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For the complete documentation index, see llms.txt. This page is also available as Markdown.

Trade Routing

Bullpen automatically routes your trades to the optimal execution venue based on the asset and market type.

Routing Decision Tree

Is it a perpetual futures trade?
├── Yes → Hyperliquid
└── No (Spot trade)
    ├── Is the asset listed on Hyperliquid spot?
    │   ├── Yes → UNIT (Hyperliquid spot orderbook)
    │   └── No → Jupiter Ultra (Solana)

You don't need to choose venues manually. Bullpen handles routing behind the scenes.

Why This Architecture?

Each venue is optimized for different use cases:

Venue
Best For
Why

Hyperliquid

Perps, major spot

Onchain CLOB, deep liquidity, low latency

UNIT

HL-listed spot

Direct access to Hyperliquid spot book

Jupiter Ultra

Solana tokens

Meta-aggregation, MEV protection, any token

Execution Quality

Hyperliquid (Perps & Spot)

Hyperliquid operates a fully onchain central limit order book. Key properties:

  • Deterministic execution: Every order, cancel, and trade recorded onchain

  • Price-time priority: Best prices first, oldest orders first at same price

  • Block-level finality: Trades settle in the same block

  • No front-running: Matching happens in consensus layer

Latency is sub-second for order placement and matching.

Jupiter Ultra (Solana Spot)

Ultra provides institutional-grade execution for Solana tokens:

  • Meta-aggregation: Compares routes across Iris, JupiterZ, DFlow, Hashflow, OKX

  • Predictive execution: Simulates actual execution quality, not just quoted prices

  • MEV protection: ShadowLane keeps transactions private until landing

  • Sub-second landing: 50-400ms typical

On average, Jupiter Ultra achieves +0.63 bps positive slippage, meaning you get slightly more than quoted.

Slippage & Price Impact

Perps

Slippage depends on:

  • Order size relative to book depth

  • Current spread

  • Market volatility

Use limit orders to control execution price. TWAP for large orders.

Spot (Hyperliquid)

Same mechanics as perps. Orderbook-based execution.

Spot (Solana via Ultra)

Ultra's Real-Time Slippage Estimator (RTSE) dynamically sets appropriate slippage based on:

  • Token volatility history

  • Current liquidity depth

  • Recent execution patterns

You can override with manual slippage in Settings.

Fees

Venue
Maker
Taker

Hyperliquid Perps

Rebate

0.025%

Hyperliquid Spot

Varies

Varies

Jupiter Ultra

N/A

Route-dependent

Fees subject to change. Check current rates in the app.

Builder codes and referral discounts may apply. See Hyperliquid docs for current fee schedules.

Failed Transactions

Hyperliquid

Orders can fail if:

  • Insufficient margin

  • Price moved past limit

  • Position would exceed max size

Failed orders return an error immediately. No funds are lost.

Solana (Jupiter)

Transactions can fail due to:

  • Slippage exceeded

  • Insufficient SOL for gas (if gasless not available)

  • Network congestion

Jupiter Ultra's high landing rate (sub-second) minimizes failures. If a swap fails, your tokens remain in your wallet.

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