Smart order routing

Route an order

Sized against every venue at once, split where a split pays better, and settled in one transaction that reverts unless you receive at least your minimum. All times UTC.

Inspect the book Blotter

Ticket

You pay

Balance -

You receive (estimated)

- Slippage tolerance

Your minimum output is the quote less this tolerance. The router enforces it; if the whole route pays less, the transaction reverts and your input is not spent.

Enter a size to see the route.

The route is re-solved the moment you press this, so what you sign is priced on the current block rather than on the quote you have been looking at.

The book for this size

- -

Every venue that can fill your size will be priced here, best first.

Sorted by what each venue pays for the whole order. The percentage is how far behind the top of book it is.

The split

The solver walks the order in slices and gives each slice to whichever pool pays most for that slice at the margin. Once a slice has moved a pool's price the next one is usually worth more somewhere else: that is the whole mechanism, and it is why the improvement grows with size rather than being a fixed edge.

A split that does not beat the single best venue is not used: the desk falls back rather than charge you extra gas for a worse fill.

Depth curve

How the fill degrades with size

Slippage of each rung against a linear extrapolation of the smallest. On a thin chain this is the number that decides whether a position can be exited at all.