454E6EeA8237C4f45e76663fe4DD399D4460e225. Uniswap pair 0xAe4623e4423dc7A07139F387574708b742002DDa. Created address 0x6b0d2fa6d43bbc17cc52d10335fcd82940a88fb4.
• The AUSD fill, same wallet: creation 0x7dd7ec22473b38d9ae226d3c79ffd2a189ac2ff3c7026c4bb31cb0d6a1e200e7 in block 113,890,792. Pancake SmartRouter 0x21114915Ac6d5A2e156931e20B20b038dEd0Be7C. AUSD 0x00000000eFE302BEAA2b3e6e1b18d08D69a9012a. Created address 0x5adb947c9663bf427bf0f42c5b9f216efd100cb7. The simulation before it signed 331,111 gas and netted +0.002600041 MON. Wider quotes at block 113,886,544 sat under that bill.
• The wider pass, not a send. Requote of the landed AUSD path at block 113,896,596. Cross quote Pancake fee 500 into Uniswap fee 500 at block 113,898,376. mUSD 0xacA92E438df0B2401fF60dA7E4337B687a2435DA. EURW 0x1111B3DED9F1fE1801AD4ebeF8E2788183a24111. cbBTC 0xd18B7EC58Cdf4876f6AFebd3Ed1730e4Ce10414b. wstETH 0x10Aeaf63194db8d453d4D85a06E5eFE1dd0b5417. sMON 0xA3227C5969757783154C60bF0bC1944180ed81B9. Curve stableswap factory 0x8271e06e5887fe5ba05234f5315c19f3ec90e8ad.
• The follow-up, not a send. AUSD cross requote at block 113,901,365, gross +0.017491377 MON. OctoSwap into Pancake AUSD at 0.5 MON, gross +0.009514651 MON. WooRouterV2 0x4c4af8dbc524681930a27b2f1af5bcc8062e6fb7 at block 113,903,556, gross +0.001346146 MON. Balancer WETH pool 0x067abd928147282fb06475a09f6be22cee933ea3. Balancer WBTC pool 0xad4779c425fefdf8c0fddf72ec53be34bae0809d. Direct seeker run 38897053998, 0 sends. SomeSwap router 0x000799B28aE9C3E9ca70B7Ff67b191519ab80fEE reverted on the constant-product hop.
• The next set, not a send. Uniswap AUSD fee 100 into fee 500 at block 113,914,517, gross +0.019961538 MON. v4 quoter 0xa222dd357a9076d1091ed6aa2e16c9742dd26891 at block 113,913,272, gross +0.010307578 MON. CHOG 0x350035555E10d9AfAF1566AaebfCeD5BA6C27777. Aethon quoter 0x8510e4c073fb7fe75b8e767a1856f85586e24679. Atlantis quoter 0xa77ad9f635a3fb3bccc5e6d1a87cb269746aba17. Kuru MON/USDC 0x065c9d28e428a0db40191a54d33d5b7c71a9c394.
• Spread receipts on mainnet: 0xedc5a196e891690fb9681b20eb03a621173c43df8b1747e4259e4d736853fba5 and 0x0b75431aed1b0f4c1d918dc229ff6307af093ca6ca076bcfaece783c32ff4e9a.

12Keywords, linked

Each name in the tape points at a document or a contract. The line under it is the sense used in these prints.