Resolve direct-back-run cases left inconclusive by multihop paths or unsupported pool states

Resolve whether Ethereum private-order-flow victim transactions classified as unresolved in the direct-back-run analysis create profitable back-running opportunities through multihop routes or unmodeled pool states, including unsupported V4 hooks and other execution configurations.

Background

The paper evaluates whether Ethereum sandwich victims exposed through OFAs leave profitable direct arbitrage opportunities for competing back-runners. The analysis can rule out profitable direct routes for many victims, but it does not model every possible route or pool implementation.

A set of victims remains unresolved because multihop paths, unsupported protocol features, or unmodeled source states could still provide profitable opportunities. Consequently, the reported absence of a detected direct route does not establish that no profitable back-run exists.

References

Of the remaining 11{,}849 victims, 3{,}905 have a gross-profitable direct route, 2{,}504 have an inconclusive direct-route result, and 5{,}440 have no detected profitable direct route but remain unresolved because of possible multihop paths or an unmodeled source state, such as those of V4 hooks.

— No Place to Hide: An Analysis on Protected Order Flow Sandwich Attacks  (2609.28115 - Heimbach et al., 23 Sep 2026) in Section 5.1.5, “Back-Running Opportunities” and Appendix, Section “Sandwiching Under the Risk of Back-Runs”