ClearTrace Scorecard · Edition 3 of a recurring series

DEX Aggregator Execution Scorecard
Edition 3, September 2026

Name: ClearTrace Scorecard Edition 3, frozen data snapshot
Creator: ClearTrace
License: https://creativecommons.org/licenses/by/4.0/

The rated record of DEX aggregator execution quality: quote accuracy, execution slippage, and revert rates, measured the same way for every aggregator on this board, by a third party with no routing product, and frozen so the numbers can't be edited after the fact. The board is not a complete census: venues withheld from ClearTrace's published outputs, and venues we do not yet sample, do not appear on it at all.

Chain: Ethereum · Snapshot frozen: 2026-09-08 17:03 UTC · On-chain data: 7-day window to 2026-09-08 · Published: 2026-09-08 · Snapshot: scorecard-edition-3.json
SHA-256: 0c36db6ecc481a1d60ed4170d79b3f4d7f4c6b385ba399742c05617de15f118c

Why a rated edition exists

Every aggregator claims best price and high reliability, and those claims are self-reported, published by the routing product being measured. Meanwhile MiCA transposes MiFID-style best-execution duties into crypto: under Regulation (EU) 2023/1114, Article 78 obliges a CASP executing client orders to take all necessary steps to obtain the best result and to evidence it on request, with record-keeping under Article 68. The regime applied from 30 December 2024, and the transitional window that let existing providers keep operating without full authorisation closed, at the latest, on 1 July 2026, so evidencing best execution is already in force. Compliance dashboards (e.g. DefiLlama's MiCA tracker) cover exchange-level obligations, not execution quality at the routing layer, where the trades actually happen.

This scorecard is a neutral, methodology-published, third-party rated record: we operate no router and take no order flow, the method is published, and each edition is numbered, dated and hashed. A rating you can cite in a governance forum, a marketing page, or a best-execution file. The snapshot below is what the hash covers, so the numbers cannot be back-dated or quietly revised; the findings text on this page is not hashed, and corrections to it ship as dated, additive notes whose full history is public in git.

Edition 3 findings

Post-publication note (2026-09-08). One sentence in the first finding is withdrawn. The first finding below says the 5.2× headline gap between OKX and SushiSwap “is substantially a difference in traffic mix.” That names a cause, and this scorecard’s own rule for findings is that they state only what is computable from the frozen snapshot: a count, a span, a rate, a decomposition, never a cause. The count that sentence rests on is already stated beside it — the residual term exceeds half the headline gap in 31 of 36 venue pairs — and that is the claim we stand behind. The finding’s own closing caveat says the residual bucket sits inside a corridor set by our classifier’s thresholds, which is exactly why it cannot carry a causal reading. Withdrawn: the “traffic mix” sentence. Retained: every number in the finding. Added for the record: the opening claim that most of what a headline revert rate counts is not the user’s own failed swap is supported by a count the page did not print — residual reverted transactions exceed genuine-user reverted transactions in 9 of 9 routers in this snapshot. Per this scorecard’s integrity model the snapshot, the findings text and the SHA-256 hash are unchanged; corrections are published as dated notes like this one.

Post-publication note (2026-09-08). OpenOcean’s quote-accuracy cell should read stale, not rated. The rated table below shows OpenOcean at 10.23 bps over 6,983 realized quote samples with a rated badge. The figure is real. The badge is not: the last successful OpenOcean quote sample on Ethereum was captured 2026-08-20 19:05 UTC, and every request since — 1,716 of them, at roughly 104 a day — returned no quote, because the venue’s endpoint began answering our sampler with a bot challenge on 21 August. The table’s printed rule for rated (≥30 realized samples spanning ≥7 days) is met on frozen history; the recency rule we apply in code (newest successful sample no older than 3 days) is failed by 16 days. That recency rule landed the same day this edition froze, and the edition was built from a data export eight minutes older than the first one to carry the corrected badge. A cell that has gone quiet for 19 days is not a rated cell. Read the 10.23 bps as OpenOcean’s last measured value, not a current one, and read the “widest quote gap on the board” as a statement about August. Per this scorecard’s integrity model the snapshot, the findings text and the SHA-256 hash are unchanged; Edition 4 carries this correction forward in its errata.

Most of what a headline revert rate counts is not the user's own failed swap. Every headline here splits into two terms: transactions from senders our v6 classifier counts as genuine users (personal revert below 10%), and everything else it did not classify as a bot. The second term is the larger part of the difference between venues: across the 9 pooled routers it accounts for more than half the headline gap in 31 of 36 venue pairs. So the 5.2× headline gap between OKX (5.02%) and SushiSwap (0.96%) is substantially a difference in traffic mix; on the user-only rate the same two are 1.03% and 0.3%, a 3.4× gap. What this does not show: the residual bucket is bounded by the classifier's own thresholds, so its pooled rate (19.2%–28.0% here) sits inside a corridor we set, and should not be read as a measured constant. Only the share of traffic in it (2.8%–15.9%) varies freely. Every reliability finding below is stated on the user-only rate.
Genuine-user revert rates span 0.80 percentage points; headline rates span 4.06. Genuine-user revert rates (v6) across the 8 routers where the rate is comparable and uncontaminated run from 0.23% (1inch) to 1.03% (OKX). 7 of the 8 route measurably more reliably for genuine users than the direct-Uniswap default (1.04%). OKX is lower but within measurement error (two-proportion z, p > 0.05), so it should be read as no worse rather than better. The baseline itself, and the 1 router with no genuine-user rate this edition (Odos), are outside this pool.
Reverts are not comparable across execution models. A revert rate is a reliability signal only where the failing transaction is the user's own: on a router, where the user submits the swap. On a batch auction (CoW Protocol) or an intent venue (1inch Fusion), a solver or resolver submits, so an order that cannot be filled never becomes a transaction and the on-chain revert rate is structurally near zero however reliably the venue fills. The table tags every venue with its model; the reliability findings above rank routers only, and non-router rates are shown flagged n/c, never ranked.
Most aggregators do not beat the venue default. Against the direct-Uniswap execution baseline (10.93 bps median), 5 of the 11 venues we measure on-chain deliver cheaper realized execution: Bitget DEX (4.14 bps), 1inch (7.45 bps), OpenOcean (9.34 bps), CoW Protocol (9.66 bps), Bebop (10.74 bps). The other 6 route worse than the default they are competing with. 3 venues carry no on-chain execution data this edition (Odos, LI.FI, DODO X) and are unmeasured here. Unlike revert rate, realized execution cost is a per-fill outcome the trader gets whoever submits the transaction, so it is compared across every settlement model; the model is shown for each venue so a reader can scope it further.

Provenance: Bitget DEX and Bebop are named above, and we have not ingested their own published deployment addresses. Their figures rest on our labelling of which contracts belong to them, and should be read as provisional.

The rated table

Rated = ≥30 realized fork-simulation quote samples spanning ≥7 days. On-chain metrics (slippage, reverts) cover every trade/transaction we attribute to the venue in the window, not a sampled subset of them, but attribution is entrypoint-framed, so the denominator is the flow entering through contracts we can tie to the venue, not the venue's total volume. Baseline = the direct-venue default aggregators are implicitly compared against. Revert rate shows the headline with the v6 genuine-user rate in parentheses; n/c marks a venue whose settlement model (batch auction, intent, or unclassified where we have not established who submits the settlement transaction) makes its on-chain revert rate not comparable to a router's. A venue marked wound down has shut down: its numbers are frozen history for the window measured, not a live venue. A venue marked unestablished is one whose own published deployment addresses we have not ingested: its numbers rest on our labelling rather than on the venue's list, and should be read as provisional. An execution-cost cell marked all-chain means the venue has no row on this chain, so the figure is its median across every chain we measure, shown as context and excluded from every finding. A dash (—) means we hold no measurement for that cell this edition, whether the venue had no qualifying traffic, fell below the query's reporting floor, or is not yet quote-sampled; it never means zero. Router counts differ between findings because each states its own pool: the residual decomposition includes the venue default, the genuine-user comparison does not.

Aggregator	Status	Model	Exec slippage	Revert rate	Quote gap	Quote n	Routing txs
Bitget DEX · unestablished	on-chain only	Router	4.14 bps	1.72% (0.69% users)	—	—	35,895
1inch	rated	Router	7.45 bps	1.16% (0.23% users)	0 bps	12,021	126,629
OpenOcean	rated	Router	9.34 bps	2.16% (0.32% users)	10.23 bps	6,983	8,410
CoW Protocol	on-chain only	Batch auction	9.66 bps	0.22% n/c	—	—	27,258
Bebop · unestablished	rated	Unclassified	10.74 bps	2.61% n/c	0 bps	8,512	18,952
Uniswap (direct venue)	baseline	Router	10.93 bps	2.61% (1.04% users)	0 bps	11,503	145,635
KyberSwap	rated	Router	11.48 bps	1.26% (0.62% users)	0.26 bps	11,560	294,054
1inch Limit Order Protocol	on-chain only	Intent	11.71 bps	0.48% n/c	—	—	47,754
SushiSwap	rated	Router	11.8 bps	0.96% (0.3% users)	0 bps	11,081	53,299
ParaSwap (Velora)	rated	Router	19.52 bps	1.58% (0.34% users)	1 bps	11,585	33,133
OKX	rated	Router	20.5 bps	5.02% (1.03% users)	2.5 bps	9,875	39,167
Tokenlon · unestablished	on-chain only	Unclassified	65.73 bps	0% n/c	—	—	2,461
Odos · Wound down 2026-07-30 · data through Jul 2026	rated	Router	—	—	0 bps	3,109	—
LI.FI	rated	Router	—	2.36% (0.43% users)	0.71 bps	8,966	45,584
DODO X	on-chain only	Unclassified	—	0.12% n/c	—	—	9,625

Verify this edition

The findings above are computed from a frozen snapshot. To verify nothing has changed since publication, hash the snapshot and compare:

curl -s https://cleartracedata.com/static/data/scorecard-edition-3.json | shasum -a 256
0c36db6ecc481a1d60ed4170d79b3f4d7f4c6b385ba399742c05617de15f118c

The snapshot is committed to a public git history at publication time, which independently timestamps it.

Methodology & scope

Full methodology: cleartracedata.com/methodology and the open-dataset README. In brief: execution slippage is the median per-fill gap vs a 1-minute VWAP oracle over all on-chain trades; revert rate counts failed routing transactions from raw on-chain data; quote accuracy is a forward-captured fork-simulation sample (quoted vs realized). Aggregators we don't yet quote-sample appear with on-chain metrics only. Preliminary cells are shown but never rated. Quote-sample windows differ by venue (each venue is rated once it has enough samples of its own), so the quote column is not a single shared window the way the on-chain columns are. Scope: Ethereum for this edition; the live leaderboard is the free preview layer that accrues between editions.

Cite or commission

Cite this edition as: ClearTrace DEX Aggregator Execution Scorecard, Edition 3 (September 2026), sha256:0c36db6ecc48…. Link: https://cleartracedata.com/scorecard/edition-3. For a private cut of your own routing versus peers (per-pair, per-size, with the failure modes), or a subscription to future rated editions for a best-execution evidence file, book a working session.

ClearTrace is an independent measurement firm: we operate no router, no frontend, and take no order flow. Editions are immutable once published; corrections, if ever needed, ship as an errata note in the next edition, never as a silent edit. · Home · Live leaderboard · Research

DEX Aggregator Execution ScorecardEdition 3, September 2026