BNB — market makers vs Binance

How far each venue sits from the Binance price, in bps.
− cheaper / better   + worse connecting…
Binance · BNB/USDT — live price ·
Mid price over time (dashed line = now). Dots = a downsampled sample of prop-AMM fills at execution (capped for readability — not every trade; the table below has the exact counts): Tessera Elfomo Swaap · ▲ buy ▼ sell.
what's the difference between the asset tab (e.g. “BNB”) and “● Live now”?

The asset tab (e.g. “BNB”) is the history & analysis view. Over your look-back window it shows how the makers actually filled (aggregated trade stats), the on-demand quote table, the routing-auction win table, and the price chart. Use it to judge how good a venue has been over time.

“● Live now” is the real-time snapshot. For the buy size you pick, it shows the cheapest place to buy right this second across every venue, from live quotes. Use it to decide where to route a trade right now.

Same data, two lenses: the tab looks backward (what happened over the window); Live looks at this instant (what you'd get now).

show venues
how is the Binance fee applied?

ON = the Binance price includes its spot taker fee (VIP0 10 bp · VIP4 5.4 bp, no BNB discount — the same method as CompareSol, whose Binance fee is 0.10%).

OFF = the raw Binance book, no fee. On-chain venues' swap fee is always already in their price.

look back

Prop AMMs — how they actually filled

what is this table?

This is history — real trades that already executed on the prop AMMs, not live prices. Each row is a maker + pair, showing how many trades happened, the average size people actually traded, and how good those fills were vs the Binance price for that same size.

Read it carefully: a maker only shows up here when it won the trade, so you're seeing its winning fills only — the spread looks flattering by design. For an unbiased, same-size comparison across every venue, use the On-demand quotes table below.

The columns: vs mid = distance from the Binance midpoint. vs Binance VIP0 / VIP4 @ size = vs what that same size would actually cost on Binance (its book walked for the trade size + that tier's taker fee, no BNB discount) — − means the maker beat Binance. VIP0 = 10 bp retail · VIP4 = 5.4 bp. The best row is highlighted.

makerpairtradesavg sizevs mid

On-demand quotes — at the selected size

what is this table? how is it different?

This is the present — what every venue would quote right now for the size you pick below, polled every block. Unlike the table above it's unbiased (it's the quote whether or not anyone trades on it) and apples-to-apples (every venue at the same size), and it includes the benchmarks PancakeSwap V3 and Binance VIP0/VIP4 so you can see who's genuinely cheapest.

It's what you'd actually pay to buy / sell the asset vs Binance at the selected sizeclick a size to compare. Each cell shows the gap in bps and the $ cost / saving at that size. Binance = its own order book walked for that size; EulerSwap is our ~$100 test pool (only quotes tiny sizes).

Elfomo (getAmountOut) and Tessera V (tesseraSwapViewAmounts) both expose on-chain quoters that return the exact execution price for any size every block, so both are unbiased live quotes like PancakeSwap — not winner-selected. A maker missing from this table simply isn't quoting that asset at that moment (makers toggle pairs on/off with flow and inventory). Realized fills still appear in the table above.

The difference in one line: the how they actually filled table = what happened (past · mixed sizes · winners only); this table = what you'd get (now · one size you choose · every venue).

buy size
venuebuy vs Binancesell vs Binance

On-chain routing — who wins, and by how much

what is this table?

This is the routing auction. For every size and direction we record each venue's live quote at the same block, then ask: of the ticks it was quoting, how often did each venue offer the best fillable on-chain price (win%), and what's its median gap to the next-best on-chain venue (gap− = it beat the field, + = it was beaten by that many bps)?

Binance / CEX is excluded — aggregators never route to a centralized exchange. A venue that's depth-capped or not quoting a size can't win it. Unlike the "how they actually filled" table, this counts the ticks a venue LOSES too, so it's the unbiased answer to "does the prop AMM really beat PancakeSwap, and by how much?" — not just the trades it won. Win-rates sharpen over days as the sample grows.

direction