Sandwich Trades

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Sandwich Trades Table

The Sandwich Trades table captures DEX events where sandwich trading activity is detected.

Sandwich trading involves placing two trades (a front-run and a back-run) around a victim’s trade to manipulate the market price for profit.

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Sample Query

Finding the total USD amount of sandwich trades by project and date:

select 
  date_trunc('week', block_timestamp) as date,
  project,
  sum(usd_amount) as sandwich_trade_volume_usd
from ethereum.dex.sandwich_trades
group by date, project

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Methodology

We use the dex.trades table to construct this table. This table contains all trade events from DEX protocols. We identify sandwich trades using the following criteria:

1. Trade Pair Identification:

   • The sandwich trade (swap1 , swap2) must occur within the same block.

   • It must be executed in the same liquidity pool (same liquidity_pool_address).

   • It must be executed by the same signer (transaction_from_address).

   • The transaction indices must be different (transaction_index).

2. Direction Determination:

   • If s1.transaction_index > s2.transaction_index, the trade is a “back” part of the sandwich.

   • If s1.transaction_index < s2.transaction_index, the trade is a “front” part of the sandwich.

3. Token Matching:

   • The token bought in the first trade (s1) must match the token sold in the second trade (s2).

   • Alternatively, the token sold in the first trade (s1) should be the token bought in the second trade (s2).

Exclusion of Non-Applicable Projects:

• Exclude DEXs without the concept of liquidity pools, such as RFQ protocols like Airswap.

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Table Columns