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

# Execution quality

The venue marks its own execution in public, against the reference price, on every fill it makes.

Execution is the product, so it gets measured and reported the way infrastructure reports uptime: continuously, with nothing filtered out, against a benchmark nobody inside the venue can move.

## The metric

Per fill: the signed distance in basis points between the realised price and the guarded Chainlink mid recorded in the fill event's oracle round. Positive means the trader paid above mid, which is the normal case and equals the spread; negative means price improvement, which RFQ competition can produce by beating the vault. Because the mid in question is the same one the fill was checked against, the metric can be recomputed exactly from chain data by anyone, and swapping in a gentler benchmark afterwards is not something the venue is able to do.

## What is published

| Cut       | Contents                                                                                                   |
| --------- | ---------------------------------------------------------------------------------------------------------- |
| Live      | Rolling distributions across market, venue and regime, with median, p90 and the worst fill                 |
| Daily     | The full fill-level dataset for download, with no size floor and nothing held back                         |
| By regime | `OPEN` and `CLOSED` costs side by side, which turns the weekend premium from a suspicion into a number     |
| RFQ       | Maker price improvement against the vault quote at the same moment, aggregated                             |
| Reverts   | Slippage-bound and band reverts as a rate, since failing fills is one way to flatter the ones that succeed |

## Reading the numbers

* In a Tier A market, the median `OPEN` fill ought to sit near the base half-spread plus fee. Drift above that which persists means parameters want retuning, and the timelocked retune will cite this dataset when it happens.
* Expect the `CLOSED` distribution to run wider and dearer, since that is gap risk being charged for. What it should never contain is fills close to the band edge while conditions are calm.
* A sudden compression of band margins across many fills is the first sign of an oracle problem, which is why the operations stack alerts on precisely the public numbers this page displays.

## Why the bad days get published as well

Exclusions turn a dataset into marketing. Publishing everything, the expensive weekend fills and the reverts included, means an LP underwriting a vault, a maker calibrating quotes and a trader wondering whether Saturday can wait are all reading the same record the venue gets judged on. Honest self-scoring is what makes a venue improve, and this dataset doubles as the venue's own tuning input, in public.

Raw data sits at `/v1/execution-quality` in the [API](/architecture/api.md), and every aggregate here links through to the fills underneath it in the [trade explorer](/using-icaria/trade-explorer.md).


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