Prop AMMs on EVM: what proprietary market making changes
Understand prop AMMs, how EVM execution affects their quotes, and why a competitive displayed price still needs settlement-quality evidence.
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Routing & execution
Follow how routes, order types and settlement choices change the outcome of a swap.
25 guides · Page 1 of 2
A route can be optimal for a snapshot and weaker at execution
Separate route-search quality at the quoted state from changes that occur before execution, and understand why refreshes can change the path.
Avoiding unit and denomination errors in swap comparisons
Keep units, reciprocal rates and decimal display consistent when reading token quotes and comparing exchange relationships.
How a maximum-hop rule changes routing
Understand direct-only, maximum-hop and excluded-source rules as constraints that change which swap routes are eligible.
How quote sampling estimates an AMM's output curve
Understand amount samples, allocation grids and the limits of approximating a nonlinear swap-output curve.
How smart order routing finds a token swap path
Follow the decisions behind route discovery, size-aware quoting, split allocation and executable swap construction.
How to read route percentages
Read branch allocations without double-counting downstream hops, and identify the denominator behind each route percentage.
More liquidity sources do not always mean a better quote
Explain why a long supported-DEX list is only one input to execution quality and why redundant sources may add little.
Single-hop vs multi-hop swaps
Distinguish direct swaps, sequential intermediary routes and parallel split paths, including where intermediate tokens go.
Thinking about DEX liquidity as a routing graph
Model tokens as nodes and executable markets as directed connections to understand routes, parallel venues and capacity limits.
What a route breakdown tells you and what it leaves unknown
Learn what venue names, branches and amounts reveal about a route, and which execution assumptions still need separate documentation.
What does best mean to a swap router?
Distinguish maximum raw output, minimum input and cost-adjusted objectives when a router labels a path best.
What happens when a swap crosses a liquidity tick?
Explain tick boundaries as changes in active liquidity and show why a single pool swap can require several pricing steps.
Why a router compares multiple fee tiers
Understand why routing compares separate fee-tier pools instead of assuming the lowest posted trading fee gives the strongest exchange.
Why a router does not inspect every possible path
Explain candidate pruning, hop bounds, allocation granularity and why a practical quote is not a proof of global market optimality.
Why A-to-B-to-A is not an ordinary swap path
Distinguish an ordinary token conversion from a route that returns to its starting asset, and understand why loops need a separate objective.
Why an aggregator splits a swap across pools
Work through why dividing one token swap across independent pools can improve output and when a split is unnecessary.
Why exact-output routing works backward through a path
Trace a fixed output requirement backward through intermediate markets to determine the input a multi-hop route needs.
Why quotes on different chains are not equivalent offers
Explain why the same ticker and amount on different networks do not automatically represent interchangeable swap offers.
Why reversing a swap can select a different route
Explain why reversing a token pair is a fresh routing problem and why finite-size buy and sell routes need not mirror each other.