This study focuses on optimizing arbitrage strategies on the Uniswap decentralized exchange by evaluating the effectiveness of short trading paths versus long trading paths. Specifically, this research examines the relationship between the length of arbitrage paths and the frequency of arbitrage opportunities and profits. Our initial analysis reveals that triangular arbitrage opportunities are scarce and yield very few profits. Subsequently, the study demonstrates that longer paths can offer more arbitrage opportunities and higher profitability, but this does not necessarily imply that longer paths are always advantageous as the median profit value diminishes and the probability of discovering high-profit opportunities decreases with the increasing of path length.
