Ok, but if the goal is permissionless money, the partiular sacrifices liquid makes don't make sense imo. Especially for the meager privacy you get.

Open to seeing an advantage, but I still don't really see much for using liquid unless you are just worried about slippage/volatility. And in the short term is very minor, virtually non existent, or even a slight profit in your favor half the time so it evens out.