Trading
Swap Routing
The execution infrastructure behind every trade, and what it is responsible for.
RwaMarkets uses a third-party Solana swap aggregator as its execution provider. Several routing engines compete to fill each order. Routing, liquidity discovery, slippage estimation, transaction assembly and transaction landing are performed by the execution provider, not by RwaMarkets.
Types of route
| Route type | Source of liquidity | Execution |
|---|---|---|
| Onchain routing | Solana liquidity venues (AMMs and order books) | Market execution; subject to price impact and slippage |
| Request-for-quote (RFQ) | Professional market makers | Firm quote; zero slippage |
| Third-party routing engines | Additional aggregators integrated by the provider | Market execution |
The route type that won a given quote is recorded with the quote. See Zero-Slippage Execution for why this matters.
Division of responsibility
| RwaMarkets | Execution provider |
|---|---|
| Which assets can be traded (the registry) | Which routes and venues fill the trade |
| Validating requests; showing quote details | Pricing, slippage estimation and fee calculation |
| Requesting the user's signature | Assembling, submitting and confirming the transaction |
| Error presentation and re-quoting | Transaction landing and retries |