Solver competition · CoW Protocol on Ethereum

A third of all Ethereum volume went to one solver in the last 12 days.

78,162 batches84,221 trades$1.57B volume (last 12 days)30 solversto 21:23 UTC

Batches, trades and gas cover the last 13 of the 90 days.

Rizzolver32.8%1 square = $500,000

Rizzolver32.8%
Sector Finance14.0%
Dfusion9.9%
Kipseli9.2%
Wraxyn8.7%
Quasi7.2%
23 others18.2%

Leader’s share32.8%Rizzolver Lead over #22.3×vs Sector Finance Leading since4 Nov7 days in a row Lowest gas per trade134KStelaxis · of solvers with 1,300+ batches

Who is winning

Rizzolver leads with 32.8% of volume, 2.3× Sector Finance’s share.

#Solver

132.8%6,1636,163$516M303K32%38%

214.0%8,0138,337$220M527K76%21%

39.9%17,29117,550$157M313K84%39%

49.2%14,46315,055$145M421K74%36%

58.7%1,8471,847$137M676K68%6%

67.2%3,2913,588$114M603K68%12%

73.2%952966$51.0M597K36%6%

82.8%6,3977,580$44.5M278K77%17%

92.6%2,5612,911$40.4M413K71%8%

101.5%917917$24.0M672K60%3%

111.5%5,4835,873$22.9M703K56%19%

121.4%1,9601,965$21.6M337K65%7%

130.9%1,1081,108$14.7M949K67%4%

140.7%462462$11.8M296K24%4%

150.7%248248$11.3M914K55%1%

160.6%1,3401,367$9.15M425K51%5%

170.6%451451$9.06M510K43%4%

180.4%2,5114,763$5.79M134K61%8%

190.3%166332$4.72M190K1%38%

200.3%651651$4.07M619K58%2%

210.2%348456$2.57M239K13%8%

220.1%2929$2.23M500K32%<1%

230.1%924924$1.81M300K60%3%

Share of volume · last 12 days

0.1%−0.3 pp since 30 Oct

30 Oct10 Nov

Submission addresses

Active

Prod0x664eeb…3060beEtherscan

Barn0xaeb2b0…6604a0Retired

Batches

924

1.2% of all batches

Trades

924

1.00 per batch

Volume†

$1.81M

$2.21K per trade

Batch value†

$2.21K

Network average $21.6K

Gas/trade

300K

27% below network average

Cost/trade

$1.24

Network average $1.73

DEX swaps/trade

1.83

Network average 2.05

Typical surplus†

145 bps

1% of its surplus is unusual

Entered†

60%

Average solver 44%

Win rate†

Won 1.8% of all auctions

Filtered out†

0 of 34,912 solutions

Lost by 1% or less†

Of its 12,456 single-winner losses

Quotes†

831

1.1% of quoted trades, 94% verified

Settled itself†

Network average 21%

† Covers the last 12 of the 90 days.

Rank by measure

#15 batches · #15 trades · #23 volume

Gas per trade vs network

LowerDashed: network averageHigher

Latest settlements

Time UTCTradesSwapsPairVolumeSurplusCostGasQuoted byLinks

21:21:1111USDC → USDC$1.20K$0.2619¢154KBaselineCoW Explorer Etherscan

19:39:3511WETH → ETH$49$0.5216¢127K—CoW Explorer Etherscan

19:29:3511USDC → USDC$6.23K$1.2719¢149KBaselineCoW Explorer Etherscan

19:16:3512USDT → ETH$24$0.0132¢238KWraxynCoW Explorer Etherscan

18:43:1112somETHing → USDT$6$0.2180¢367KBaselineCoW Explorer Etherscan

18:29:1112ICHI → USDC$444$4.5281¢592KRosatoCoW Explorer Etherscan

240.1%105105$1.77M724K22%1%

250.1%101105$1.03M608K4%16%

260.1%8686$1.02M529K2%10%

27<0.1%164164$491K266K54%1%

28<0.1%2525$50.2K647K<1%7%

29<0.1%102190$546138K<1%100%

——33—1.40M<1%0%

1Rizzolver32.8%$516M†32% in†38% win†303K gas

2Sector Finance14.0%$220M†76% in†21% win†527K gas

3Dfusion9.9%$157M†84% in†39% win†313K gas

4Kipseli9.2%$145M†74% in†36% win†421K gas

5Wraxyn8.7%$137M†68% in†6% win†676K gas

6Quasi7.2%$114M†68% in†12% win†603K gas

7Tsolver3.2%$51.0M†36% in†6% win†597K gas

8BRRRolver2.8%$44.5M†77% in†17% win†278K gas

9Fractal2.6%$40.4M†71% in†8% win†413K gas

10AlgoLabs1.5%$24.0M†60% in†3% win†672K gas

11Helixbox1.5%$22.9M†56% in†19% win†703K gas

12HAL90001.4%$21.6M†65% in†7% win†337K gas

13Arc0.9%$14.7M†67% in†4% win†949K gas

14Trusted Volumes0.7%$11.8M†24% in†4% win†296K gas

15BitGet0.7%$11.3M†55% in†1% win†914K gas

16Horadrim0.6%$9.15M†51% in†5% win†425K gas

17Barter0.6%$9.06M†43% in†4% win†510K gas

18Stelaxis0.4%$5.79M†61% in†8% win†134K gas

19Orbt0.3%$4.72M†1% in†38% win†190K gas

20Baseline0.3%$4.07M†58% in†2% win†619K gas

21Zurui0.2%$2.57M†13% in†8% win†239K gas

22OKX0.1%$2.23M†32% in†<1% win†500K gas

23Rosato0.1%$1.81M†60% in†3% win†300K gas

0.1%−0.3 pp since 30 Oct

Batches

924

1.2% of all batches

Trades

924

1.00 per batch

Volume†

$1.81M

$2.21K per trade

Batch value†

$2.21K

Network average $21.6K

Gas/trade

300K

27% below network average

Cost/trade

$1.24

Network average $1.73

DEX swaps/trade

1.83

Network average 2.05

Typical surplus†

145 bps

1% of its surplus is unusual

Entered†

60%

Average solver 44%

Win rate†

Won 1.8% of all auctions

Filtered out†

0 of 34,912 solutions

Lost by 1% or less†

Of its 12,456 single-winner losses

Quotes†

831

1.1% of quoted trades, 94% verified

Settled itself†

Network average 21%

† Covers the last 12 of the 90 days.

Latest 24 auctions

Entered 14, won 1 of the latest 24#15 batches · #15 trades · #23 volume

Submission addresses

Active

Prod0x664eeb…3060beEtherscan

Barn0xaeb2b0…6604a0Retired

Latest settlements

21:21:11USDC → USDC

1 trade1 swap$1.20K volume$0.26 surplus19¢ cost154K gasquoted by BaselineExplorer Etherscan

19:39:35WETH → ETH

1 trade1 swap$49 volume$0.52 surplus16¢ cost127K gasExplorer Etherscan

19:29:35USDC → USDC

1 trade1 swap$6.23K volume$1.27 surplus19¢ cost149K gasquoted by BaselineExplorer Etherscan

19:16:35USDT → ETH

1 trade2 swaps$24 volume$0.01 surplus32¢ cost238K gasquoted by WraxynExplorer Etherscan

18:43:11somETHing → USDT

1 trade2 swaps$6 volume$0.21 surplus80¢ cost367K gasquoted by BaselineExplorer Etherscan

18:29:11ICHI → USDC

1 trade2 swaps$444 volume$4.52 surplus81¢ cost592K gasquoted by RosatoExplorer Etherscan

24Flow0.1%$1.77M†22% in†1% win†724K gas

25Portus0.1%$1.03M†4% in†16% win†608K gas

26NativeFi0.1%$1.02M†2% in†10% win†529K gas

27Cicada<0.1%$491K†54% in†1% win†266K gas

28Curve<0.1%$50.2K†<1% in†7% win†647K gas

29Uranus<0.1%$546†<1% in†100% win†138K gas

—Balancer API——<1% in†0% win†1.40M gas

Open a row for details. No earlier window to compare yet. 12 Aug 21:23 – 10 Nov 21:23 UTC.Source: CoW Protocol API · Ethereum settlement events

Batches, trades and gas cover the last 13 of the 90 days.

† Volume, Entered and Win rate cover the last 12 of the 90 days.

Is it changing

Rizzolver has topped daily volume for 7 days in a row, taking over from Dfusion.

All solversDaily volume · 90 days

$131Mvolume a day, last 12 days · no earlier window to compare yet

13 AugVolume data starts 30 Oct10 Nov

Rizzolver#1

32.8%+15.6 pp

Sector Finance#2

14.0%+3.1 pp

Dfusion#3

9.9%−2.2 pp

Kipseli#4

9.2%−3.3 pp

Wraxyn#5

8.7%+1.8 pp

Quasi#6

7.2%−6.0 pp

Tsolver#7

3.2%−7.8 pp

BRRRolver#8

2.8%+0.9 pp

Daily share of volume, top 8, same scale (0–60%). Change since 30 Oct.13 Aug – 10 Nov

Who enters, who wins

Auction records cover the last 12 of the 90 days. On average, 13.2 solvers enter each auction, submitting about 18 competing solutions. Dfusion enters 84% of auctions and wins 39% of those.

EnteredWon

in · win rate · filtered out†

Dfusion84% · 39% · 2.1%

Kipseli74% · 36% · 0.7%

Sector Finance76% · 21% · 1.1%

BRRRolver77% · 17% · 2.1%

Rizzolver32% · 38% · 0%

Helixbox56% · 19% · <0.1%

Quasi68% · 12% · 3.0%

Fractal71% · 8% · 21.4%

Stelaxis61% · 8% · 0%

HAL900065% · 7% · 1.1%

Wraxyn68% · 6% · <0.1%

Horadrim51% · 5% · 0.1%

Arc67% · 4% · <0.1%

Tsolver36% · 6% · 11.7%

AlgoLabs60% · 3% · 0%

Rosato60% · 3% · 0%

Barter43% · 4% · 0%

Baseline58% · 2% · 0%

Zurui13% · 8% · 0.5%

Trusted Volumes24% · 4% · 0%

Portus4% · 16% · 8.7%

BitGet55% · 1% · <0.1%

Cicada54% · 1% · 0%

Orbt1% · 38% · 0%

Flow22% · 1% · 0%

Uranus<1% · 100% · 0%

NativeFi2% · 10% · 0%

OKX32% · <1% · 0%

Curve<1% · 7% · 0%

Balancer API<1% · 0% · 8.7%

0%50%100%0%50%100% of auctions

Latest 48 auctions

#14,218,481 · 21:23:23 UTC · 18 entered · won by Kipseli + Dfusion + BRRRolver

Click 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

† Filtered out covers the last 12 of the 90 days.

Quotes

Share of quoted trades†

In the last 12 days, 75,660 of 78,628 trades were placed with a solver’s quote. CoW had verified 90.8% of those quotes by simulating them. Dfusion gave 31.3% of all those quotes. The solver that gave the quote settled 21.3% of those trades itself.

QuotedSettled itself

share · settled itself · verifiedshare · settled itself

Dfusion31.3% · 32% · 97%31.3% · 32%

Wraxyn22.2% · 6% · 95%22.2% · 6%

Rizzolver8.5% · 49% · 95%8.5% · 49%

Kipseli7.5% · 34% · 95%7.5% · 34%

Quasi7.1% · 8% · 93%7.1% · 8%

Sector Finance6.5% · 20% · 80%6.5% · 20%

Baseline5.0% · 5% · >99%5.0% · 5%

Fractal4.5% · 4% · 39%4.5% · 4%

Horadrim1.6% · 2% · 93%1.6% · 2%

Rosato1.1% · 4% · 94%1.1% · 4%

Helixbox1.0% · 51% · 15%1.0% · 51%

BRRRolver0.9% · 14% · 92%0.9% · 14%

Arc0.8% · 13% · 93%0.8% · 13%

BitGet0.8% · 1% · 99%0.8% · 1%

Barter0.4% · 1% · 41%0.4% · 1%

Stelaxis0.4% · 10% · 98%0.4% · 10%

Flow0.3% · 11% · 0%0.3% · 11%

Tsolver0.2% · 40% · 23%0.2% · 40%

Uranus0.1% · 100% · 100%0.1% · 100%

Portus<0.1% · 5% · 48%<0.1% · 5%

Balancer API<0.1% · 0% · 100%<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. AlgoLabs, HAL9000, Trusted Volumes, Orbt, Zurui, OKX, NativeFi and Cicada gave no quotes.Source: CoW Protocol order book

† Quotes cover the last 12 of the 90 days.

Latest settlements

All solvers · newest first

In the last 12 days, CoW’s protocol fees totaled $506,407 (3.2 bps of volume) and partner fees $402,594 (2.6 bps).

21:23:35BRRRolverUSDT → USDC

1 trade$2 volume$0 surplus3.8¢ cost<0.1¢ protocol fee0¢ partner feequoted by WraxynExplorer Etherscan

21:23:35DfusionACN → ETH

1 trade$3 volume$0.13 surplus7.8¢ cost2.7¢ protocol fee1.9¢ partner feequoted by BaselineExplorer Etherscan

21:23:35KipseliSI → ETH

1 trade$30 volume$0.34 surplus8.5¢ cost5.2¢ protocol fee21¢ partner feequoted by WraxynExplorer Etherscan

21:23:35KipseliWETH → GROK

1 trade$6 volume$0.29 surplus9.4¢ cost3.8¢ protocol fee4.3¢ partner feequoted by DfusionExplorer Etherscan

21:23:35KipseliGRVT → PANGEA

1 trade$52 volume$0.59 surplus12¢ cost8.2¢ protocol fee37¢ partner feequoted by WraxynExplorer Etherscan

21:23:23BRRRolverUSDT → USDC

1 trade$2 volume$0 surplus3.8¢ cost<0.1¢ protocol fee0¢ partner feequoted by WraxynExplorer Etherscan

21:23:23KipseliYFII → ETH

1 trade$29 volume$0.33 surplus7.9¢ cost4.2¢ protocol fee20¢ partner feequoted by DfusionExplorer Etherscan

21:23:11BRRRolverUSDT → USDC

1 trade$2 volume$0 surplus3.9¢ cost<0.1¢ protocol fee0¢ partner feequoted by WraxynExplorer Etherscan

21:23:11WraxynUSDC → ETH

1 trade$79 volume$0.79 surplus9.4¢ cost1.6¢ protocol fee56¢ partner feequoted by WraxynExplorer Etherscan

21:22:59BRRRolverUSDT → USDC

1 trade$2 volume$0 surplus3.9¢ cost<0.1¢ protocol fee0¢ partner feequoted by WraxynExplorer Etherscan

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 1,300+ batches: 134K, against a network average of 413K. Across the network, a trade takes 2.05 DEX swaps on average. Transaction cost averages $1.73 per trade.

Network averageFewer than 30 tradesDot size: trades

Gas per trade · average 413KCost per trade · average $1.73DEX swaps per trade · average 2.05CostSwaps

Stelaxis134K68¢0.64

Uranus138K17¢0.71

Orbt190K20¢0.30

Zurui239K40¢1.75

Cicada266K$1.722.24

BRRRolver278K18¢0.81

Trusted Volumes296K73¢2.22

Rosato300K$1.241.83

Rizzolver303K$1.721.32

Dfusion313K39¢2.71

HAL9000337K36¢3.52

Fractal413K$3.703.69

Kipseli421K$1.761.29

Horadrim425K64¢2.94

OKX500K$15.492.28

Barter510K$1.561.17

Sector Finance527K$2.152.52

NativeFi529K$4.932.78

Tsolver597K$9.243.21

Quasi603K$7.953.67

Portus608K$26.902.55

Baseline619K$20.912.88

Curve647K27¢2.00

AlgoLabs672K$1.113.07

Wraxyn676K$1.542.14

Helixbox703K40¢1.98

Flow724K$1.922.20

BitGet914K$6.042.23

Arc949K$1.162.54

Balancer API1.40M66¢4.67

0500K1M1.5M2M010¢20¢30¢40¢50¢01234

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 volume

In the last 12 days, trades beat the limit prices their users signed by $7,943,003. The 4.0% of trades with limits far from the market account for 25.7% of that. Leave those out and typical trades beat their limits by 38 bps of volume, $78.19 a trade.

Typical tradesAll tradesNetwork average, typical tradesFewer than 30 trades

Typical surplus · average 38†TypicalbpsAll tradesUnusual

Rizzolver455215%

Sector Finance42443%

Dfusion193444%

Kipseli428149%

Wraxyn121415%

Quasi324020%

Tsolver35352%

BRRRolver418754%

Fractal8888<1%

AlgoLabs243532%

Helixbox4017878%

HAL9000152643%

Arc285651%

Trusted Volumes17173%

BitGet41410%

Horadrim6060<1%

Barter172427%

Stelaxis586410%

Orbt26260%

Baseline92943%

Zurui25250%

OKX138138<1%

Rosato1451461%

Flow546011%

Portus3636<1%

NativeFi1011010%

Cicada343813%

Curve4418,464>99%

Uranus648829%

050100150

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

† Surplus covers the last 12 of the 90 days.

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.