Authors:

(1) Nicholas A. G. Johnson ([email protected]);

(2) Theo Diamandis ([email protected]);

(3) Alex Evans ([email protected]);

(4) Henry de Valence ([email protected]);

(5) Guillermo Angeris ([email protected]).

Abstract and Introduction

1 The concave pro-rata game

1.1 Symmetric pure strict equilibrium

1.2 Uniqueness of equilibrium

1.3 Equilibrium payoff

2 Batched decentralized exchanges

2.1 Arbitrage

3 Conclusion and References

A Numerics

B Additional Numerics

C Relaxing strict concavity

D Rosen condition

1 The concave pro-rata game

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