Trade Execution
Multiswap executes reserve exchanges at post-trade prices. Incoming and outgoing reserve value balance at the prices established by the exchange itself.
For a trader, the practical result is a quote for the amount to receive, together with the change in the pool’s prices. Trades pay the pool the full value of the assets they receive, valued at post-trade prices. Trading fees generate income on top. Fees accrue in Rewards.
This connects execution quality to portfolio earnings: the portfolio supplies market exposure, its reserves serve trading, and each trade pays for the assets it receives at post-trade prices.
From order to quote
Choose the asset to sell, the amount to pay, and the asset to buy. The engine reads the participating reserves, their accounting scales, the pool’s elasticity, and the receive fee. It solves the reserve changes using the ending prices.
The app displays the user’s receive amount after fees. Quote Details exposes the opening price, ending price, price impact, and value flow.
Orders can also include several pay or receive assets. The same valuation rule applies to every participating reserve.
The role of post-trade valuation
A trade changes the quantities in the pool and the prices applied to those quantities. Valuing the complete exchange at its ending prices makes the value given and received consistent with the resulting pool state.
The reserve exchange balances before receive fees are allocated. Fees and any Surplus contribution have explicit accounting roles. Post-Trade Execution gives the equations; Fees and Surplus explains settlement sources.
Price impact and minimum receives
Price impact describes the price movement produced by the quoted trade. Its size depends on reserves, elasticity, and the order size.
A minimum receive amount expresses the trader’s execution constraint. Execution reads current state and settles the entire order when its constraints pass. A failed constraint reverts the transaction.
Inspect a trade
Open USD.cav on Robinhood Testnet, select a stablecoin to sell and another to buy, and enter a pay amount. Compare the net receive amount, opening price, ending price, and price impact at several trade sizes.
Follow Your First Trade to approve and submit an order.