流动性提供者需要多少筛选才能换回一秒？速度、选择与做市价差

We study the spread a liquidity provider needs to break even against counterparties that can exploit a stale quote, and we place two defenses on a single scale: repricing sooner and screening informed flow. A break-even condition pins down the exact screening rate at which a slower maker matches a faster unscreened ven…