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# Arbitrage

The transaction at index 1 of block 2836990 is an arbitrage transaction, swapping an exact amount in and (hopefully) getting a larger amount out, via one or more counterparties.

Let's analyze the parts of the transaction tx field.

"@type": "/cosmos.tx.v1beta1.Tx",
"body": {
  "messages": [
    {
      "@type": "/osmosis.gamm.v1beta1.MsgSwapExactAmountIn",
      "sender": "osmo1l4u56l7cvx8n0n6c7w650k02vz67qudjlcut89",
      "routes": [
        {
          "poolId": "604",
          "tokenOutDenom": "ibc/987C17B11ABC2B20019178ACE62929FE9840202CE79498E29FE8E5CB02B7C0A4"
        },
        {
          "poolId": "611",
          "tokenOutDenom": "ibc/27394FB092D2ECCD56123C74F36E4C1F926001CEADA9CA97EA622B25F41E5EB2"
        },
        {
          "poolId": "1",
          "tokenOutDenom": "uosmo"
        }
      ],
      "tokenIn": {
        "denom": "uosmo",
        "amount": "15000000"
      },
      "tokenOutMinAmount": "15000000"
    }
  ],
  "memo": "",
  "timeout_height": "0",
  "extension_options": [],
  "non_critical_extension_options": []
},
"auth_info": {
  "signer_infos": [
    {
      "public_key": {
        "@type": "/cosmos.crypto.secp256k1.PubKey",
        "key": "ArVxHYy0VZ22LI7+o5HJwli+G4SoXVb2GjCejYUU//XX"
      },
      "mode_info": {
        "single": {
          "mode": "SIGN_MODE_DIRECT"
        }
      },
      "sequence": "63948"
    }
  ],
  "fee": {
    "amount": [
      {
        "denom": "uosmo",
        "amount": "0"
      }
    ],
    "gas_limit": "2000000",
    "payer": "",
    "granter": ""
  }
},
"signatures": []
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  • @type: Like all Cosmos transactions, this transaction is of type /cosmos.tx.v1beta1.Tx.
  • auth_info: The sender of the message signed it with the public key "ArVxHYy0VZ22LI7+o5HJwli+G4SoXVb2GjCejYUU//XX" which is of key type /cosmos.crypto.secp256k1.PubKey.
  • body: The original contents of the transaction sent by the client, in the form of one or more messages.

This transaction has a single message, whose contents are:

{
  "@type": "/osmosis.gamm.v1beta1.MsgSwapExactAmountIn",
  "sender": "osmo1l4u56l7cvx8n0n6c7w650k02vz67qudjlcut89",
  "routes": [
    {
      "poolId": "604",
      "tokenOutDenom": "ibc/987C17B11ABC2B20019178ACE62929FE9840202CE79498E29FE8E5CB02B7C0A4"
    },
    {
      "poolId": "611",
      "tokenOutDenom": "ibc/27394FB092D2ECCD56123C74F36E4C1F926001CEADA9CA97EA622B25F41E5EB2"
    },
    {
      "poolId": "1",
      "tokenOutDenom": "uosmo"
    }
  ],
  "tokenIn": {
    "denom": "uosmo",
    "amount": "15000000"
  },
  "tokenOutMinAmount": "15000000"
}
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The @type of this message is "/osmosis.gamm.v1beta1.MsgSwapExactAmountIn". This means it is a message on the Osmosis app, in the gamm module, version v1beta, with the message MsgSwapExactAmountIn (opens new window).

Each Cosmos SDK app implementation will have its own modules and therefore its own message types, in addition to basic ones inherited from the Cosmos SDK.

The structure of the message reflects the actual message structure;

type MsgSwapExactAmountIn struct {
	Sender            string                                 `protobuf:"bytes,1,opt,name=sender,proto3" json:"sender,omitempty" yaml:"sender"`
	Routes            []SwapAmountInRoute                    `protobuf:"bytes,2,rep,name=routes,proto3" json:"routes"`
	TokenIn           types.Coin                             `protobuf:"bytes,3,opt,name=tokenIn,proto3" json:"tokenIn" yaml:"token_in"`
	TokenOutMinAmount github_com_cosmos_cosmos_sdk_types.Int `protobuf:"bytes,4,opt,name=tokenOutMinAmount,proto3,customtype=github.com/cosmos/cosmos-sdk/types.Int" json:"tokenOutMinAmount" yaml:"token_out_min_amount"`
}
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The properties of the message are those of the MsgSwapExactAmountIn struct.

sender is the account that is sending tokens in to swap:

  "sender": "osmo1l4u56l7cvx8n0n6c7w650k02vz67qudjlcut89",
1

tokenIn is the amount of tokens being sent in to swap, in this case 15000000 uosmo:

"tokenIn": {
  "denom": "uosmo",
  "amount": "15000000"
},
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tokenOutMinAmount is the minimal amount of tokens expected out, in this case 15000000:

"tokenOutMinAmount": "15000000"
1

Finally, routes describes the pool(s) to be used to swap tokens:

{
  "poolId": "604",
  "tokenOutDenom": "ibc/987C17B11ABC2B20019178ACE62929FE9840202CE79498E29FE8E5CB02B7C0A4"
},
{
  "poolId": "611",
  "tokenOutDenom": "ibc/27394FB092D2ECCD56123C74F36E4C1F926001CEADA9CA97EA622B25F41E5EB2"
},
{
  "poolId": "1",
  "tokenOutDenom": "uosmo"
}
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The pools, in this case, are pool 1 (opens new window) ATOM/OSMO, pool 604 (opens new window) STARS/OSMO, and pool 611 (opens new window) ATOM/STARS.

When the Osmosis app, and specifically the target module gamm receives the message, it in turn does internal activities, including sending various messages that comprise the fulfillment of the requested transaction. These are recorded in the logs.

# logs

The logs represent the various emitted messages that describe the internal components of fulfillment of the requested transaction.

Our transaction has just one message in logs, with a msg_index of 0.

This transaction has a single client-sent message of type "/osmosis.gamm.v1beta1.MsgSwapExactAmountIn", leading to a single message in logs, with the following events.

# First Event

The first event is coin_received:

{
  "type": "coin_received",
  "attributes": [
    {
      "key": "receiver",
      "value": "osmo1thscstwxp87g0ygh7le3h92f9ff4sel9y9d2eysa25p43yf43rysk7jp93"
    },
    {
      "key": "amount",
      "value": "15000000uosmo"
    },
    {
      "key": "receiver",
      "value": "osmo1l4u56l7cvx8n0n6c7w650k02vz67qudjlcut89"
    },
    {
      "key": "amount",
      "value": "289236271ibc/987C17B11ABC2B20019178ACE62929FE9840202CE79498E29FE8E5CB02B7C0A4"
    },
    {
      "key": "receiver",
      "value": "osmo1ejaswj8lcyh0zgnes8zt45e0w7tqm4mrxr74sfwgpdh72shp58ms4fdqsk"
    },
    {
      "key": "amount",
      "value": "289236271ibc/987C17B11ABC2B20019178ACE62929FE9840202CE79498E29FE8E5CB02B7C0A4"
    },
    {
      "key": "receiver",
      "value": "osmo1l4u56l7cvx8n0n6c7w650k02vz67qudjlcut89"
    },
    {
      "key": "amount",
      "value": "3802225ibc/27394FB092D2ECCD56123C74F36E4C1F926001CEADA9CA97EA622B25F41E5EB2"
    },
    {
      "key": "receiver",
      "value": "osmo1mw0ac6rwlp5r8wapwk3zs6g29h8fcscxqakdzw9emkne6c8wjp9q0t3v8t"
    },
    {
      "key": "amount",
      "value": "3802225ibc/27394FB092D2ECCD56123C74F36E4C1F926001CEADA9CA97EA622B25F41E5EB2"
    },
    {
      "key": "receiver",
      "value": "osmo1l4u56l7cvx8n0n6c7w650k02vz67qudjlcut89"
    },
    {
      "key": "amount",
      "value": "15003605uosmo"
    }
  ]
},
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There are 12 attributes to the event. Each comes in pairs, with the first attribute pair indicating who received the coin, and the second indicating the amount, including coin.

For example:

{
  "key": "receiver",
  "value": "osmo1thscstwxp87g0ygh7le3h92f9ff4sel9y9d2eysa25p43yf43rysk7jp93"
},
{
  "key": "amount",
  "value": "15000000uosmo"
},
{
  "key": "receiver",
  "value": "osmo1l4u56l7cvx8n0n6c7w650k02vz67qudjlcut89"
},
{
  "key": "amount",
  "value": "289236271ibc/987C17B11ABC2B20019178ACE62929FE9840202CE79498E29FE8E5CB02B7C0A4"
},
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Account osmo1thscstwxp87g0ygh7le3h92f9ff4sel9y9d2eysa25p43yf43rysk7jp93 received 15000000uosmo, while account osmo1l4u56l7cvx8n0n6c7w650k02vz67qudjlcut89 received 289236271ibc/987C17B11ABC2B20019178ACE62929FE9840202CE79498E29FE8E5CB02B7C0A4.

# Second Event

The second event is of type coin_spent:

{
  "type": "coin_spent",
  "attributes": [
    {
      "key": "spender",
      "value": "osmo1l4u56l7cvx8n0n6c7w650k02vz67qudjlcut89"
    },
    {
      "key": "amount",
      "value": "15000000uosmo"
    },
    {
      "key": "spender",
      "value": "osmo1thscstwxp87g0ygh7le3h92f9ff4sel9y9d2eysa25p43yf43rysk7jp93"
    },
    {
      "key": "amount",
      "value": "289236271ibc/987C17B11ABC2B20019178ACE62929FE9840202CE79498E29FE8E5CB02B7C0A4"
    },
    {
      "key": "spender",
      "value": "osmo1l4u56l7cvx8n0n6c7w650k02vz67qudjlcut89"
    },
    {
      "key": "amount",
      "value": "289236271ibc/987C17B11ABC2B20019178ACE62929FE9840202CE79498E29FE8E5CB02B7C0A4"
    },
    {
      "key": "spender",
      "value": "osmo1ejaswj8lcyh0zgnes8zt45e0w7tqm4mrxr74sfwgpdh72shp58ms4fdqsk"
    },
    {
      "key": "amount",
      "value": "3802225ibc/27394FB092D2ECCD56123C74F36E4C1F926001CEADA9CA97EA622B25F41E5EB2"
    },
    {
      "key": "spender",
      "value": "osmo1l4u56l7cvx8n0n6c7w650k02vz67qudjlcut89"
    },
    {
      "key": "amount",
      "value": "3802225ibc/27394FB092D2ECCD56123C74F36E4C1F926001CEADA9CA97EA622B25F41E5EB2"
    },
    {
      "key": "spender",
      "value": "osmo1mw0ac6rwlp5r8wapwk3zs6g29h8fcscxqakdzw9emkne6c8wjp9q0t3v8t"
    },
    {
      "key": "amount",
      "value": "15003605uosmo"
    }
  ]
},
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The structure of the attributes here is similar to that of coin_received, except that the key is not receiver, but rather spender.

Notice that there are exactly 6 spenders, which aligns with exactly 6 receivers.

# Third Event

The third event is simply of type message, indicating the message that is sent:

{
  "type": "message",
  "attributes": [
    {
      "key": "action",
      "value": "/osmosis.gamm.v1beta1.MsgSwapExactAmountIn"
    },
    {
      "key": "sender",
      "value": "osmo1l4u56l7cvx8n0n6c7w650k02vz67qudjlcut89"
    },
    {
      "key": "sender",
      "value": "osmo1thscstwxp87g0ygh7le3h92f9ff4sel9y9d2eysa25p43yf43rysk7jp93"
    },
    {
      "key": "sender",
      "value": "osmo1l4u56l7cvx8n0n6c7w650k02vz67qudjlcut89"
    },
    {
      "key": "sender",
      "value": "osmo1ejaswj8lcyh0zgnes8zt45e0w7tqm4mrxr74sfwgpdh72shp58ms4fdqsk"
    },
    {
      "key": "sender",
      "value": "osmo1l4u56l7cvx8n0n6c7w650k02vz67qudjlcut89"
    },
    {
      "key": "sender",
      "value": "osmo1mw0ac6rwlp5r8wapwk3zs6g29h8fcscxqakdzw9emkne6c8wjp9q0t3v8t"
    },
    {
      "key": "module",
      "value": "gamm"
    },
    {
      "key": "sender",
      "value": "osmo1l4u56l7cvx8n0n6c7w650k02vz67qudjlcut89"
    }
  ]
},
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# Fourth Event

The fourth event is tokens_swapped. It summarizes the actual swaps that took place. Each set of 4 consecutive attribute pairs goes together:

{
  "type": "token_swapped",
  "attributes": [
    {
      "key": "module",
      "value": "gamm"
    },
    {
      "key": "sender",
      "value": "osmo1l4u56l7cvx8n0n6c7w650k02vz67qudjlcut89"
    },
    {
      "key": "pool_id",
      "value": "604"
    },
    {
      "key": "tokens_in",
      "value": "15000000uosmo"
    },
    {
      "key": "tokens_out",
      "value": "289236271ibc/987C17B11ABC2B20019178ACE62929FE9840202CE79498E29FE8E5CB02B7C0A4"
    },
    {
      "key": "module",
      "value": "gamm"
    },
    {
      "key": "sender",
      "value": "osmo1l4u56l7cvx8n0n6c7w650k02vz67qudjlcut89"
    },
    {
      "key": "pool_id",
      "value": "611"
    },
    {
      "key": "tokens_in",
      "value": "289236271ibc/987C17B11ABC2B20019178ACE62929FE9840202CE79498E29FE8E5CB02B7C0A4"
    },
    {
      "key": "tokens_out",
      "value": "3802225ibc/27394FB092D2ECCD56123C74F36E4C1F926001CEADA9CA97EA622B25F41E5EB2"
    },
    {
      "key": "module",
      "value": "gamm"
    },
    {
      "key": "sender",
      "value": "osmo1l4u56l7cvx8n0n6c7w650k02vz67qudjlcut89"
    },
    {
      "key": "pool_id",
      "value": "1"
    },
    {
      "key": "tokens_in",
      "value": "3802225ibc/27394FB092D2ECCD56123C74F36E4C1F926001CEADA9CA97EA622B25F41E5EB2"
    },
    {
      "key": "tokens_out",
      "value": "15003605uosmo"
    }
  ]
},
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The 3 groupings are:

  1. The module gamm executed 15000000uosmo from osmo1l4u56l7cvx8n0n6c7w650k02vz67qudjlcut89 swapped into pool_id 604 in exchange for 289236271ibc/987C17B11ABC2B20019178ACE62929FE9840202CE79498E29FE8E5CB02B7C0A4
  2. The module gamm executed 289236271ibc/987C17B11ABC2B20019178ACE62929FE9840202CE79498E29FE8E5CB02B7C0A4 from osmo1l4u56l7cvx8n0n6c7w650k02vz67qudjlcut89 swapped into pool_id 611 in exchange for 3802225ibc/27394FB092D2ECCD56123C74F36E4C1F926001CEADA9CA97EA622B25F41E5EB2
  3. The module gamm executed 3802225ibc/27394FB092D2ECCD56123C74F36E4C1F926001CEADA9CA97EA622B25F41E5EB2 from osmo1l4u56l7cvx8n0n6c7w650k02vz67qudjlcut89 swapped into pool_id 1 in exchange for 15003605uosmo

# Fifth Event

The fifth - and final - event is transfer, with each tuple representing transfers from one account to another of a specified amount.

{
  "type": "transfer",
  "attributes": [
    {
      "key": "recipient",
      "value": "osmo1thscstwxp87g0ygh7le3h92f9ff4sel9y9d2eysa25p43yf43rysk7jp93"
    },
    {
      "key": "sender",
      "value": "osmo1l4u56l7cvx8n0n6c7w650k02vz67qudjlcut89"
    },
    {
      "key": "amount",
      "value": "15000000uosmo"
    },
    {
      "key": "recipient",
      "value": "osmo1l4u56l7cvx8n0n6c7w650k02vz67qudjlcut89"
    },
    {
      "key": "sender",
      "value": "osmo1thscstwxp87g0ygh7le3h92f9ff4sel9y9d2eysa25p43yf43rysk7jp93"
    },
    {
      "key": "amount",
      "value": "289236271ibc/987C17B11ABC2B20019178ACE62929FE9840202CE79498E29FE8E5CB02B7C0A4"
    },
    {
      "key": "recipient",
      "value": "osmo1ejaswj8lcyh0zgnes8zt45e0w7tqm4mrxr74sfwgpdh72shp58ms4fdqsk"
    },
    {
      "key": "sender",
      "value": "osmo1l4u56l7cvx8n0n6c7w650k02vz67qudjlcut89"
    },
    {
      "key": "amount",
      "value": "289236271ibc/987C17B11ABC2B20019178ACE62929FE9840202CE79498E29FE8E5CB02B7C0A4"
    },
    {
      "key": "recipient",
      "value": "osmo1l4u56l7cvx8n0n6c7w650k02vz67qudjlcut89"
    },
    {
      "key": "sender",
      "value": "osmo1ejaswj8lcyh0zgnes8zt45e0w7tqm4mrxr74sfwgpdh72shp58ms4fdqsk"
    },
    {
      "key": "amount",
      "value": "3802225ibc/27394FB092D2ECCD56123C74F36E4C1F926001CEADA9CA97EA622B25F41E5EB2"
    },
    {
      "key": "recipient",
      "value": "osmo1mw0ac6rwlp5r8wapwk3zs6g29h8fcscxqakdzw9emkne6c8wjp9q0t3v8t"
    },
    {
      "key": "sender",
      "value": "osmo1l4u56l7cvx8n0n6c7w650k02vz67qudjlcut89"
    },
    {
      "key": "amount",
      "value": "3802225ibc/27394FB092D2ECCD56123C74F36E4C1F926001CEADA9CA97EA622B25F41E5EB2"
    },
    {
      "key": "recipient",
      "value": "osmo1l4u56l7cvx8n0n6c7w650k02vz67qudjlcut89"
    },
    {
      "key": "sender",
      "value": "osmo1mw0ac6rwlp5r8wapwk3zs6g29h8fcscxqakdzw9emkne6c8wjp9q0t3v8t"
    },
    {
      "key": "amount",
      "value": "15003605uosmo"
    }
  ]
}
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With 18 entries, each group of 3 makes 6 transfers, which aligns perfectly with the 6 coin_spent and 6 coin_received pairs.

Essentially, the original message was: "take 15000000uosmo, and using pools 1, 604, and 611, swap them.

The result was 6 transfers, represented by the 6 coin_received and 6 coin_spent, or, conversely, 6 transfer:

From To Amount
osmo1l4u56l7cvx8n0n6c7w650k02vz67qudjlcut89 osmo1thscstwxp87g0ygh7le3h92f9ff4sel9y9d2eysa25p43yf43rysk7jp93 15000000uosmo
osmo1thscstwxp87g0ygh7le3h92f9ff4sel9y9d2eysa25p43yf43rysk7jp93 osmo1l4u56l7cvx8n0n6c7w650k02vz67qudjlcut89 289236271ibc/987C17B11ABC2B20019178ACE62929FE9840202CE79498E29FE8E5CB02B7C0A4
osmo1l4u56l7cvx8n0n6c7w650k02vz67qudjlcut89 osmo1ejaswj8lcyh0zgnes8zt45e0w7tqm4mrxr74sfwgpdh72shp58ms4fdqsk 289236271ibc/987C17B11ABC2B20019178ACE62929FE9840202CE79498E29FE8E5CB02B7C0A4
osmo1ejaswj8lcyh0zgnes8zt45e0w7tqm4mrxr74sfwgpdh72shp58ms4fdqsk osmo1l4u56l7cvx8n0n6c7w650k02vz67qudjlcut89 3802225ibc/27394FB092D2ECCD56123C74F36E4C1F926001CEADA9CA97EA622B25F41E5EB2
osmo1l4u56l7cvx8n0n6c7w650k02vz67qudjlcut89 osmo1mw0ac6rwlp5r8wapwk3zs6g29h8fcscxqakdzw9emkne6c8wjp9q0t3v8t 3802225ibc/27394FB092D2ECCD56123C74F36E4C1F926001CEADA9CA97EA622B25F41E5EB2
osmo1mw0ac6rwlp5r8wapwk3zs6g29h8fcscxqakdzw9emkne6c8wjp9q0t3v8t osmo1l4u56l7cvx8n0n6c7w650k02vz67qudjlcut89 15003605uosmo

These align precisely with the coin_spent and coin_received entries.

This specific transaction was an arbitrage transaction. With one exact swap in/out, the initator deposited 15000000uosmo and received 15003605uosmo, a gain of 3605uosmo.

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