> For the complete documentation index, see [llms.txt](https://listed-exchange.gitbook.io/listed/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://listed-exchange.gitbook.io/listed/how-it-works/how-routing-works.md).

# Routing

Every quote LISTED shows is the winner of a race across every venue on Robinhood Chain.

## The venues

| Venue               | What it is                                                                                                                            |
| ------------------- | ------------------------------------------------------------------------------------------------------------------------------------- |
| **KyberSwap**       | KyberSwap's own aggregation — reaches the chain's Uniswap pools plus liquidity it routes itself (slipstream, brownfi-v3, and others). |
| **Rialto**          | Best-execution aggregator plus its own market-maker (propAMM) inventory.                                                              |
| **xPath**           | Multi-DEX router.                                                                                                                     |
| **Nordstern**       | On-chain best-execution router.                                                                                                       |
| **De1**             | Open multi-DEX aggregator (open-api.de1.exchange) — keyless, reaches SwapHood and the chain's Uniswap/Pancake pools.                  |
| **Ekubo**           | Ekubo's own concentrated-liquidity protocol on Robinhood — quoted via their block-pinned quoter, executed through the Yul Router.     |
| **Market estimate** | A DexScreener-derived reference used only when no venue can produce an executable route. Marked non-executable — quote only.          |

Uniswap itself isn't a venue LISTED quotes — it's a DEX, not an aggregator. The venues above already route through the chain's Uniswap pools where they offer the best fill.

## How a route is chosen

1. **Fan out.** On every quote, LISTED asks all venues for a price on your exact input amount, in parallel.
2. **Rank by output after gas.** Each venue's quote is reduced by its estimated gas cost, converted into the output token. This is the ranking key — **not** the raw quote. A venue that quotes more can net less once its (often heavier) transaction is paid for.
3. **Sanity-check.** Any external quote more than 50% away from the USD-mark fair value is discarded — it's a broken feed, not a deal.
4. **Verify the winner is executable.** For a native-ETH input, LISTED builds the winning venue's real settlement transaction and simulates it before showing the quote. If it would revert, that venue is dropped for this pair and LISTED falls to the next — and remembers the revert for \~90 seconds so the 3-second poll doesn't keep re-showing a route that won't land.
5. **Show it.** The panel headlines the winner and lists every venue it considered, with each one's gap to the best.

## Building the transaction

When you click Swap, LISTED re-quotes the winning venue against the live pool and builds the settlement transaction. It runs one more server-side simulation; if that reverts, it falls through to the next-best venue automatically rather than handing you a transaction that fails. The built transaction always carries its own on-chain **minimum-output** at your slippage, so that floor is enforced no matter what happened between quote and signature.

If the fresh build re-prices materially worse than the displayed quote (roughly 3%+, or your slippage if wider), LISTED stops and shows you the new quote instead of submitting.

## Why "after gas" matters

On a chain with several routers, gas per route varies enough to flip the ranking on small trades. LISTED optimises for the number that actually lands in your wallet, which is why the route panel sometimes puts a lower raw quote on top.