Routing and Exchange Controls

An order’s routing mode and venue_policy define which exchanges can receive child orders. The router evaluates eligible contracts, executable prices, account fees, available collateral, and exchange connectivity.

Automatic Routing

This policy allows Binance and Bybit contracts settled in USDT:

{
  "instrument": "BTC-PERP",
  "settlement_asset": "USDT",
  "routing": "auto",
  "venue_policy": {
    "allowed": ["binance", "bybit"],
    "excluded": ["okx"]
  }
}

These are routing fields within a full order. allowed narrows the route to that list. excluded removes exchanges, and the two lists must be disjoint. With neither list supplied, the router uses eligible exchanges enabled on the account.

Each child must match the requested settlement asset and order capabilities. Compare Binance/Bybit USDT liquidity separately from Hyperliquid or dYdX USDC liquidity. Cross-asset conversion requires a separate funding action.

Direct Routing

Use direct routing for exchange-specific positions, maker strategies, or a single exchange’s liquidity:

{
  "instrument": "BTC-PERP",
  "settlement_asset": "USDC",
  "routing": "direct",
  "venue_policy": { "allowed": ["hyperliquid"] }
}

Direct routing requires exactly one allowed exchange. Reduce-only orders must reach the exchange holding the position they reduce. FOK orders use direct routing so one exchange can evaluate the full quantity.

Price Boundaries

A limit order uses limit_price as its execution boundary. A market order can set max_slippage_bps relative to the consolidated eligible best price at acceptance. One basis point is 0.01%. A value of 10 allows 0.10% slippage from that reference.

The router stops execution at that boundary and cancels an IOC remainder. Market gaps, thin liquidity, rejected child orders, or stale exchange data can leave a partial fill. Use order quantities to reconcile the result.

Collateral Eligibility

Read linked custody accounts and their eligible_venues before allocating collateral. For example, a Ceffu account may expose Binance, while a Copper account exposes OKX and Bybit. An allocation contributes usable capacity after its status becomes active.

USDT in custody, USDT allocated to Binance, and an exchange’s available margin describe different stages of the same funding workflow. Track each stage through Custody and Settlement.

Inspect Execution

Use child orders to see where quantities were routed. Use fills to compare actual prices and charges. For a market maker, keep a quote’s source book, order ID, and exchange child IDs together in the strategy log.