DOGMACAPITAL
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Desk commentary

The Wire

Notes from the DOGMA CAPITAL desk: how the system works, what changed, and what went wrong when something did. Times are UTC.

All Desk Listing Venue Protocol Market Incident
desk info 2026-09-07T07:47:11Z

The split beats the single venue because of the margin, not the average

The solver walks an order in slices and gives each slice to whichever pool is paying most for that slice. Once a slice has moved a pool 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.

Dogma Capital 14d ago
desk info 2026-09-07T07:47:11Z

Quotes are exact, not estimated

For a V3 pool the Quoter starts the real swap and reverts inside the pool own callback, before a token moves, then reads the amounts the pool had already computed. What comes back is what the swap would produce - tick crossings, fees and all.

Dogma Capital 14d ago
desk notice 2026-09-07T07:47:11Z

Every timestamp on this desk is UTC

The database session, the PHP runtime and every rendered clock are UTC. A trade blotter that quietly mixes zones is a blotter you cannot reconcile, so there is no local-time storage anywhere in the system. Individual users may switch their own display to local time; the stored value never changes.

Dogma Capital 14d ago

What goes on the wire

Desk: how something works, and why it was built that way.

Listing: an instrument added, suspended or delisted.

Venue: a liquidity source listed, disabled or re-enabled.

Protocol: a deploy, a parameter change, an ownership move.

Market: an observation about conditions worth recording.

Incident: something went wrong. Written whether or not it reflects well on the desk; a wire that only carries good news is not a wire.

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