The Routing Decision in 6 Microseconds
A venue scoring model trained on queue depth, spread dynamics, and rolling fill statistics picks the optimal execution path for every order. Per-order decision. No cached rankings. Under 6 microseconds.
What the Router Evaluates Per Order
Each routing decision is computed independently using current market state. No cached venue rankings. No batch scoring windows.
Queue Depth Analysis
Current bid and ask queue depth at each venue is factored into fill probability estimates. A venue with a thin book may offer a better price but lower fill certainty.
Historical Fill Rates
Rolling per-venue fill statistics at the current price level inform expected fill rate. The model distinguishes intraday regime from long-run baseline.
Spread and Impact Cost
Effective spread and estimated market impact are combined into a total cost model. Venues with wide spreads are penalized even when queue depth looks favorable.
Venue Latency Profile
Gateway round-trip latency is tracked per venue. A slightly suboptimal venue that consistently acknowledges faster than a peer will often score higher on time-sensitive strategies.
Venue Scoring in Action
An incoming order is evaluated against all eligible venues simultaneously. Two are selected. The fill returns confirmation.
Connected Exchanges and ECNs
Direct market access connections to all major US equity venues plus primary European exchanges. FIX and native binary protocols supported per venue.
US Equities
US Options
Futures
FX and Fixed Income
Routing Decision Latency Benchmarks
Independent benchmarks measuring time from normalized tick receipt to order submission. Numbers reflect p50 and p99 on a standard co-location setup at NY4 with a 10GbE direct cross-connect.
Benchmark methodology is documented in our Pulse technical blog. Numbers reflect sustained throughput under representative market open conditions, not ideal lab scenarios.
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See Routing Improvements in Your Own Environment
We run a shadow routing session alongside your current infrastructure. You compare fill statistics before switching any live order flow to EurekaLabs.