{"id":"https://openalex.org/W4319990272","doi":"https://doi.org/10.1016/j.finmar.2023.100817","title":"Arbitrage in the market for cryptocurrencies","display_name":"Arbitrage in the market for cryptocurrencies","publication_year":2023,"publication_date":"2023-01-24","ids":{"openalex":"https://openalex.org/W4319990272","doi":"https://doi.org/10.1016/j.finmar.2023.100817"},"language":"en","primary_location":{"id":"doi:10.1016/j.finmar.2023.100817","is_oa":true,"landing_page_url":"https://doi.org/10.1016/j.finmar.2023.100817","pdf_url":null,"source":{"id":"https://openalex.org/S127646213","display_name":"Journal of Financial Markets","issn_l":"1386-4181","issn":["1386-4181","1878-576X"],"is_oa":false,"is_in_doaj":false,"is_core":true,"host_organization":"https://openalex.org/P4310320990","host_organization_name":"Elsevier BV","host_organization_lineage":["https://openalex.org/P4310320990"],"host_organization_lineage_names":["Elsevier BV"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Financial Markets","raw_type":"journal-article"},"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"hybrid","oa_url":"https://doi.org/10.1016/j.finmar.2023.100817","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5059540525","display_name":"Tommy Cr\u00e9pelli\u00e8re","orcid":null},"institutions":[{"id":"https://openalex.org/I202697423","display_name":"University of Zurich","ror":"https://ror.org/02crff812","country_code":"CH","type":"education","lineage":["https://openalex.org/I202697423"]}],"countries":["CH"],"is_corresponding":false,"raw_author_name":"Tommy Cr\u00e9pelli\u00e8re","raw_affiliation_strings":["Department of Banking and Finance, University of Zurich, Plattenstrasse 32, 8032 Zurich, Switzerland"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Banking and Finance, University of Zurich, Plattenstrasse 32, 8032 Zurich, Switzerland","institution_ids":["https://openalex.org/I202697423"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5020680328","display_name":"Matthias Pelster","orcid":"https://orcid.org/0000-0001-5740-2420"},"institutions":[{"id":"https://openalex.org/I206945453","display_name":"Paderborn University","ror":"https://ror.org/058kzsd48","country_code":"DE","type":"education","lineage":["https://openalex.org/I206945453"]}],"countries":["DE"],"is_corresponding":false,"raw_author_name":"Matthias Pelster","raw_affiliation_strings":["Paderborn University, Center for Risk Management, Warburger Str. 100, 33098 Paderborn, Germany"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Paderborn University, Center for Risk Management, Warburger Str. 100, 33098 Paderborn, Germany","institution_ids":["https://openalex.org/I206945453"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5053704688","display_name":"Stefan Zeisberger","orcid":"https://orcid.org/0000-0002-8412-622X"},"institutions":[{"id":"https://openalex.org/I145872427","display_name":"Radboud University Nijmegen","ror":"https://ror.org/016xsfp80","country_code":"NL","type":"education","lineage":["https://openalex.org/I145872427"]},{"id":"https://openalex.org/I202697423","display_name":"University of Zurich","ror":"https://ror.org/02crff812","country_code":"CH","type":"education","lineage":["https://openalex.org/I202697423"]}],"countries":["CH","NL"],"is_corresponding":true,"raw_author_name":"Stefan Zeisberger","raw_affiliation_strings":["Department of Banking and Finance, University of Zurich, Plattenstrasse 32, 8032 Zurich, Switzerland","Institute for Management Research, Radboud University, Heyendaalseweg 141, 6525 GD Nijmegen, The Netherlands"],"raw_orcid":"https://orcid.org/0000-0002-8412-622X","affiliations":[{"raw_affiliation_string":"Department of Banking and Finance, University of Zurich, Plattenstrasse 32, 8032 Zurich, Switzerland","institution_ids":["https://openalex.org/I202697423"]},{"raw_affiliation_string":"Institute for Management Research, Radboud University, Heyendaalseweg 141, 6525 GD Nijmegen, The Netherlands","institution_ids":["https://openalex.org/I145872427"]}]}],"institutions":[],"countries_distinct_count":3,"institutions_distinct_count":3,"corresponding_author_ids":["https://openalex.org/A5053704688"],"corresponding_institution_ids":["https://openalex.org/I145872427","https://openalex.org/I202697423"],"apc_list":{"value":2860,"currency":"USD","value_usd":2860},"apc_paid":{"value":2860,"currency":"USD","value_usd":2860},"fwci":10.2747,"has_fulltext":true,"cited_by_count":36,"citation_normalized_percentile":{"value":0.98570941,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":98,"max":100},"biblio":{"volume":"64","issue":null,"first_page":"100817","last_page":"100817"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.9997000098228455,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.9997000098228455,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10270","display_name":"Blockchain Technology Applications and Security","score":0.9983999729156494,"subfield":{"id":"https://openalex.org/subfields/1710","display_name":"Information Systems"},"field":{"id":"https://openalex.org/fields/17","display_name":"Computer Science"},"domain":{"id":"https://openalex.org/domains/3","display_name":"Physical Sciences"}},{"id":"https://openalex.org/T11270","display_name":"Complex Systems and Time Series Analysis","score":0.9975000023841858,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/arbitrage","display_name":"Arbitrage","score":0.8405159711837769},{"id":"https://openalex.org/keywords/cryptocurrency","display_name":"Cryptocurrency","score":0.8015433549880981},{"id":"https://openalex.org/keywords/exploit","display_name":"Exploit","score":0.7389498949050903},{"id":"https://openalex.org/keywords/statistical-arbitrage","display_name":"Statistical arbitrage","score":0.6366913318634033},{"id":"https://openalex.org/keywords/risk-arbitrage","display_name":"Risk arbitrage","score":0.5788192749023438},{"id":"https://openalex.org/keywords/fixed-income-arbitrage","display_name":"Fixed income arbitrage","score":0.5757070779800415},{"id":"https://openalex.org/keywords/economics","display_name":"Economics","score":0.5717394948005676},{"id":"https://openalex.org/keywords/algorithmic-trading","display_name":"Algorithmic trading","score":0.5493412613868713},{"id":"https://openalex.org/keywords/financial-economics","display_name":"Financial economics","score":0.5136008262634277},{"id":"https://openalex.org/keywords/index-arbitrage","display_name":"Index arbitrage","score":0.502525806427002},{"id":"https://openalex.org/keywords/trading-strategy","display_name":"Trading strategy","score":0.4119972884654999},{"id":"https://openalex.org/keywords/business","display_name":"Business","score":0.34517014026641846},{"id":"https://openalex.org/keywords/monetary-economics","display_name":"Monetary economics","score":0.3243294358253479},{"id":"https://openalex.org/keywords/arbitrage-pricing-theory","display_name":"Arbitrage pricing theory","score":0.25990965962409973},{"id":"https://openalex.org/keywords/capital-asset-pricing-model","display_name":"Capital asset pricing model","score":0.19552764296531677},{"id":"https://openalex.org/keywords/computer-science","display_name":"Computer science","score":0.0701819658279419}],"concepts":[{"id":"https://openalex.org/C160623529","wikidata":"https://www.wikidata.org/wiki/Q273088","display_name":"Arbitrage","level":2,"score":0.8405159711837769},{"id":"https://openalex.org/C180706569","wikidata":"https://www.wikidata.org/wiki/Q13479982","display_name":"Cryptocurrency","level":2,"score":0.8015433549880981},{"id":"https://openalex.org/C165696696","wikidata":"https://www.wikidata.org/wiki/Q11287","display_name":"Exploit","level":2,"score":0.7389498949050903},{"id":"https://openalex.org/C167416602","wikidata":"https://www.wikidata.org/wiki/Q2859660","display_name":"Statistical arbitrage","level":5,"score":0.6366913318634033},{"id":"https://openalex.org/C42854785","wikidata":"https://www.wikidata.org/wiki/Q2154735","display_name":"Risk arbitrage","level":4,"score":0.5788192749023438},{"id":"https://openalex.org/C73688673","wikidata":"https://www.wikidata.org/wiki/Q5456369","display_name":"Fixed income arbitrage","level":5,"score":0.5757070779800415},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.5717394948005676},{"id":"https://openalex.org/C78508483","wikidata":"https://www.wikidata.org/wiki/Q139445","display_name":"Algorithmic trading","level":2,"score":0.5493412613868713},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.5136008262634277},{"id":"https://openalex.org/C52008547","wikidata":"https://www.wikidata.org/wiki/Q6017830","display_name":"Index arbitrage","level":5,"score":0.502525806427002},{"id":"https://openalex.org/C131562839","wikidata":"https://www.wikidata.org/wiki/Q1574928","display_name":"Trading strategy","level":2,"score":0.4119972884654999},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.34517014026641846},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.3243294358253479},{"id":"https://openalex.org/C142450864","wikidata":"https://www.wikidata.org/wiki/Q629941","display_name":"Arbitrage pricing theory","level":3,"score":0.25990965962409973},{"id":"https://openalex.org/C181236170","wikidata":"https://www.wikidata.org/wiki/Q848354","display_name":"Capital asset pricing model","level":2,"score":0.19552764296531677},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.0701819658279419},{"id":"https://openalex.org/C38652104","wikidata":"https://www.wikidata.org/wiki/Q3510521","display_name":"Computer security","level":1,"score":0.0}],"mesh":[],"locations_count":2,"locations":[{"id":"doi:10.1016/j.finmar.2023.100817","is_oa":true,"landing_page_url":"https://doi.org/10.1016/j.finmar.2023.100817","pdf_url":null,"source":{"id":"https://openalex.org/S127646213","display_name":"Journal of Financial Markets","issn_l":"1386-4181","issn":["1386-4181","1878-576X"],"is_oa":false,"is_in_doaj":false,"is_core":true,"host_organization":"https://openalex.org/P4310320990","host_organization_name":"Elsevier BV","host_organization_lineage":["https://openalex.org/P4310320990"],"host_organization_lineage_names":["Elsevier BV"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Financial Markets","raw_type":"journal-article"},{"id":"pmh:oai:repository.ubn.ru.nl:2066/288388","is_oa":true,"landing_page_url":"https://repository.ubn.ru.nl/handle/2066/288388","pdf_url":"https://repository.ubn.ru.nl//bitstream/handle/2066/288388/288388.pdf","source":{"id":"https://openalex.org/S4306401067","display_name":"Radboud Repository (Radboud University)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"host_organization":"https://openalex.org/I145872427","host_organization_name":"Radboud University Nijmegen","host_organization_lineage":["https://openalex.org/I145872427"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Journal of Financial Markets, 64","raw_type":"Article / Letter to editor"}],"best_oa_location":{"id":"doi:10.1016/j.finmar.2023.100817","is_oa":true,"landing_page_url":"https://doi.org/10.1016/j.finmar.2023.100817","pdf_url":null,"source":{"id":"https://openalex.org/S127646213","display_name":"Journal of Financial Markets","issn_l":"1386-4181","issn":["1386-4181","1878-576X"],"is_oa":false,"is_in_doaj":false,"is_core":true,"host_organization":"https://openalex.org/P4310320990","host_organization_name":"Elsevier BV","host_organization_lineage":["https://openalex.org/P4310320990"],"host_organization_lineage_names":["Elsevier BV"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Financial Markets","raw_type":"journal-article"},"sustainable_development_goals":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":49,"referenced_works":["https://openalex.org/W103145994","https://openalex.org/W1798106456","https://openalex.org/W1991701984","https://openalex.org/W2014715977","https://openalex.org/W2050643653","https://openalex.org/W2084031971","https://openalex.org/W2093362178","https://openalex.org/W2109718988","https://openalex.org/W2136410162","https://openalex.org/W2182051792","https://openalex.org/W2547953409","https://openalex.org/W2581998172","https://openalex.org/W2795679926","https://openalex.org/W2797891494","https://openalex.org/W2802075670","https://openalex.org/W2809373714","https://openalex.org/W2883043781","https://openalex.org/W2883141181","https://openalex.org/W2885995337","https://openalex.org/W2943898860","https://openalex.org/W2945425436","https://openalex.org/W2949177258","https://openalex.org/W2990335208","https://openalex.org/W3121630491","https://openalex.org/W3121889917","https://openalex.org/W3121892970","https://openalex.org/W3122067257","https://openalex.org/W3122139301","https://openalex.org/W3122205006","https://openalex.org/W3122328269","https://openalex.org/W3123010909","https://openalex.org/W3123402848","https://openalex.org/W3123431419","https://openalex.org/W3123827828","https://openalex.org/W3123840721","https://openalex.org/W3124550551","https://openalex.org/W3124772058","https://openalex.org/W3124882399","https://openalex.org/W3125698360","https://openalex.org/W3172262713","https://openalex.org/W4200044461","https://openalex.org/W4214818121","https://openalex.org/W4281550587","https://openalex.org/W4312197050","https://openalex.org/W6754300533","https://openalex.org/W6755148920","https://openalex.org/W6756263399","https://openalex.org/W6764918635","https://openalex.org/W6804683011"],"related_works":["https://openalex.org/W33851711","https://openalex.org/W2505925597","https://openalex.org/W3048142416","https://openalex.org/W634388619","https://openalex.org/W3214379704","https://openalex.org/W2377099743","https://openalex.org/W2676651617","https://openalex.org/W2370484745","https://openalex.org/W2362822530","https://openalex.org/W1574922981"],"abstract_inverted_index":{"Arbitrage":[0],"opportunities":[1],"in":[2,68],"markets":[3],"for":[4,53],"cryptocurrencies":[5],"are":[6],"well-documented.":[7],"In":[8],"this":[9],"paper,":[10],"we":[11,29],"confirm":[12],"that":[13,31,49,60],"they":[14],"exist;":[15],"however,":[16],"their":[17],"magnitude":[18],"decreased":[19],"greatly":[20],"from":[21],"April":[22],"2018":[23],"onward.":[24],"Analyzing":[25],"various":[26],"trading":[27,62],"strategies,":[28],"show":[30],"it":[32],"is":[33,63],"barely":[34],"possible":[35],"to":[36],"exploit":[37],"existing":[38],"price":[39],"differences":[40],"since":[41],"then.":[42],"We":[43],"discuss":[44],"and":[45,58],"test":[46],"several":[47],"mechanisms":[48],"may":[50],"be":[51],"responsible":[52],"the":[54],"increased":[55],"market":[56],"efficiency":[57],"find":[59],"informed":[61],"correlated":[64],"with":[65],"a":[66],"reduction":[67],"arbitrage":[69],"opportunities.":[70]},"counts_by_year":[{"year":2026,"cited_by_count":3},{"year":2025,"cited_by_count":11},{"year":2024,"cited_by_count":16},{"year":2023,"cited_by_count":6}],"updated_date":"2026-03-27T05:58:40.876381","created_date":"2025-10-10T00:00:00"}
