Solver competition · CoW Protocol on Ethereum
A third of all Ethereum volume went to one solver in the last 7 days.
44,245 batches48,122 trades$903M volume28 solversto 21:23 UTC
Rizzolver32.7%1 square = $250,000
- Rizzolver32.7%
- Sector Finance15.9%
- Kipseli10.2%
- Wraxyn9.3%
- Dfusion9.1%
- Quasi7.0%
- 22 others15.9%
Who is winning
Rizzolver leads with 32.7% of volume, 2.1× Sector Finance’s share.
1Rizzolver32.7%$295M34% in35% win318K gas
2Sector Finance15.9%$144M72% in19% win534K gas
3Kipseli10.2%$91.7M78% in41% win410K gas
4Wraxyn9.3%$84.4M67% in8% win604K gas
5Dfusion9.1%$81.8M85% in36% win316K gas
6Quasi7.0%$62.9M67% in13% win663K gas
7Fractal2.8%$25.5M73% in10% win376K gas
8BRRRolver2.4%$21.9M80% in22% win197K gas
9Helixbox2.2%$19.5M54% in20% win837K gas
10Tsolver1.8%$15.8M37% in4% win542K gas
11Trusted Volumes1.0%$8.60M26% in4% win304K gas
12AlgoLabs0.9%$8.53M55% in2% win743K gas
13Arc0.9%$8.09M64% in3% win929K gas
14Barter0.7%$6.74M39% in3% win511K gas
15HAL90000.7%$6.58M62% in5% win381K gas
16BitGet0.6%$5.82M50% in1% win886K gas
17Stelaxis0.4%$3.63M60% in8% win135K gas
18Orbt0.4%$3.29M1% in33% win191K gas
19Zurui0.3%$2.57M21% in9% win239K gas
20Baseline0.2%$1.87M57% in2% win789K gas
21Horadrim0.2%$1.82M51% in4% win483K gas
22Flow0.2%$1.63M21% in2% win718K gas
23Rosato0.1%$636K57% in2% win297K gas
Rosato
0.1%−0.3 pp since 30 Oct
Batches
350
0.8% of all batches
Trades
350
1.00 per batch
Volume
$636K
$1.82K per trade
Batch value
$1.82K
Network average $20.4K
Gas/trade
297K
27% below network average
Cost/trade
94¢
Network average 51¢
DEX swaps/trade
1.73
Network average 1.88
Typical surplus
91 bps
3% of its surplus is unusual
Entered
57%
Average solver 46%
Win rate
2%
Won 1.3% of all auctions
Filtered out
0%
0 of 20,508 solutions
Lost by 1% or less
2%
Of its 6,595 single-winner losses
Quotes
581
1.3% of quoted trades, 94% verified
Settled itself
4%
Network average 19%
Latest 24 auctions
Entered 14, won 1 of the latest 24#15 batches · #16 trades · #23 volumeLatest settlements
21:21:11USDC → USDC
19:29:35USDC → USDC
19:16:35USDT → ETH
18:43:11somETHing → USDT
24NativeFi0.1%$477K2% in9% win640K gas
25Cicada<0.1%$206K53% in<1% win261K gas
26Curve<0.1%$8.89K<1% in7% win736K gas
27OKX<0.1%$1.92K29% in<1% win570K gas
28Uranus<0.1%$219<1% in100% win124K gas
Open a row for details. No earlier window to compare yet. 3 Nov 21:23 – 10 Nov 21:23 UTC.Source: CoW Protocol API · Ethereum settlement events
Is it changing
Rizzolver has topped daily volume for 7 days in a row, taking over from Dfusion.
All solversDaily volume · 30 days
$129Mvolume a day, last 7 days · no earlier window to compare yet
Daily volume across all solvers, 30 Oct to 10 Nov: between $40.7M and $288M a day.12 OctVolume data starts 30 Oct10 Nov
Rizzolver#1
32.7%+15.6 pp
Rizzolver: daily share of volume from 20.5% on 30 Oct to 36.1% on 10 Nov.Sector Finance#2
15.9%+3.1 pp
Sector Finance: daily share of volume from 13.4% on 30 Oct to 16.5% on 10 Nov.Kipseli#3
10.2%−3.3 pp
Kipseli: daily share of volume from 12.2% on 30 Oct to 8.9% on 10 Nov.Wraxyn#4
9.3%+1.8 pp
Wraxyn: daily share of volume from 7.6% on 30 Oct to 9.4% on 10 Nov.Dfusion#5
9.1%−2.2 pp
Dfusion: daily share of volume from 8.3% on 30 Oct to 6.1% on 10 Nov.Quasi#6
7.0%−6.0 pp
Quasi: daily share of volume from 12.4% on 30 Oct to 6.4% on 10 Nov.Fractal#7
2.8%−1.6 pp
Fractal: daily share of volume from 4.1% on 30 Oct to 2.5% on 10 Nov.BRRRolver#8
2.4%+0.9 pp
BRRRolver: daily share of volume from 1.6% on 30 Oct to 2.6% on 10 Nov.Daily share of volume, top 8, same scale (0–60%). Change since 30 Oct.12 Oct – 10 Nov
Who enters, who wins
On average, 13.0 solvers enter each auction, submitting about 18 competing solutions. Kipseli enters 78% of auctions and wins 41% of those.
EnteredWon
in · win rate · filtered out
Kipseli78% · 41% · 0.7%
Dfusion85% · 36% · 1.4%
BRRRolver80% · 22% · 2.5%
Sector Finance72% · 19% · 1.2%
Rizzolver34% · 35% · 0%
Helixbox54% · 20% · <0.1%
Quasi67% · 13% · 4.2%
Fractal73% · 10% · 21.1%
Wraxyn67% · 8% · <0.1%
Stelaxis60% · 8% · 0%
HAL900062% · 5% · 1.9%
Horadrim51% · 4% · 0.1%
Arc64% · 3% · <0.1%
Zurui21% · 9% · 0.5%
Tsolver37% · 4% · 4.3%
Rosato57% · 2% · 0%
AlgoLabs55% · 2% · 0%
Barter39% · 3% · 0%
Baseline57% · 2% · 0%
Trusted Volumes26% · 4% · 0%
BitGet50% · 1% · <0.1%
Orbt1% · 33% · 0%
Flow21% · 2% · 0%
Uranus<1% · 100% · 0%
Cicada53% · <1% · 0%
NativeFi2% · 9% · 0%
Curve<1% · 7% · 0%
OKX29% · <1% · 0%
0%50%100%0%50%100% of auctions
Latest 48 auctions
#14,218,481 · 21:23:23 UTC · 18 entered · won by Kipseli + Dfusion + BRRRolverClick 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 7 days, 46,353 of 48,122 trades were placed with a solver’s quote. CoW had verified 91.2% of those quotes by simulating them. Dfusion gave 30.3% of all those quotes. The solver that gave the quote settled 19.0% of those trades itself.
QuotedSettled itself
share · settled itself · verifiedshare · settled itself
Dfusion30.3% · 27% · 97%30.3% · 27%
Wraxyn29.0% · 6% · 95%29.0% · 6%
Rizzolver7.4% · 45% · 94%7.4% · 45%
Kipseli7.2% · 39% · 96%7.2% · 39%
Sector Finance6.3% · 16% · 84%6.3% · 16%
Quasi6.0% · 9% · 90%6.0% · 9%
Fractal4.2% · 5% · 45%4.2% · 5%
Baseline2.6% · 6% · >99%2.6% · 6%
Rosato1.3% · 4% · 94%1.3% · 4%
Horadrim1.2% · 1% · 93%1.2% · 1%
Helixbox0.9% · 53% · 11%0.9% · 53%
Arc0.8% · 14% · 93%0.8% · 14%
BRRRolver0.8% · 7% · 97%0.8% · 7%
Stelaxis0.6% · 10% · 98%0.6% · 10%
BitGet0.4% · <1% · 99%0.4% · <1%
Flow0.3% · 13% · 0%0.3% · 13%
Barter0.3% · 0% · 37%0.3% · 0%
Tsolver0.2% · 56% · 15%0.2% · 56%
Uranus0.1% · 100% · 100%0.1% · 100%
Portus<0.1% · 0% · 77%<0.1% · 0%
Curve<0.1% · 100% · 0%<0.1% · 100%
MX Trading<0.1% · 0% · 100%<0.1% · 0%
0%10%20%30%40%0%10%20%30%40% 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. Trusted Volumes, AlgoLabs, HAL9000, Orbt, Zurui, NativeFi, Cicada and OKX gave no quotes.Source: CoW Protocol order book
Latest settlements
All solvers · newest firstIn the last 7 days, CoW’s protocol fees totaled $307,757 (3.4 bps of volume) and partner fees $237,992 (2.6 bps).
21:23:35BRRRolverUSDT → USDC
21:23:35DfusionACN → ETH
21:23:35KipseliSI → ETH
21:23:35KipseliWETH → GROK
21:23:35KipseliGRVT → PANGEA
21:23:23BRRRolverUSDT → USDC
21:23:23KipseliYFII → ETH
21:23:11BRRRolverUSDT → USDC
21:23:11WraxynUSDC → ETH
Transaction cost: what the transaction paid for gas on Ethereum. 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 · Ethereum settlement events
How efficiently
Stelaxis uses the least gas per trade among solvers with 700+ batches: 135K, against a network average of 409K. Across the network, a trade takes 1.88 DEX swaps on average. Transaction cost averages 51¢ per trade.
Network averageFewer than 30 tradesDot size: trades
Gas per trade · average 409KCost per trade · average 51¢DEX swaps per trade · average 1.88CostSwaps
Uranus124K8.5¢0.59
Stelaxis135K9.8¢0.60
Orbt191K23¢0.28
BRRRolver197K12¢0.41
Zurui239K40¢1.75
Cicada261K13¢2.10
Rosato297K94¢1.73
Trusted Volumes304K26¢2.23
Dfusion316K22¢2.74
Rizzolver318K$1.291.37
Fractal376K45¢3.39
HAL9000381K39¢4.14
Kipseli410K48¢1.28
Horadrim483K37¢3.32
Barter511K75¢1.11
Sector Finance534K61¢2.33
Tsolver542K$1.023.26
OKX570K$2.102.00
Wraxyn604K58¢2.15
NativeFi640K$7.873.06
Quasi663K$1.133.56
Flow718K$2.152.19
Curve736K22¢2.00
AlgoLabs743K49¢3.06
Baseline789K$4.553.32
Helixbox837K48¢2.01
BitGet886K$1.902.22
Arc929K85¢2.60
0500K1M1.5M2M010¢20¢30¢40¢50¢012345
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: Ethereum settlement transactions · Chainlink ETH/USD
Trader surplus
Basis points of volumeIn the last 7 days, trades beat the limit prices their users signed by $4,749,424. The 4.0% of trades with limits far from the market account for 36.3% of that. Leave those out and typical trades beat their limits by 34 bps of volume, $65.51 a trade.
Typical tradesAll tradesNetwork average, typical tradesFewer than 30 trades
Typical surplus · average 34TypicalbpsAll tradesUnusual
Rizzolver587119%
Sector Finance25263%
Kipseli177678%
Wraxyn81120%
Dfusion113267%
Quasi364826%
Fractal39391%
BRRRolver4410459%
Helixbox3619382%
Tsolver18182%
Trusted Volumes12136%
AlgoLabs234752%
Arc172939%
Barter51358%
HAL9000193850%
BitGet41410%
Stelaxis33342%
Orbt26260%
Zurui25250%
Baseline27281%
Horadrim2626<1%
Flow556211%
Rosato91933%
NativeFi37370%
Cicada37370%
Curve3827,664>99%
OKX23230%
Uranus21585%
050100
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 · Ethereum settlement calldata
Methodology
- Batches
- Settlements a solver executed on Ethereum 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 ETH/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 Ethereum: gas used × gas price, in USD at Chainlink’s ETH/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 WETH 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 Ethereum, weighted by trades. Typical surplus across all solvers on Ethereum, 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 ETH; the page shows it in USD at Chainlink’s ETH/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 Ethereum, 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 ETH/USD feed.
- Dune
- Surplus follows Dune’s definition (Spellbook’s cow_protocol_ethereum.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 Ethereum, plus addresses that settle on Ethereum 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 none. A retired address is one the registry marks inactive.
- Freshness
- Updated every 10 minutes. The figures run to block 26,387,178, produced 10 Nov 2026 at 21:23 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 13 days, auction history 12 days, surplus history 12 days and auction details (solutions, quotes and fees) 12 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.