# Trade

TheOne uses its own smart-routing and execution infrastructure to deliver the best available prices across all venues.

### **Estimation**

TheOne analyzes all available options to determine the most efficient way to perform a swap:

* for all possible route combinations, the system aggregates the order books
* evaluates potential prices and all related costs to ensure the best outcome
* selects the order book with the best average execution price among all evaluated options

### **Execution** 

After the route is built, TheOne sends all execution commands to liquidity sources simultaneously and asynchronously. After that, the user takes advantage of the best conditions due to our smart routing.

A swap is considered successfully executed when the final amount credited to the user’s balance is equal to or greater than the estimated result. 

{% hint style="info" %}
Note: Since multiple liquidity venues are involved in the execution process, one of them may lack sufficient liquidity. When this occurs, the route is automatically rebuilt to find an alternative option, while also accounting for the minimum order size required by different liquidity venues and tokens. If a part of the order falls below this minimum order size, the order is executed without it. The remaining amount stays on the user’s balance in the source token or in the transit token used in the route.
{% endhint %}

**The execution process considers the following factors:**

#### Execution Speed

Execution speed is the most crucial parameter that we have optimized on all ends. Now, order execution speed on TheOne starts from **250 milliseconds.**

#### Price Impact

{% hint style="info" %}
Price impact reflects how much your trade size affects the execution price based on the available liquidity.
{% endhint %}

If the expected price impact on the proposed route is **3% or higher**, you will be prompted either to rebuild the route or to proceed with the current execution.

#### Slippage

{% hint style="info" %}
Slippage defines how much the final execution price is allowed to differ from the quoted price.
{% endhint %}

You can adjust the slippage tolerance manually. 

If market volatility increases or liquidity changes, your trade may fail unless you raise the slippage value. 

TheOne executes the swap only if the final price stays within your selected tolerance.


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