This study explores the impact of trading activity on both centralized exchanges (CEXs) and decentralized exchanges (DEXs) on information transmission patterns between digital and traditional investment assets. Utilizing a quantile connectedness approach, we analyze the relationships among DEX tokens, CEX tokens, and various assets, including Gold, Oil, Bitcoin, REITs, Equity, Bonds, and the US dollar index. Our results reveal that in the lowest quantile, DEX and CEX tokens primarily receive spillovers, while other assets act as the main transmitters. In contrast, in the upper quantile, DEX and CEX tokens become the primary transmitters of spillovers to other assets. These findings hold significant implications for financial portfolio management, as they demonstrate that during a short squeeze period, DEX-CEX tokens exhibit contagious effects on other assets, diminishing the effectiveness of risk management and portfolio strategies. Furthermore, our study suggests that DEX-CEX tokens serve as optimal hedges for oil, offering a cost-effective alternative for hedging Gold and the USD Index.

本研究探讨了中心化交易所（CEX）和去中心化交易所（DEX）上的交易活动对数字和传统投资资产之间的信息传输模式的影响。利用分位数连通性方法，我们分析了 DEX 代币、CEX 代币和各种资产（包括黄金、石油、比特币、REITs、股票、债券和美元指数）之间的关系。我们的结果显示，在最低分位数中，DEX 和 CEX 代币主要接收溢出效应，而其他资产则充当主要传导者。相比之下，在上分位数中，DEX 和 CEX 代币成为其他资产溢出效应的主要传播者。这些发现对金融投资组合管理具有重大意义，因为它们表明，在短暂的挤压期内，DEX-CEX 代币对其他资产表现出传染性影响，降低了风险管理和投资组合策略的有效性。此外，我们的研究表明，DEX-CEX 代币可以作为石油的最佳对冲工具，为对冲黄金和美元指数提供具有成本效益的替代方案。