What shows up in a $1M quoted route

ClearTrace polls live aggregator quotes on a fixed set of Ethereum pairs at four trade sizes, and records the route each quote returns. Over the last 30 days, the share of KyberSwap quotes whose route includes an off-chain RFQ or private-market-maker leg rises steeply with trade size. At $1,000 it is 2.3% (24 of 1,062 quotes). At $1M it is 86.0% (406 of 472). The intermediate sizes sit in between: 13.4% at $10k, 22.5% at $100k. Native and Hashflow are the two RFQ venues we can see, on a route list we store truncated to six venues.

The pattern holds across the whole sampling window: broken out by week, the $1M share stays between 82% and 100%. These are also ordinary routes rather than samples we failed to price. 304 of the 406 RFQ-routed $1M quotes still reproduced in fork simulation.

Two limits on how far this goes. Only four of the ten aggregators we sample publish their route in the quote response (KyberSwap, Paraswap, Uniswap, Bebop). Among those four, only KyberSwap shows RFQ legs, and the other six return no route detail, so nothing here says they route differently. And a flagged route means an RFQ venue is present in it, not that the trade fills there. An RFQ leg sits alongside on-chain pools in a split route, and the quote response does not say what share of the notional each leg takes. The finding is that RFQ venues are in most $1M quoted routes and almost no $1k ones.

This period in numbers

Quote gaps depend on size, and not in one direction

Comparing each venue's own quoted-versus-realized gap against the Uniswap default's, on samples matched by pair, size and 5-minute window: at $1,000 the spread is narrow, with 1inch, Odos, Sushi and Bebop at parity (0.0 bps), KyberSwap at 0.57, LiFi 0.60, Paraswap 1.0 and OKX 1.80, all inside 1.8 bps of the default. At $100,000 the field splits: the same four hold parity while Paraswap sits at 1.0, LiFi 2.14, OKX 4.46 and KyberSwap 4.47. It does not stay split. At $1M, KyberSwap is back at parity (0.04) and LiFi tightens to 1.35, while OKX widens to 5.56. Positive means a wider gap than the default, and each figure rests on at least 185 matched windows. Source: ClearTrace quote sampler, matched comparative gap, rated cells only.

Two more venues cleared the rated bar

OKX and LiFi now have enough history to report. At $1M their matched gap against the Uniswap default is 5.56 bps (OKX, 189 matched windows over 12.5 days) and 1.35 bps (LiFi, 185 windows over 12.7 days). Rated cells across the whole sampler rose to 280, from 214 a week ago. A cell is rated only with at least 30 realized samples and a 7-day span. Source: ClearTrace quote sampler report, 2026-07-23.

Simulation failures: 3% to 5% on majors, 24% to 52% on thin pairs

Of 25,952 quote samples taken over 30.4 days, 91% reproduced in fork simulation. The sampler classifies each miss, and across all four major pairs the genuine failures (excluding RFQ legs and venues we cannot fork-simulate) run at 3.3% of classified samples for USDC/USDT, 3.9% for WETH/USDC, 4.8% for WBTC/USDC and 5.2% for WETH/USDT. On the thin pairs they run at 24.0% for DOGEUS/USDC (1,948 samples), 34.4% for AIB/USDC (776) and 52.1% for PEPETO/USDC, the last on only 192. Source: ClearTrace quote sampler, per-sample miss classification.

Attribution coverage at 94.5%

Share of trading volume ClearTrace can attribute to a named frontend or router: 97.4% on Ethereum, 92.7% on Base, 91.1% on Arbitrum, 88.9% on Optimism, for a cross-chain figure of 94.5%, backed by 2,310 custom contract labels. Source: ClearTrace attribution coverage, seed synced 2026-07-22.

The full aggregator leaderboard, chain-by-chain coverage and live attribution data are on the ClearTrace dashboard. The methodology notes explain how quote gaps, matched comparisons, execution cost and rated-cell thresholds are computed.

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Methodology

ClearTrace · Cross-chain DEX attribution · Quote-sampler data 2026-06-24 to 2026-07-23 (Ethereum, 25,952 samples). On-chain attribution synced 2026-07-22.
RFQ routing is detected from the route each aggregator returns in its own quote response, so it can only be measured for venues that publish a route. Quote gaps are quoted output versus fork-simulated realized output; the comparative figures are matched by pair, size cohort and 5-minute window against the Uniswap default, which is the only cross-venue-comparable form of that number. Rated means at least 30 realized samples and a 7-day span.
Every figure above comes from ClearTrace on-chain trace data or the live quote sampler. No protocol claims are fabricated.

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