The Smart Order Router (SOR) will intelligently split an order among different venues based on the available liquidity in order to optimize execution price, and can make sense to use if liquidity is fragmented. This is available from the Trade tab, using the Smart order type.
SOR evaluates the combined liquidity available on Coinbase and Kraken in order to optimize buying 1,000 SOL for a limit price of $195
The Smart Order Router then populates proposed orders, allocating a portion to each venue to best capture available liquidity. In this example, of the 1000 SOL parent order, ~596.8 SOL is sent to Kraken and ~403.2 SOL is sent to Coinbase.
Parameter
Description
Buy/Sell
Direction of the order
Market
The symbol & price currency of the market will infer from the trading symbol of the trade page in the top left
Amount
Size of the order to execute, measured in token units
Limit Price
The price at which to send the orders
Duration
The execution time limit for the orders. Unfilled orders will cancel at the end of the duration.
Venues
Using the check boxes, select the different market/exchanges to use
After pressing "Get Quotes", the SOR algo will use the current order books in the selected markets to best allocate the parent order to optimize for price. The algo will simultaneously send the set of limit orders to the respective venues to maximize liquidity capture and reduce information leakage.
