# An analysis of Uniswap markets

arXiv: https://arxiv.org/abs/1911.03380 · HTML: https://mlsanity.com/paper/1911.03380/

## Key facts

- Cited by 12 papers in the map (data through 14 Oct 2026).
- First posted on arXiv 8 Nov 2019.

## Built on by (most cited first, 12 of 12)

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- [UAMM: Price-oracle based Automated Market Maker](https://mlsanity.com/paper/2308.06375/) (2023)
- [UEChecker: Detecting Unchecked External Call Vulnerabilities in DApps via Graph Analysis](https://mlsanity.com/paper/2508.01343/) (2025)
- [Constrained Policy Optimization for Provably Fair Order Matching](https://mlsanity.com/paper/2604.06522/) (2026)
- [Reinforcement Learning for Execution under Dynamic Fees in a Closed-Loop DEX Simulator](https://mlsanity.com/paper/2607.10960/) (2026)
- [EVAGE: Autonomous MEV Generation and Adaptation via Multi-Agent Harness](https://mlsanity.com/paper/2609.27424/) (2026)

## Abstract (arXiv)

Uniswap -- and other constant product markets -- appear to work well in practice despite their simplicity. In this paper, we give a simple formal analysis of constant product markets and their generalizations, showing that, under some common conditions, these markets must closely track the reference market price. We also show that Uniswap satisfies many other desirable properties and numerically demonstrate, via a large-scale agent-based simulation, that Uniswap is stable under a wide range of market conditions.