Liquidity analysis across every connected venue
Consolidated depth at multiple price bands, volume-weighted spread, book resiliency and venue concentration, read live.
EXECUTION INTELLIGENCE
Crypto Execution Analytics That Predict Cost Before the Order Goes Out
Most crypto execution analytics tells a desk what a trade cost afterwards. This runs before the order is sent: it reads live liquidity across every venue, forecasts the cost of this order at this size, proposes the split and tactic, then measures the result.
Pre-tradeslippage forecast
Multi-venuedepth and cost
Post-tradeTCA vs forecast
THE WORKFLOW
From Order Intent to Measured Outcome
Six stages run on every parent order. The first five happen before a single child order leaves the desk; the sixth closes the loop and feeds the next forecast.
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1. Read the liquidity before committing to a size
Live order books, streamed quotes and on-chain pools are consolidated across every enabled venue, reporting executable size at each price band, volume-weighted spread, book resiliency and how concentrated the depth is.
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2. Predict the slippage for this order, at this size
Slippage is the gap between the price a desk expects and what its order achieves. The model conditions on live depth, realised volatility, spread regime, time of day and the desk’s own fills, returning basis points with a confidence band.
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3. Estimate the probability of the fill
Fill-probability prediction answers what sizing turns on: how likely this order is to complete, at this participation rate, inside this window — including the cost of a residual if the window closes unfilled.
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4. Recommend the venue split and the tactic
Every venue is scored for this order on predicted cost, fill probability and fee-adjusted price. The recommendation returns an allocation per venue with a tactic: TWAP, VWAP, passive posting or request-for-quote clips.
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5. Approve, then execute
Recommendations are proposals, never automatic orders. A trader reviews the reasoning, adjusts or overrides, and approves inside the operator’s participation caps and venue allowlists. The audit record is created at send.
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6. Measure it: post-trade review and TCA
Transaction cost analysis measures what the order actually cost against the same benchmark the forecast used, split into spread, market impact, timing delay and fees. Measured outcomes retrain the prediction models.
The Routing Decision, End to End
Order intent enters the pre-trade engine, comes out as a scored venue set and a tactic, executes through the order and execution management layer, and returns as measured cost.
INSIDE THE CONSOLEOne Console, Four Views
One Console, Four Views
Liquidity, Forecast, Recommendation, Result
Slippage prediction with confidence bands
An expected cost in basis points for this order at this size, from live depth, volatility, spread and fill history.
Fill-probability prediction
Completion probability across several horizons and participation rates, including the expected cost of an unfilled residual.
Market impact decomposition
Temporary and permanent impact estimated apart from timing risk, separating the cost of moving the book from that of waiting.
Venue scoring for this specific order
Every enabled venue ranked on predicted cost, fill probability and fee-adjusted price, with reasons for the venues left out.
Tactic recommendation with plain-language reasoning
TWAP, VWAP, passive posting or request-for-quote clips, chosen against the order’s urgency window, with the reasoning attached.
Execution algorithms that act on the analysis
The recommendation is a proposal; the smart execution layer runs it, so the recommended tactic is also the measured one.
Aggregated liquidity
It scores the venues Coiny already aggregates as a deployed service, so depth and price arrive live, not as a nightly file.
Execution quality analysis, predicted versus achieved
Achieved cost measured against the stored forecast on the same benchmark, aggregated by venue, tactic, trader and desk.
Cost decomposition per order
Spread, temporary and permanent impact, timing delay and fees broken out per parent order, so an outlier can be explained.
Post-trade review with override tracking
Recommended tactic, tactic used, override reason and result kept together per order, with reviewer sign-off and an outlier list.
Exportable reports for desks and clients
Period reports by desk, venue and tactic, exportable for best-execution documentation and client reporting.
Every Forecast Is Graded Against the Fill
Each execution decision carries two numbers on this page: what the engine predicted before the order was sent, and what the desk actually got. Analytics that never publish the first column can only ever explain the past — this is the column incumbents leave blank.
| # | Execution decision | Predicted, before the order | Achieved, after the fill |
|---|---|---|---|
| 1 | Cost versus benchmarkarrival price by default | Slippage forecast with a confidence bandper venue and per tactic | Realised slippage on the same benchmarkreported per parent order |
| 2 | Fill certaintywill this complete in the window? | Fill probability by horizon and participation rateincluding passive-only completion | Actual fill rate, completion time and residualwith the cost of what went unfilled |
| 3 | Venue choicewhere the size should go | Venue scores from live depth, spread and fee-adjusted pricewith an allocation per venue | Cost achieved per venue, ranked against the forecastvenues drifting above forecast are flagged |
| 4 | Tactic choicehow the order should be worked | Recommended tactic — TWAP, VWAP, passive posting or RFQ clipswith the reasoning attached | Cost by tactic, including any trader overrideoverride reason recorded with the result |
| 5 | Market impactthe cost of moving the book | Temporary and permanent impact estimated for the order sizeseparated from timing risk | Impact decomposition from the executed child ordersspread, impact, delay and fees split out |
| 6 | Timingthe cost of waiting | Timing-risk estimate across the urgency windowfrom recent realised volatility | Delay cost measured from decision time to completionclosing the loop on the window chosen |
OPERATOR CONTROLSee it on your order flow
Recommendations Are Proposals. The Desk Stays in Charge.
Execution Intelligence never sends an order on its own. Operators define the limits it may recommend inside, traders approve every plan, and each decision leaves a record that survives the review.
Operator-defined limitsVenue allowlists, participation caps, price limits and maximum order size per desk. A proposal outside those boundaries is never produced.
Human approval before routingEvery recommendation reaches a trader as a proposal with its reasoning, predicted cost and venue split. Nothing routes without it.
Override trackingWhen a trader takes a different tactic, the recommendation, the choice, the reason and the achieved cost stay on the same order.
Role-based access and desk hierarchyAnalytics, approvals and reporting scoped per role, desk and entity, so a reviewer sees the outliers without touching live orders.
Audit-ready decision recordsForecast, recommendation, approval, route and measured outcome written per order with timestamps and identities, and exported cleanly.
Benchmarks you configureArrival price, interval VWAP or your own reference, set per desk and reporting period, so achieved cost is judged against your benchmark.
CONNECTED STACK
Where Execution Intelligence Connects
The analysis is only as good as the stack it can see. Execution Intelligence reads the same liquidity, routes through the same order management layer, and hands its recommendations to the same execution engines Coiny already deploys.
BUILT FOR
Desks Where a Few Basis Points Decide the Year
Execution Intelligence is built for the teams that already know their execution costs them something — and want the number before the order, not after the quarter.
Institutional trading desks
Desks working parent orders large enough to move a book, needing a defensible cost forecast and a venue split they can justify.
OTC and block desks
Teams pricing size away from the visible book, comparing request-for-quote clips against working the order before quoting a client.
Funds and asset managers
Execution traders answerable for implementation shortfall, needing attribution between decision cost and execution cost.
Exchange and brokerage operators
Operators offering execution analytics to their own institutional clients, with per-client scoping and configurable benchmarks.
COMMON QUESTIONS
Execution Analytics, Answered
Slippage prediction is a pre-trade estimate of how far an order's average fill price will land away from its benchmark price, produced before the order is sent. Coiny Exchange's Execution Intelligence builds that estimate from live order-book depth across connected venues, recent realised volatility, the prevailing spread regime and the desk's own historical fills, and returns a confidence band rather than a single figure. Accuracy varies with market conditions and order size, which is exactly why every forecast is measured against the achieved result afterwards.
Transaction cost analysis (TCA) is the measurement of what an executed order actually cost against a chosen benchmark, such as the arrival price at the moment the decision was made. Coiny Exchange's Execution Intelligence decomposes that cost into spread, temporary and permanent market impact, timing delay and fees, then reports it per order, per venue and per tactic. Because the pre-trade forecast is stored with the order, every post-trade review compares predicted cost with achieved cost on the same benchmark.
Execution Intelligence scores every connected venue for the specific order in front of it rather than in general. It reads live depth at several price bands, the volume-weighted spread, book resiliency and fee-adjusted price, estimates slippage and fill probability per venue, and proposes a split with sizing and pacing for each one. Venue allowlists, participation caps and price limits stay operator-defined, and a trader approves the proposal before anything routes.
The right tactic depends on the trade-off between market impact and timing risk, and Coiny Exchange's Execution Intelligence recommends one per order. A TWAP (time-weighted average price) tactic spreads an order evenly across a chosen window; a VWAP (volume-weighted average price) tactic paces it in line with traded volume; passive posting waits for the spread instead of crossing it; request-for-quote clips source size away from the visible book. Execution Intelligence proposes the tactic and the execution algorithms carry it out.
Execution Intelligence is the analytics layer: it predicts cost, scores venues, recommends a tactic and measures the result. An order and execution management system (OMS/EMS) is the operational layer that holds the blotter, applies pre-trade risk checks, routes child orders and handles allocation and reporting. Coiny Exchange deploys both, and Execution Intelligence writes its forecast and recommendation into the OMS/EMS so a trader can approve and send from one screen.
A trader can override any recommended execution tactic, because Coiny Exchange's Execution Intelligence produces proposals rather than automatic orders. The system records the recommended tactic, the tactic actually used, the reason given for the override and the achieved cost against the pre-trade forecast. Overrides that cost materially more than forecast surface in the desk's post-trade review and outlier reporting, so the decision stays visible without ever blocking the trader.
Execution Intelligence needs timestamped order and fill records plus market data for the venues traded in order to measure execution quality. Coiny Exchange supplies both natively when a desk runs on its order and execution management system and its aggregated liquidity, and accepts imported order records where a desk also trades elsewhere. Benchmarks, venue lists, desk hierarchy and reporting periods are configured per operator, and every report is exportable.
SEE IT LIVE
Bring an Order. We'll Show You What It Should Cost.
Walk through a live pre-trade forecast, a venue and tactic recommendation, and a post-trade review on order flow that looks like yours — then see how the same analytics deploy on your desk.
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