How Smart Routing Works
Trade8 routes an order across eligible exchanges using executable prices, fees, available depth, and your exchange restrictions. Collateral and contract rules determine which destinations can receive it.
Compare Price After Fees
Section titled “Compare Price After Fees”For a buy, an illustrative comparison is:
Price including exchange fee = quoted price × (1 + fee rate)| Exchange | BTC Quote | Example Fee | Price Including Fee |
|---|---|---|---|
| Binance | $77,000 | 3 bps | $77,023.10 |
| Bybit | $77,008 | 2 bps | $77,023.4016 |
| Hyperliquid | $76,996 | 5 bps | $77,034.498 |
The lowest raw quote can cost more after fees. These are illustrative rates and USD-equivalent prices, with comparable contracts and funded exchange accounts assumed. A real route also checks settlement asset, margin, and any Trade8 charges.
Example: A $1 Million Buy
Section titled “Example: A $1 Million Buy”At the $77,000 reference price, the requested quantity is approximately 12.9870 BTC. The routing explorer allocates 50% to Binance, 30% to Bybit, and 20% to Hyperliquid under its normal-depth assumptions.
The weighted price is $77,001.60 before fees. Binance and Bybit use USDT settlement in the API examples; Hyperliquid uses USDC. The explorer compares their USD-equivalent values, while account routing follows the selected settlement and collateral policy.
Set the Route
Section titled “Set the Route”- Auto routing: choose the settlement asset and allowed exchanges, then apply the order’s price and time-in-force limits.
- Exchange-directed routing: select one destination when the strategy requires its order book or position.
- Collateral: check available margin at each destination; custody allocations become usable after exchange acknowledgement.
Routing Controls shows the request fields and exchange filters.
If an Exchange Becomes Unavailable
Section titled “If an Exchange Becomes Unavailable”In the explorer’s Binance-outage scenario, Bybit and Hyperliquid provide 65% of the requested quantity, leaving 35% unallocated. Actual order handling follows the time-in-force instruction and remaining eligible liquidity.
Read each child order and fill before replacing the remainder. See Partial Fills & Cancellations.