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Daojing Zhai

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Preprint Aug 2026

Public Trader Identity: Adverse Selection and Return Predictability

Informed traders are supposed to need anonymity: they profit by hiding among the uninformed. A decentralized exchange now publishes the counterparty. Every committed order, cancellation, rejection, and fill carries a persistent pseudonymous wallet address. We reconstruct the full-depth limit order book from a record of...

Daojing Zhai · 0 citations

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