How Apifiny Smart Order Routing Works


May 11, 2022

Smart Order Routing (SOR)

With crypto trading liquidity fragmented across hundreds of exchanges, institutional traders need more than one exchange to execute large orders without slippage. Apifiny’s Smart Order Routing (SOR) achieves best price execution with global liquidity sourced from 20+ leading crypto exchanges via API (FIX, Websocket, or Restful) or via Apifiny’s website.

Central Limit Order Book (CLOB)

Traders access Apifiny’s Consolidated Limit Order Book (CLOB) which includes real-time orders from connected exchanges.

Smart Order Routing (SOR) — Order Execution

SOR automatically determines the optimal execution path across network exchanges. The SOR provides updates on orders filled, orders routed, and orders remaining and provides post-trade order analysis with detail by exchange.

Apifiny SOR Roadmap

We will be adding features continuously throughout Q2 and the rest of 2022. GUI enhancements, routing customization, and algo optimization to name a few.
Version Description Timing

Routing based on the consolidated limit order book (CLOB)


GUI launch — Featuring the consolidated order book, open orders, and order history


Open API — Clients can filter exchanges by choice


Algorithm optimization — Higher precision in splitting orders by fields such as stepSize and tickSize


GUI enhancement — Clients can filter exchanges by choice


Algorithm optimization — More efficient balance management


Algorithm optimization — Simple post strategy to pre-send orders to non-marketable exchange
Sub-order pullback with better pricing alternative(s)

Q1 2023

GUI enhancement — Fund allocation widget that automatically fills transfers when clients distribute funds from Apifiny to target exchanges

Q1 2023

Client can customize and group exchanges for routing, such as top 5 or US only exchanges

Q1 2023

Routing algo optimization — factor in trading fee rates across the exchange network


Routing algo optimization — Advanced post strategy for orders based on market data analysis


Full exchange network routing with only 1 account


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