Step 1: Scanning

When you enter the exchange parameters (e.g., 100,000 USDC → ETH), the Hypertrade Router R1 starts scanning:

Step 2: Price Impact Calculation

Hypertrade calculates what the price impact will be for different order sizes on each DEX:

Step 3: Optimization

Hypertrade uses an optimization algorithm to find the best order allocation between DEXs:

Goal: to minimize the total price impact.

Optimization result for a 100,000 USDC order:

Comparison with running on a single DEX:

1. Non-linear growth of price impact

On AMM, the price impact grows faster than the order size:

Why is that?

The AMM uses the formula x × y = k, where:

• • x = Number of USDC in the pool
• • y = the amount of ETH in the pool
• • k = constant

When exchanging USDC for ETH:

• • You add USDC → x increases
• • You take ETH → y decreases
• • Price = x/y rises non-linearly

2. Aggregation of fragmented liquidity

On Hyperliquid, liquidity is divided between several DEXs:

• • HyperCore Spot: 40% of all USDC/ETH liquidity
• • Hyperswap: 35%
• • Kittenswap: 20%
• • Prjx: 5%

No split-routing:

You only use 35-40% liquidity (one DEX) → high impact

With split-routing:

You use 80-95% of all liquidity → minimal impact

3. Taking into account different pricing mechanisms

HyperCore Spot uses Order Books (limit orders), while Hyperswap/Kittenswap uses AMMs (liquidity pools).

They have different sensitivity to order size:

• • Order Book: price impact depends on the depth of the order book
• • AMM: price impact depends on the size of the pool (grows non-linearly)

Hypertrade takes advantage of both:

• • Small part of the order (10-50k): → Order Book gives the best price
• • Middle part (50-100k): → AMM starts to compete
• • Large part (>100k): → Split between all sources to minimize impact

Example 1: $50,000 Order (Average Trader)

Goal: Swap 50,000 USDC for ETH

Example 2: Order $200,000 (whale)

Goal: Swap 200,000 USDC for ETH

Option A: Hyperswap (no split-routing)

Price Impact: 12.8% ❌

Average Price: 2,820 USDC/ETH

Get: 70.92 ETH

Expected result (no impact): 80 ETH

Losses: 9.08 ETH = $22,700 ❌❌❌

Option B: HyperCore Spot only

Price Impact: 2.1%

Average Price: 2,552.5 USDC/ETH

Get: 78.34 ETH

Losses: 1.66 ETH = $4,150

Example 3: DCA strategy ($10k weekly)

Situation: An investor buys $10,000 worth of ETH every week (52 weeks per year)

Without split-routing (Hyperswap):

Average price impact: 0.5%

Loss per purchase: $50

Annual loss: $2,600

With split-routing (Hypertrade):

Average price impact: 0.12%

Loss per purchase: $12

Annual loss: $624

1. Large orders (>$20,000)

Rule: the larger the order, the stronger the benefit from split-routing.

2. Low liquidity in individual pools

If the main pool (e.g. Hyperswap) has a TVL of only $500k-1M and your order is $100k+, then:

• • No split: impact 10-20% ❌
• • With split: access to other pools reduces the impact to 1-3% ✅

3. Volatile pairs (not stablecoins)

For ETH/HYPE, HYPE/ARB pairs (volatile assets):

• • Price impact is higher due to less liquidity
• • Split-routing is particularly effective at reducing the impact

4. Fragmented liquidity

If liquidity is evenly distributed among several DEXs (for example, 30-35% on each), split-routing gives the maximum benefit.

Indicator: Check TVL on all DEXs for your pair:

• • If one DEX >70% of all liquidity → the benefit of split-routing is small (0.2-0.5%)
• • If the liquidity is distributed 30-40-30% → the benefit of split-routing is high (1-5%)

5. Frequent traders (>10 trades per month)

Even if the benefit on one trade is small ($20-50), with regular trading, the savings are accumulated:

Optimization algorithm

Hypertrade Router R1 uses dynamic programming and numerical optimization to find the best split:

def price_impact(dex, amount):
    if dex.type == 'AMM':
        # x*y=k formula
        return calculate_amm_impact(dex.reserves, amount)
    elif dex.type == 'OrderBook':
        # Aggregation of limit orders
        return calculate_orderbook_impact(dex.orders, amount)
          

best_split = None
min_total_impact = infinity

for split_A in range(0, 101, 5):
    for split_B in range(0, 101 - split_A, 5):
        split_C = 100 - split_A - split_B

        amount_A = total_amount * split_A / 100
        amount_B = total_amount * split_B / 100
        amount_C = total_amount * split_C / 100

        impact_A = price_impact(DEX_A, amount_A)
        impact_B = price_impact(DEX_B, amount_B)
        impact_C = price_impact(DEX_C, amount_C)

        total_impact = (impact_A * split_A +
                        impact_B * split_B +
                        impact_C * split_C) / 100

        if total_impact < min_total_impact:
            min_total_impact = total_impact
            best_split = (split_A, split_B, split_C)
          

if (savings_from_split - extra_gas_cost) < threshold:
    use_single_dex = True
          

Factors affecting the distribution

1. 1. Order Size: Larger Orders → More Even Distribution
2. 2. Pool TVL: More Liquidity → More Order %
3. 3. Current price impact: DEX with low impact gets more
4. 4. Gas cost: expensive hops require a higher minimum share
5. 5. Slippage tolerance: lower tolerance favors Order Book liquidity

Step 1: Open Hypertrade

Go to https://ht.xyz and connect your wallet.

Step 2: Enter the exchange parameters

1. 1. Token to sell: USDC
2. 2. Token to buy: ETH
3. 3. Amount: 50,000 USDC

Step 3: Wait for the analysis

⏱️ Hypertrade automatically:

• • Scans liquidity on all DEXs
• • Calculates the optimal split
• • Launches Invisium Simulation

(Takes 2-4 seconds)

Step 4: Check the result

On the screen you will see:

Step 5: (Optional) See the details

Click "Route Details" for details:

Step 6: Confirm the swap

1. 1. Click "Swap"
2. 2. Approve token (if first time)
3. 3. Confirm in MetaMask
4. 4. Wait for execution (5-10 seconds)

All parts of the order are executed in parallel in one transaction – you don't have to wait for each hop separately.

Step 7: Check the result

1. What is split-routing?

Split-routing is the technology of automatically splitting your order into multiple parts and executing each part on different DEXs to minimize the price impact and achieve the best average price.

2. Do I need to configure split-routing manually?

No. Hypertrade automatically calculates the optimal allocation for each order. You just click "Swap" and everything works.

3. How much does split-routing cost?

0% platform fee. You pay only:

• • Gas cost (~2-4 HYPE instead of ~1.5 HYPE for single DEX)
• • DEX commissions (0.1-0.3%, included in the price impact)

The additional gas cost of $2-5 is repeatedly covered by savings on price impact ($100-5,000).

4. Is split-routing always better than a single DEX?

Almost always, but there are exceptions:

• • Very small orders (<$1,000): $1-5 benefit, additional $2-3 gas → may not be profitable
• • One DEX has >90% liquidity: split gives a small benefit (<0.1%)

Hypertrade automatically detects when a split is beneficial and uses a single DEX if it is better.

5. How many parts can there be in a split?

From 1 to 4-5 parts, depending on:

• • Available sources of liquidity
• • Order size
• • Gas cost (do not create 10 small parts with a high total gas)

For most orders, 2-3 parts are optimal.

6. What if one of the DEXs fails to do its part?

The entire transaction is atomic – either all parts succeed or everything is reverted. You cannot get a result from only a part of the order.

You only lose gas (~2-4 HYPE), but you don't lose the main tokens.

7. Can I select split manually?

Not in the current version. Hypertrade automatically selects the optimal split.

If you want a custom split, you can:

• • Make a few separate swaps manually (but it's more expensive on gas)
• • Use the Hypertrade API to integrate into your dApp

8. Does split-routing work for all token pairs?

Yes, for any pair that has liquidity on multiple DEXs.

If there is liquidity on only one DEX (for example, a new token on Kittenswap), Hypertrade uses a single DEX swap.

9. Does split-routing take my slippage tolerance into account?

Yes. Hypertrade sets minAmountOut based on:

• • Simulated split-routing result
• • Your slippage tolerance (e.g., 1%)

If the actual result is worse than the minimum → the transaction is canceled.

10. How does split-routing compare to 1inch or Matcha?

Key findings:

1. 1. Split-routing reduces the price impact by 3-10 times for large orders
2. 2. Save $100-5,000 on each trade (1-5% of the amount)
3. 3. Works automatically – no configuration required
4. 4. 0% platform fee – you pay only the minimum additional gas
5. 5. Indispensable for >$20,000 orders

For whom split-routing is critically important:

• • 🐋 Whales (orders >$100k): save $3,000-20,000 per trade
• • 📊 DCA Investors: Save $1,000-3,000/Year on Regular Purchases
• • 💼 Funds and Market Makers: Minimizing Slippage for Large Positions
• • ⚡ Active traders: Save $5,000-10,000/year with frequent trades