arXiv subjects

Yutian Zhou

Publications and source records attributed to Yutian Zhou.

5 recordsLinked to original sources

arXiv2026

Arbitrage on Decentralized Exchanges

Decentralized exchanges using automated market makers create arbitrage opportunities with centralized exchanges, where gas fees and transaction ordering are critical. Existing models largely overlook competition among arbitrageurs, despite price discrepancies being public information. We develop the first equilibrium model of gas fee competition between two arbitrageurs under three transaction reversion settings: no-revert, auto-revert, and selectable-revert. We show that pure symmetric equilibria do not exist, but unique mixed equilibria can be characterized. Using data from Binance and Uniswap V2, we empirically confirm that arbitrageurs face positive inventory risk and validate our model's implications: gas fees increase with price discrepancies and liquidity, while trading amounts rise with both price discrepancies and gas fees. Comparative analysis reveals that under low inventory risk, the no-revert setting favors arbitrageurs in terms of profit, while auto-revert and selectable-revert settings enhance market efficiency. Under high inventory risk, the no-revert and selectable-revert settings dominate the auto-revert setting in both profitability and efficiency.

q-fin.MF↗

arXiv2026

Optimal Design of Automated Market Makers on Decentralized Exchanges

Automated market makers are a popular mechanism used on decentralized exchange, through which users trade assets with each other directly and automatically through a liquidity pool and a fixed pricing function. The liquidity provider contributes to the liquidity pool by supplying assets to the pool, and in return, they earn trading fees from investors who trade in the pool. We propose a model of optimal liquidity provision in which a risk-averse liquidity provider decides the amount of wealth she would invest in the decentralized market to provide liquidity in a two-asset pool, trade in a centralized market, and consume in multiple periods. We derive the liquidity provider's optimal strategy and the optimal design of the automated market maker that maximizes the liquidity provider's utility. We find that the optimal unit trading fee increases in the volatility of the fundamental exchange rate of the two assets. We also find that the optimal pricing function is chosen to make the asset allocation in the liquidity pool efficient for the liquidity provider.

q-fin.MF↗

arXiv2026

Progress-Think: Semantic Progress Reasoning for Vision-Language Navigation

Vision-Language Navigation requires agents to act coherently over long horizons by understanding not only local visual context but also how far they have advanced within a multi-step instruction. However, recent Vision-Language-Action models focus on direct action prediction and earlier progress methods predict numeric achievements; both overlook the monotonic co-progression property of the observation and instruction sequences. Building on this insight, Progress-Think introduces semantic progress reasoning, predicting instruction-style progress from visual observations to enable more accurate navigation. To achieve this without expensive annotations, we propose a three-stage framework. In the initial stage, Self-Aligned Progress Pretraining bootstraps a reasoning module via a novel differentiable alignment between visual history and instruction prefixes. Then, Progress-Guided Policy Pretraining injects learned progress states into the navigation context, guiding the policy toward consistent actions. Finally, Progress-Policy Co-Finetuning jointly optimizes both modules with tailored progress-aware reinforcement objectives. Experiments on R2R-CE and RxR-CE show state-of-the-art success and efficiency, demonstrating that semantic progress yields a more consistent representation of navigation advancement.

cs.RO↗

arXiv2026

PAM: Processing Across Memory Hierarchy for Efficient KV-centric LLM Serving System

The widespread adoption of Large Language Models (LLMs) has exponentially increased the demand for efficient serving systems. With growing requests and context lengths, key-value (KV)-related operations, including attention computation and KV cache storage, have emerged as critical bottlenecks. They require massive memory bandwidth and capacity. Unfortunately, existing LLM serving systems, optimized for compute-bound workloads, fail to handle these memory-intensive operations effectively. Even with Processing-In-Memory (PIM) technology, current single-level memory designs cannot simultaneously satisfy the bandwidth and capacity requirements. To address these challenges, we propose Processing Across Memory (PAM), a KV-centric LLM serving system that coordinates heterogeneous PIM-enabled memory devices within a hierarchical architecture. PAM introduces a novel computing paradigm to balance high memory bandwidth with scalable capacity. First, PAM exploits the inherent context locality in KV access patterns to intelligently distribute KV tokens across the memory hierarchy. Second, to further exploit context locality, it introduces the PAMattention algorithm, enabling fine-grained parallel attention computation across heterogeneous PIM devices. Finally, PAM incorporates an intra-device KV mapping, inter-device KV migration interface, and an inter-device online KV scheduling algorithm to dynamically balance computational workloads. By addressing both bandwidth and capacity demands simultaneously, PAM significantly enhances the efficiency and scalability of LLM serving systems, paving the way for cost-effective, high-performance solutions in the era of large-scale AI.

cs.AR↗

arXiv2025

EchoBench: Benchmarking Sycophancy in Medical Large Vision-Language Models

Recent benchmarks for medical Large Vision-Language Models (LVLMs) emphasize leaderboard accuracy, overlooking reliability and safety. We study sycophancy -- models' tendency to uncritically echo user-provided information -- in high-stakes clinical settings. We introduce EchoBench, a benchmark to systematically evaluate sycophancy in medical LVLMs. It contains 2,122 images across 18 departments and 20 modalities with 90 prompts that simulate biased inputs from patients, medical students, and physicians. We evaluate medical-specific, open-source, and proprietary LVLMs. All exhibit substantial sycophancy; the best proprietary model (Claude 3.7 Sonnet) still shows 45.98% sycophancy, and GPT-4.1 reaches 59.15%. Many medical-specific models exceed 95% sycophancy despite only moderate accuracy. Fine-grained analyses by bias type, department, perceptual granularity, and modality identify factors that increase susceptibility. We further show that higher data quality/diversity and stronger domain knowledge reduce sycophancy without harming unbiased accuracy. EchoBench also serves as a testbed for mitigation: simple prompt-level interventions (negative prompting, one-shot, few-shot) produce consistent reductions and motivate training- and decoding-time strategies. Our findings highlight the need for robust evaluation beyond accuracy and provide actionable guidance toward safer, more trustworthy medical LVLMs.

cs.CV↗