Economics and execution
Start with net route value, then review order-book depth, slippage, and the lifetime of a market opportunity.
- net value after route costs;
- average fill price for working size;
- the gap between liquidity and execution;
- signal relevance at action time.
A safer operating workflow
The API and product-format guides distinguish analytics scanners from trading bots and explain how to restrict access.
Updated: 2026-07-18
Frequently asked questions
Which article should I read first?
Start with net route value, followed by order-book depth and slippage.
Is this material investment advice?
No. It is educational content about market mechanics and analytical limitations.