Market comparison
The same trade, priced at every venue, normalised to basis points of each venue's own mid.
Binance and Uniswap are live. Vortex is a model of the designed curve, in bps from each venue’s own mid.
Binancewaiting
Vortex APIwaiting
Spread over the last minute
Simulated: illustrative model of the designed curve, not measured performancespread in bps, logarithmic · last 60 seconds
Binance and Uniswap are the real readings already on this page, kept for a minute. The PermAMM line is modelled: it prices only against a signed authorisation, so no browser can measure it, and there is no historical quote store to read it from.
Spread by venue
| Venue | Mid | Bid | Ask | Spread |
|---|---|---|---|---|
| Vortex AquaSwapVM against maker inventory | Sampling… | |||
| Vortex PermAMMUniswap v4 pool behind the Vortex hook | Prices only against a signed authorisation, so it cannot be quoted from a browser. | |||
| UniswapTrade API, real WBTC/USDC | Sampling… | |||
| BinanceBTC/USDC order book, read in this browser | Loading the book… | |||
Bid, ask and spread are basis points of each venue’s own mid, which is what makes venues on different marks comparable. Mid is USDC per WBTC.
Where size costs you
basis points from mid · bids left, asks right
A line that rises straight up is a venue holding its price as the size grows; one that leans outward is charging more for size. Binance is vertical here — its top of book absorbs every size on this chart without moving — and Uniswap barely leans. Vortex leans the most: the inventory adjustment widens the quote as the size grows, which is a maker with a two-WBTC book protecting it. That is the honest shape, and it is the number the comparison on the swap page has to beat.
Sizes stop at 0.25 WBTC because the maker’s per-trade cap refuses more, and a chart of refusals teaches nothing. Binance is read directly from this browser; nothing here is proxied, cached or substituted, and a feed that cannot answer says so.