Concepts
Pools and pricing
Every pair is a constant-product pool. A credit’s price comes from the pools, not from a price list, and every quote states its impact and fees.
Constant product
Each pool holds reserves of two credits. A trade pays one in and takes the other out, so the more of one credit you pay in, the less each unit buys. The engine’s formula, term for term:
One leg through one pool
protocolFee = amountIn × 0.05%toPool = amountIn - protocolFeeinAfterFee = toPool × (1 - 0.30%)amountOut = reserveOut × inAfterFee / (reserveIn + inAfterFee)The protocol fee comes off first and leaves the pool. The LP fee is kept by never crediting it to the curve, so it stays with the pool. Every division floors in the pool’s favour.
The demo pools
The seed the engine boots with in demo mode. Simulated traders move it from there; the live reserves are in the Terminal.
Routing through the hub
A pair without its own pool routes through gpt-5, the hub: two legs, and each leg pays its fees. claude-opus-5 to llama-70b runs claude-opus-5 → gpt-5 → llama-70b. The quote shows both legs.
Price impact and the floor
Impact is what size costs against a pool: how far the execution falls short of the pre-trade spot, in basis points. It is not a fee, and every quote shows it beside the fees. A swap carries a floor, minOut, and it is required: if the pool has moved past it, nothing trades and the answer is 409 slippage_exceeded.
A credit’s dollar price
Market first: a credit’s spot price in gpt-5 credit, times gpt-5’s list price. gpt-5, the hub, is the reference and is valued at list. That is how the board, the Index and the Terminal price every credit.