How Apifiny Smart Order Routing Works

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. Crypto Smart Order Routing for Algo Traders

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 with Central Limit Order Book ( CLOB)

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. SOR - Crypto Order Execution Analysis

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

DescriptionTiming

V1.5

Routing based on the consolidated limit order book (CLOB)Launched

V1.5

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

Launched

V1.5.1

Open API — Clients can filter exchanges by choice

Q3

V1.5.1

GUI enhancement — Clients can filter exchanges by choice

Q3

V1.5.2

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

Q3

V1.5.3

Algorithm optimization — More efficient balance management

Q3

V1.6

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

Q3

V1.6

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

Q3

V1.7

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

Q3

V1.8

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

Q4

V1.9

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

Q4

V2.0Full exchange network routing with only 1 account

TBD

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