> For the complete documentation index, see [llms.txt](https://docs.bullpen.fi/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.bullpen.fi/execution/trade-routing.md).

# 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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