|
ClearTrace
DEX Execution Insights
June 28, 2026 · Ethereum mainnet
|
|
Correction · added July 30, 2026
The attribution-coverage figures in this issue were overstated. Contracts our pipeline had explicitly failed to identify, recorded internally as "Manual Review Required", were counted as attributed volume rather than as unattributed. Recomputed from the same data this issue was built on, cross-chain coverage was 87.8%, not the 90.6% stated below.
The text below is unchanged from what was sent. Every issue from June 28 to July 23, 2026 was affected, by roughly 3 to 4 points. The direction we reported holds: coverage did rise over that period, from 87.8% to 90.6% on the corrected basis, and every chain remained above our 85% internal bar. The cause is fixed and the figure now comes from a single shared definition. Our full corrections log is available on request.
|
|
|
Lead finding
KyberSwap routes 81% of $1M trades via off-chain RFQ — and still posts the widest quote gap among sampled aggregators
ClearTrace's live quote sampler (1,252 samples, 2.8 days) shows KyberSwap directing 81.2% of $1M ETH→USDC and WBTC→USDC flow through off-chain request-for-quote (RFQ) — more than any other aggregator in the sample. Yet its preliminary quote gap is the highest at +1.25 bps above execution, and its on-chain slippage (12.08 bps) still exceeds the Uniswap direct-DEX baseline (10.54 bps). Heavy RFQ routing is not, by itself, a guarantee of better quoted prices.
A contributing factor: only 53% of KyberSwap routes could be fork-simulated (vs 96–97% for the best-covered sampled aggregators), because 12% of its volume routes through next-gen venues ClearTrace cannot yet simulate. All quote figures are preliminary — rated status requires ≥30 realized samples and a ≥7-day observation window; first rated cells are expected around June 30.
|
|
|
This period in numbers
| |
1inch matches Uniswap's quote exactly
Preliminary quote gap: 0.0 bps (180 realized samples). On-chain slippage 7.02 bps — 3.5 bps below the Uniswap direct-DEX baseline of 10.54 bps. Source: quote sampler leaderboard, 2026-06-28.
|
| |
Odos: nearly 1-in-5 trades reverts on-chain
On-chain revert rate: 19.86% — highest among sampled aggregators and roughly 5× the field average. Preliminary quote gap is small (+0.11 bps, 172 samples), making the revert rate the dominant execution-quality signal. Source: quote sampler + dune_execution_slippage, 2026-06-28.
Correction (2026-07-05), added to this archived issue: a sender-concentration audit found the 19.86% figure above was dominated by address-rotating solver bots, not failing user transactions — the revert rate experienced by genuine Odos users is ≈0.2%. Revert methodology moved to v5 (a stronger sender-level bot filter) on 2026-07-05; this figure should not be cited. See the methodology page.
|
| |
Overall attribution coverage: 90.6%
Above the 85% target across all four chains. Ethereum leads at 94.5%; Base trails at 79.9%. Arbitrum: 85.9%, Optimism: 83.7%. 2,261 custom labels in the corpus. Source: dune_attribution, seed snapshot 2026-06-22.
|
| |
Quote sampler: 1,252 samples in 2.8 days, 83% realized
Six aggregators sampled across 9 trading pairs and four size tiers ($1K → $1M). 17% miss rate: 18 RFQ off-chain fills, 28 next-gen venue coverage gaps, 74 real failures, 90 pre-venue-capture. First rated cells (≥30 realized, ≥7-day span) expected ~June 30. Source: quote sampler report, 2026-06-28.
|
|
|
|
Explore the full leaderboard, chain-by-chain coverage breakdown, and live attribution data at the ClearTrace dashboard. Methodology notes explain how quote gaps, revert rates, and attribution confidence scores are computed.
|
|
ClearTrace · Cross-chain DEX attribution · Data as of 2026-06-28 (quote sampler) / 2026-06-22 (on-chain attribution).
All quote figures are preliminary; no cell has yet reached the 30-sample / 7-day threshold for rated status.
Figures are sourced from on-chain trace data and the ClearTrace live quote sampler — no protocol claims are fabricated.
|
|