Routing & execution

How to read route percentages

Read branch allocations without double-counting downstream hops, and identify the denominator behind each route percentage.

A route percentage needs a denominator. In an exact-input split diagram, it often means a share of the original sell amount. A percentage shown beside a downstream hop can instead describe the flow entering that branch. Do not add every label on the screen as though all refer to independent input.

A hypothetical 60/40 split

Suppose 100 A is allocated as follows: 60 A takes a direct A-to-B path, while 40 A follows A-to-C-to-B. The top-level allocations are 60% and 40%, which account for the full input.

The C-to-B operation consumes the C produced by the 40 A branch. If a diagram labels that operation “100%,” it can mean all of that branch's intermediate C. Adding 60 + 40 + 100 would double-count flow and mix denominators.

Uniswap's routing configuration describes percentage allocations to split routes. Its multi-hop guide explains sequential asset conversion.

Input share is not output share

Two branches with equal A allocation can produce different B amounts. Their output shares need not match their input shares. Likewise, the numeric amount of intermediate C cannot be compared directly with A without respecting units.

For exact-output routing, an implementation may represent allocations in terms of target output rather than original input. Read the provider's definition before interpreting percentages as spending fractions.

Follow conservation at each junction

Start with the sell amount, identify where it splits, and track each branch to the final asset. At a merge, add quantities of the same token. At a conversion, apply the quoted output rather than carrying the old units forward.

Rounded percentages may not sum visually to exactly 100. Small display differences can come from rounding, but material unexplained discrepancies require the underlying amounts. A route diagram is a summary; the actual token quantities and execution data define the trade.

Sources & verification (2)

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  1. Uniswap smart-order-router: alpha-router.ts

    Candidate-pool selection and configurable hop and split limits.

    https://github.com/Uniswap/smart-order-router/blob/main/src/routers/alpha-router/alpha-router.ts
  2. Multi-hop Swapping

    Sequential token paths and reverse requirements for exact-output swaps.

    https://developers.uniswap.org/docs/protocols/v3/guides/swapping/multi-hop-swapping

Continue reading

What a route breakdown tells you and what it leaves unknown Why A-to-B-to-A is not an ordinary swap path How smart order routing finds a token swap path