Solver competition · CoW Protocol on BNB Chain
More than half of all BNB Chain volume went to one solver in the last 90 days.
567,849 batches590,632 trades$1835T volume27 solversto 21:33 UTC
Fractal79.2%1 square = $500,000,000,000
- Fractal79.2%
- Nexroute8.6%
- Baseline8.3%
- Sector Finance2.8%
- Kipseli1.2%
- Wraxyn<0.1%
- 21 others<0.1%
Who is winning
Fractal leads with 79.2% of volume, 9.2× Nexroute’s share.
1Fractal79.2%$1453T35% in7% win404K gas
2Nexroute8.6%$158T83% in58% win367K gas
3Baseline8.3%$152T32% in1% win367K gas
4Sector Finance2.8%$51T39% in7% win456K gas
5Kipseli1.2%$22T14% in7% win425K gas
6Wraxyn<0.1%$68.2B47% in11% win584K gas
7Rizzolver<0.1%$56.5M8% in39% win351K gas
8Helixbox<0.1%$21.8M53% in41% win494K gas
9Flow<0.1%$10.6M14% in3% win770K gas
10Tsolver<0.1%$7.98M16% in3% win527K gas
11BitGet<0.1%$3.74M38% in1% win670K gas
12Dfusion<0.1%$2.92M33% in19% win323K gas
13Fibrous<0.1%$2.83M11% in31% win613K gas
14Horadrim<0.1%$2.79M23% in8% win408K gas
15AlgoLabs<0.1%$2.56M16% in1% win574K gas
16Arc<0.1%$2.52M13% in7% win874K gas
17Rosato<0.1%$819K25% in2% win558K gas
Rosato
<0.1%+0.7 pp since 13 Aug
Batches
2,934
0.5% of all batches
Trades
2,934
1.00 per batch
Volume
$819K
$279 per trade
Batch value
$279
Network average $3.23B
Gas/trade
558K
33% above network average
Cost/trade
2.3¢
Network average 2.1¢
DEX swaps/trade
1.78
Network average 1.89
Typical surplus
49 bps
28% of its surplus is unusual
Entered
25%
Average solver 23%
Win rate
2%
Won 0.6% of all auctions
Filtered out
0%
0 of 123,442 solutions
Lost by 1% or less
5%
Of its 98,527 single-winner losses
Quotes
364
0.1% of quoted trades, 98% verified
Settled itself
24%
Network average 26%
Latest 24 auctions
Entered 14, won 0 of the latest 24#15 batches · #15 trades · #17 volumeLatest settlements
21:05:49USDT → XFS
19:55:51AKE → JCT
18:47:39aBnbETH → aBnbBTCB
18:44:17USDT → ETH
18:24:24USDT → FOMO人生
18Uvsolver<0.1%$635K32% in17% win406K gas
19Asao<0.1%$364K38% in10% win281K gas
20Portus<0.1%$355K8% in1% win471K gas
21Kaisersolver<0.1%$212K30% in2% win280K gas
22Solivagus<0.1%$156K9% in19% win451K gas
23Trusted Volumes<0.1%$20.7K5% in<1% win566K gas
24Kite<0.1%$20.1K4% in11% win543K gas
25Zurui<0.1%$10.7K<1% in4% win395K gas
26BYOS<0.1%$5.51K4% in<1% win544K gas
27OKX<0.1%$2.77K3% in<1% win627K gas
Open a row for details. No earlier window to compare yet. 12 Aug 21:33 – 10 Nov 21:33 UTC.Source: CoW Protocol API · BNB Chain settlement events
Is it changing
Rizzolver has topped daily volume for 1 day, taking over from Wraxyn.
All solversDaily volume · 90 days
$20Tvolume a day, last 90 days · no earlier window to compare yet
Daily volume across all solvers, 13 Aug to 10 Nov: between $325K and $1114T a day.13 Aug10 Nov
Fractal#1
79.2%+0.2 pp
Fractal: daily share of volume from 0.4% on 13 Aug to 0.6% on 10 Nov.Nexroute#2
8.6%+4.1 pp
Nexroute: daily share of volume from 3.0% on 13 Aug to 7.1% on 10 Nov.Baseline#3
8.3%±0.0 pp
Baseline: daily share of volume from <0.1% on 13 Aug to <0.1% on 10 Nov.Sector Finance#4
2.8%−0.4 pp
Sector Finance: daily share of volume from 9.6% on 13 Aug to 9.2% on 10 Nov.Kipseli#5
1.2%−0.9 pp
Kipseli: daily share of volume from 0.9% on 13 Aug to <0.1% on 10 Nov.Wraxyn#6
<0.1%+5.8 pp
Wraxyn: daily share of volume from 0.8% on 13 Aug to 6.6% on 10 Nov.Rizzolver#7
<0.1%+6.6 pp
Rizzolver: daily share of volume from 33.9% on 13 Aug to 40.4% on 10 Nov.Helixbox#8
<0.1%−26.3 pp
Helixbox: daily share of volume from 29.3% on 13 Aug to 3.0% on 10 Nov.Daily share of volume, top 8, same scale (0–100%). Change since 13 Aug.13 Aug – 10 Nov
Who enters, who wins
On average, 6.3 solvers enter each auction, submitting about 7 competing solutions. Nexroute enters 83% of auctions and wins 58% of those.
EnteredWon
in · win rate · filtered out
Nexroute83% · 58% · 0.5%
Helixbox53% · 41% · 0%
Dfusion33% · 19% · 0.6%
Uvsolver32% · 17% · <0.1%
Wraxyn47% · 11% · <0.1%
Asao38% · 10% · 1.6%
Fibrous11% · 31% · 0.2%
Rizzolver8% · 39% · 0%
Sector Finance39% · 7% · 0.4%
Fractal35% · 7% · 4.9%
Horadrim23% · 8% · 0%
Solivagus9% · 19% · 0%
Kipseli14% · 7% · <0.1%
Arc13% · 7% · <0.1%
Rosato25% · 2% · 0%
Tsolver16% · 3% · 0.4%
Kaisersolver30% · 2% · <0.1%
Kite4% · 11% · 0%
Baseline32% · 1% · 4.6%
Flow14% · 3% · <0.1%
BitGet38% · 1% · <0.1%
AlgoLabs16% · 1% · 0%
Portus8% · 1% · 0.4%
OKX3% · <1% · 0%
Zurui<1% · 4% · 0.1%
Trusted Volumes5% · <1% · 0%
BYOS4% · <1% · 0%
0%50%100%0%50%100% of auctions
Latest 48 auctions
#27,135,265 · 21:33:13 UTC · 7 entered · won by NexrouteClick an auction to see its solutions. Filtered out: the share of a solver’s solutions that CoW’s fairness filter removed; a filtered-out solution cannot win.Source: CoW Protocol solver-competition API
Quotes
Share of quoted tradesIn the last 90 days, 574,116 of 590,632 trades were placed with a solver’s quote. CoW had verified 89.5% of those quotes by simulating them. Nexroute gave 25.1% of all those quotes. The solver that gave the quote settled 25.7% of those trades itself.
QuotedSettled itself
share · settled itself · verifiedshare · settled itself
Nexroute25.1% · 59% · 90%25.1% · 59%
Baseline14.1% · 1% · 99%14.1% · 1%
Asao9.7% · 10% · >99%9.7% · 10%
Wraxyn8.6% · 22% · 97%8.6% · 22%
Kaisersolver6.4% · 3% · 99%6.4% · 3%
Kipseli5.6% · 2% · 97%5.6% · 2%
Dfusion5.3% · 18% · 96%5.3% · 18%
Helixbox5.2% · 59% · 80%5.2% · 59%
Fibrous4.7% · 19% · >99%4.7% · 19%
Fractal4.6% · 7% · 93%4.6% · 7%
Sector Finance3.9% · 13% · 58%3.9% · 13%
Rizzolver3.4% · 45% · 50%3.4% · 45%
Flow2.1% · 7% · 0%2.1% · 7%
BitGet0.4% · 5% · 61%0.4% · 5%
Tsolver0.3% · 14% · 23%0.3% · 14%
Arc0.3% · 17% · 95%0.3% · 17%
Horadrim0.2% · <1% · 94%0.2% · <1%
Rosato0.1% · 24% · 98%0.1% · 24%
Uvsolver<0.1% · 6% · 100%<0.1% · 6%
Portus<0.1% · 0% · 75%<0.1% · 0%
ExtQuasimodo<0.1% · 0% · 100%<0.1% · 0%
0%10%20%30%0%10%20%30% of quoted trades
Verified: CoW checked the quote by simulating it. Settled itself: the solver that gave the quote also settled the trade. These figures do not show quote rewards, which CoW pays by a different rule. AlgoLabs, Solivagus, Trusted Volumes, Kite, Zurui, BYOS and OKX gave no quotes.Source: CoW Protocol order book
Latest settlements
All solvers · newest firstIn the last 90 days, CoW’s protocol fees totaled $920,576,569,368 (5.0 bps of volume) and partner fees $13,091,772,073,484 (71.4 bps).
21:33:17NexrouteUSDT → Beat
21:33:07DfusionUSDT → XGirl
21:33:03HoradrimUSDC → USD1
21:32:57HoradrimUSDC → USD1
21:32:48Asao$SILVER → BNB
21:32:28WraxynUSDT → IDOL
21:32:16NexrouteUSDT → PANGEA
21:31:45NexrouteUSDT → XPIN
21:31:39NexrouteUSDT → FLIP
Transaction cost: what the transaction paid for gas on BNB Chain. Fees: charged on the settlement’s trades by CoW’s protocol and by partners. Quoted by: the solver whose quote the first trade’s order was placed with.Source: CoW Protocol API · BNB Chain settlement events
How efficiently
Asao uses the least gas per trade among solvers with 9,000+ batches: 281K, against a network average of 421K. Across the network, a trade takes 1.89 DEX swaps on average. Transaction cost averages 2.1¢ per trade.
Network averageFewer than 30 tradesDot size: trades
Gas per trade · average 421KCost per trade · average 2.1¢DEX swaps per trade · average 1.89CostSwaps
Kaisersolver280K1.1¢1.83
Asao281K1.1¢2.33
Dfusion323K1.3¢2.00
Rizzolver351K1.5¢1.17
Nexroute367K1.5¢1.99
Baseline367K1.5¢2.07
Zurui395K1.5¢2.01
Fractal404K1.6¢3.35
Uvsolver406K1.7¢3.41
Horadrim408K1.6¢1.44
Kipseli425K1.6¢0.91
Solivagus451K1.8¢3.05
Sector Finance456K3.4¢1.51
Portus471K4.1¢2.15
Helixbox494K3.6¢1.11
Tsolver527K2.5¢1.07
Kite543K2.1¢6.84
BYOS544K2.1¢3.19
Rosato558K2.3¢1.78
Trusted Volumes566K2.2¢2.89
AlgoLabs574K2.2¢2.25
Wraxyn584K2.3¢1.49
Fibrous613K2.5¢3.39
OKX627K2.4¢2.17
BitGet670K2.7¢1.53
Flow770K2.9¢1.41
Arc874K3.5¢1.52
0500K1M1.5M2M01¢2¢3¢4¢5¢02468
Values beyond an axis range sit at its end, marked ›.Cost: transaction cost per trade. Swaps: DEX swaps per trade. Values beyond the axis range sit at its end, marked ›.Source: BNB Chain settlement transactions · Chainlink BNB/USD
Trader surplus
Basis points of volumeIn the last 90 days, trades beat the limit prices their users signed by $16,875,435,654,294. The 6.4% of trades with limits far from the market account for <0.1% of that. Leave those out and typical trades beat their limits by 92 bps of volume, $30.5M a trade.
Typical tradesAll tradesNetwork average, typical tradesFewer than 30 trades
Typical surplus · average 92TypicalbpsAll tradesUnusual
Fractal9494<1%
Nexroute6969<1%
Baseline5353<1%
Sector Finance258258<1%
Kipseli77<1%
Wraxyn181181<1%
Rizzolver54587%
Helixbox506017%
Flow50501%
Tsolver616810%
BitGet669230%
Dfusion639938%
Fibrous6511143%
Horadrim15166%
AlgoLabs5151<1%
Arc7610326%
Rosato496928%
Uvsolver8118257%
Asao8719758%
Portus10011312%
Kaisersolver1011098%
Solivagus53565%
Trusted Volumes35350%
Kite67682%
Zurui17170%
BYOS1651650%
OKX627922%
0100200300
Unusual: surplus above a tenth of the trade’s value, CoW’s cutoff. Values beyond the axis range sit at its end, marked ›. Sorted by volume.Unusual: surplus above a tenth of the trade’s value. Values beyond the axis range sit at its end, marked ›. Sorted by volume.Source: CoW Protocol API · BNB Chain settlement calldata
Methodology
- Batches
- Settlements a solver executed on BNB Chain in the window that filled at least one order. One auction can settle as several batches.
- Trades
- Orders filled inside those batches. An order filled in parts counts once per fill.
- Volume
- USD value of filled orders. Each trade counts at the lower of its sell and buy value, priced with the token prices CoW used in that auction and Chainlink’s BNB/USD rate at settlement. With only one side priced, that side counts; with neither, the trade adds nothing.
- Share
- A solver’s portion of all batches, trades or volume in the window.
- Gas per trade
- Gas units used by a solver’s settlements divided by trades filled. Units of gas, not cost. “Lowest gas per trade” considers only solvers with at least 100 batches per day of settlement data in the window, or every solver when none has that many.
- Transaction cost
- What a settlement transaction paid on BNB Chain: gas used × gas price, in USD at Chainlink’s BNB/USD rate in its block. A transaction that holds several batches splits its cost evenly between them, as it splits gas. Per trade: a solver’s cost divided by the trades it filled.
- DEX swaps
- Interactions in a settlement other than token approvals and WBNB unwraps. Per trade: a solver’s swaps divided by the trades it filled.
- Batch value
- Volume divided by batches. Trades per batch is trades divided by batches.
- Surplus
- The USD value of a trade’s improvement over its user’s signed limit price, valued like Volume. Dune’s formula: value × (bought × limit sell − sold × limit buy) ÷ (bought × limit sell), where bought and sold are the executed amounts (sold without the fee) and the limits come from the settlement’s calldata. Compared in basis points (hundredths of a percent) of volume.
- Unusual surplus
- Surplus above a tenth of the trade’s value, CoW’s own cutoff (Dune query 1368423). It comes from limits set far from the market, such as very wide slippage or stale orders. “Typical surplus” excludes these trades; the unusual share is their portion of a solver’s surplus.
- Quote
- The quote an order was placed with: the best of the solvers’ quotes when the trader asked for a price, as CoW’s order book records it with the solver that gave it. Verified: CoW checked the quote by simulating it. Settled itself: the solver that gave the quote also settled the trade. Counted by trade. These figures say whose price traders signed against, not who earned quote rewards, which CoW pays by a different rule.
- Fees
- Protocol fees are CoW’s: on market orders, half of the improvement over the quote; on limit orders that execute beyond the market price, half of the surplus; either capped at 0.98% of volume; then a volume fee of 2 bps, or 0.3 bps for correlated pairs such as stablecoins. Partner fees are set by the integrator in the order, up to 100 bps, and apply after CoW’s own fees; CoW keeps a quarter as a service fee. Each is charged in the trade’s surplus token, as CoW’s trades API lists it, and valued at the trade’s own exchange rate. Fees follow the orders a solver settles; solvers do not set them.
- Network average
- Gas, transaction cost and DEX swaps per trade across all solvers on BNB Chain, weighted by trades. Typical surplus across all solvers on BNB Chain, weighted by volume.
- Entered
- Share of the window’s auctions in which the solver submitted at least one solution, even if CoW filtered it out. Only auctions that ended in a settlement count. “Average solver” is the mean Entered share among the table’s solvers that entered at least one auction.
- Win rate
- Share of the auctions a solver entered that it won, alone or with other winners.
- Score
- The value CoW’s protocol computes from each solution’s executed amounts to choose winners: roughly the surplus the solution generates for traders. It is in BNB; the page shows it in USD at Chainlink’s BNB/USD rate when the auction started. Below winner: how much lower a solution scored than the winning one, given only for auctions with a single winner, since in the others a solution competes with only one of the winners.
- Filtered out
- Removed by the fairness filter of CoW’s combinatorial auction (CIP-67). For each token pair traded in one direction, CoW takes the best solution with only that pair’s orders as a reference; a solution that batches several pairs is filtered out when it scores less on any of them than that reference. A filtered-out solution cannot win. A solver’s share: its filtered-out solutions divided by all its solutions.
- Lost by 1% or less
- Of the auctions with one winner that a solver entered and lost with a solution that passed the filter, the share in which its best such solution scored at most 1% below the winning score.
- Leading since
- First day of the current unbroken run in which the same solver alone ranked #1 by daily share of the selected measure.
- Sources
- Settlement events, calldata, receipts and token symbols on BNB Chain, the settlement contract’s on-chain solver allow-list, CoW Protocol’s solver-competition API, order book and trades API, CoW’s solver registry and Chainlink’s BNB/USD feed.
- Dune
- Surplus follows Dune’s definition (Spellbook’s cow_protocol_bnb.trades) with one difference: trades are valued at the lower of their two sides, as Volume is, where Dune takes the higher. Buy-order surplus follows Dune’s formula, which comes out slightly below CoW Explorer’s figure.
- Attribution
- Settlements through CoW’s flash-loan router or Euler’s contracts for CoW’s Atomic Bundles follow the same rule. Both call the settlement contract on a solver’s behalf. Credit goes to the transaction’s recipient if it is a registered or allow-listed solver other than these contracts, else to its sender if it is registered or allow-listed, else to the winner CoW’s solver-competition API names for the transaction; failing that, to the sender.
- Registry
- Status and submission addresses from CoW’s solver registry for BNB Chain, plus addresses that settle on BNB Chain and are on the settlement contract’s on-chain solver allow-list but are not listed as active for that network. These additional addresses are shown as active; today there are two, Rizzolver’s 0x8f58…5cb7 and Fractal’s 0x9548…94c7. A retired address is one the registry marks inactive.
- Freshness
- Updated every 10 minutes. The figures run to block 132,848,987, produced 10 Nov 2026 at 21:33 UTC.
- Windows
- Rolling, ending at the newest block in the data. Longer windows add up daily windows; rates such as Entered and Win rate are taken over all of a window’s auctions together.
- Coverage
- Settlement history goes back 180 days, auction history 90 days, surplus history 90 days and auction details (solutions, quotes and fees) 90 days. Volume, Entered and Win rate require auction data; surplus also requires signed order terms. In longer windows, these figures cover only the days with the required data, as noted on the page.
- Names
- From CoW’s public solver registry. Solvers without a public name are shown by address.