Solver competition · CoW Protocol on Ethereum
Two in five of all Ethereum batches went to one solver in the last 24 hours.
9,586 batches10,966 trades$169M volume25 solversto 21:23 UTC
BRRRolver36.8%1 square = 5 batches
- BRRRolver36.8%
- Kipseli19.7%
- Dfusion10.0%
- Rizzolver5.4%
- Sector Finance4.8%
- Helixbox4.5%
- 19 others18.8%
Who is winning
BRRRolver leads with 36.8% of batches, 1.9× Kipseli’s share. By volume, Rizzolver leads with 36.1%.
1BRRRolverup 2 places36.8%3,527 batches93% in69% win136K gas
2Kipselidown 1 place19.7%1,892 batches66% in47% win405K gas
3Dfusiondown 1 place10.0%957 batches72% in30% win310K gas
4Rizzolver5.4%515 batches28% in36% win318K gas
5Sector Finance4.8%461 batches45% in18% win560K gas
6Helixboxup 1 place4.5%433 batches48% in18% win778K gas
7Quasidown 1 place3.5%339 batches60% in15% win516K gas
8Fractalup 2 places2.7%263 batches64% in9% win375K gas
9Wraxyndown 1 place2.6%249 batches56% in9% win657K gas
10HAL9000up 2 places2.3%221 batches61% in9% win462K gas
11Horadrimup 6 places1.7%163 batches46% in7% win534K gas
12Stelaxisdown 3 places1.5%144 batches50% in6% win149K gas
13Arcup 1 place0.6%60 batches55% in2% win783K gas
14Trusted Volumesup 5 places0.6%56 batches25% in5% win285K gas
15Rosato0.6%55 batches52% in2% win369K gas
Rosato
0.6%−1.4 pp since 29 Oct
Batches
55
0.6% of all batches
Trades
55
1.00 per batch
Volume
$32.3K
$587 per trade
Batch value
$587
Network average $17.6K
Gas/trade
369K
17% above network average
Cost/trade
70¢
Network average 31¢
DEX swaps/trade
1.76
Network average 1.27
Typical surplus
84 bps
<1% of its surplus is unusual
Entered
52%
Average solver 45%
Win rate
2%
Won 1.1% of all auctions
Filtered out
0%
0 of 3,700 solutions
Lost by 1% or less
1%
Of its 631 single-winner losses
Quotes
126
1.2% of quoted trades, 97% verified
Settled itself
4%
Network average 11%
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
16Baseline0.4%42 batches48% in2% win646K gas
17Zuruidown 6 places0.4%41 batches25% in4% win231K gas
18Tsolverdown 5 places0.4%36 batches32% in3% win735K gas
19Barterup 1 place0.4%35 batches34% in4% win518K gas
20AlgoLabsup 1 place0.3%27 batches44% in2% win687K gas
21BitGetdown 3 places0.3%26 batches49% in1% win1.07M gas
22Flowup 2 places0.2%17 batches15% in2% win735K gas
23Curvenew0.1%14 batches1% in23% win736K gas
24NativeFiup 1 place0.1%9 batches2% in10% win799K gas
25Cicadadown 2 places<0.1%4 batches44% in<1% win241K gas
Open a row for details. rank change from the previous 24 hours. 9 Nov 21:23 – 10 Nov 21:23 UTC.Source: CoW Protocol API · Ethereum settlement events
Is it changing
BRRRolver has topped daily batches for 1 day, taking over from Kipseli. It also gained the most share compared with the previous 24 hours: +26.4 pp. Across all solvers, batches are up 27.0% compared with the previous 24 hours.
All solversDaily batches · 30 days
9,586batches in the last 24 hours · +27.0% vs the previous 24 hours
Daily batches across all solvers, 29 Oct to 10 Nov: between 4,631 and 9,586 a day.12 OctData starts 29 Oct10 Nov
BRRRolver#1
36.8%+34.6 pp
BRRRolver: daily share of batches from 2.2% on 29 Oct to 36.8% on 10 Nov.Kipseli#2
19.7%+3.2 pp
Kipseli: daily share of batches from 16.5% on 29 Oct to 19.7% on 10 Nov.Dfusion#3
10.0%−14.6 pp
Dfusion: daily share of batches from 24.6% on 29 Oct to 10.0% on 10 Nov.Rizzolver#4
5.4%−1.2 pp
Rizzolver: daily share of batches from 6.6% on 29 Oct to 5.4% on 10 Nov.Sector Finance#5
4.8%−2.4 pp
Sector Finance: daily share of batches from 7.2% on 29 Oct to 4.8% on 10 Nov.Helixbox#6
4.5%−1.8 pp
Helixbox: daily share of batches from 6.3% on 29 Oct to 4.5% on 10 Nov.Quasi#7
3.5%−0.9 pp
Quasi: daily share of batches from 4.4% on 29 Oct to 3.5% on 10 Nov.Fractal#8
2.7%−0.3 pp
Fractal: daily share of batches from 3.1% on 29 Oct to 2.7% on 10 Nov.Daily share of batches, top 8, same scale (0–40%). Change since 29 Oct.12 Oct – 10 Nov
Who enters, who wins
On average, 11.3 solvers enter each auction, submitting about 16 competing solutions. BRRRolver enters 93% of auctions and wins 69% of those.
EnteredWon
in · win rate · filtered out
BRRRolver93% · 69% · 4.0%
Kipseli66% · 47% · 1.1%
Dfusion72% · 30% · 0.8%
Rizzolver28% · 36% · 0%
Quasi60% · 15% · 4.9%
Helixbox48% · 18% · 0%
Sector Finance45% · 18% · 1.5%
Fractal64% · 9% · 22.0%
HAL900061% · 9% · 0.2%
Wraxyn56% · 9% · 0%
Horadrim46% · 7% · 0.1%
Stelaxis50% · 6% · 0%
Arc55% · 2% · <0.1%
Barter34% · 4% · 0%
Trusted Volumes25% · 5% · 0%
Rosato52% · 2% · 0%
Zurui25% · 4% · 0.3%
Baseline48% · 2% · 0%
Tsolver32% · 3% · 0%
AlgoLabs44% · 2% · 0%
BitGet49% · 1% · 0%
Flow15% · 2% · 0%
NativeFi2% · 10% · 0%
Curve1% · 23% · 0%
Cicada44% · <1% · 0%
OKX12% · 0% · 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 24 hours, 10,764 of 10,966 trades were placed with a solver’s quote. CoW had verified 93.1% of those quotes by simulating them. Wraxyn gave 50.0% of all those quotes. The solver that gave the quote settled 11.3% of those trades itself.
QuotedSettled itself
share · settled itself · verifiedshare · settled itself
Wraxyn50.0% · 3% · 96%50.0% · 3%
Dfusion22.2% · 19% · 96%22.2% · 19%
Rizzolver7.1% · 34% · 93%7.1% · 34%
Kipseli4.5% · 42% · 93%4.5% · 42%
Sector Finance3.3% · 11% · 71%3.3% · 11%
Quasi3.0% · 12% · 95%3.0% · 12%
Fractal2.5% · 8% · 44%2.5% · 8%
Stelaxis2.3% · 11% · 98%2.3% · 11%
Baseline1.2% · 8% · 100%1.2% · 8%
Rosato1.2% · 4% · 97%1.2% · 4%
Horadrim0.9% · 1% · 96%0.9% · 1%
BRRRolver0.5% · 2% · 90%0.5% · 2%
Helixbox0.4% · 55% · 0%0.4% · 55%
Arc0.4% · 5% · 95%0.4% · 5%
BitGet0.2% · 0% · 100%0.2% · 0%
Flow0.1% · 7% · 0%0.1% · 7%
Barter0.1% · 0% · 21%0.1% · 0%
Tsolver0.1% · 0% · 10%0.1% · 0%
Curve<0.1% · 100% · 0%<0.1% · 100%
Portus<0.1% · 0% · 50%<0.1% · 0%
0%10%20%30%40%50%0%10%20%30%40%50% 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. HAL9000, Trusted Volumes, Zurui, AlgoLabs, NativeFi and Cicada gave no quotes.Source: CoW Protocol order book
Latest settlements
All solvers · newest firstIn the last 24 hours, CoW’s protocol fees totaled $60,791 (3.6 bps of volume) and partner fees $70,033 (4.1 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
BRRRolver uses the least gas per trade among solvers with 100+ batches: 136K, against a network average of 315K. Across the network, a trade takes 1.27 DEX swaps on average. Transaction cost averages 31¢ per trade.
Network averageFewer than 30 tradesDot size: trades
Gas per trade · average 315KCost per trade · average 31¢DEX swaps per trade · average 1.27CostSwaps
BRRRolver136K7.0¢0.08
Stelaxis149K11¢0.64
Zurui231K51¢1.46
Cicada241K16¢2.00
Trusted Volumes285K17¢2.16
Dfusion310K19¢2.66
Rizzolver318K73¢1.39
Rosato369K70¢1.76
Fractal375K23¢3.29
Kipseli405K47¢1.29
HAL9000462K32¢5.52
Quasi516K54¢3.12
Barter518K71¢1.14
Horadrim534K29¢3.57
Sector Finance560K74¢2.05
Baseline646K$2.052.93
Wraxyn657K58¢2.12
AlgoLabs687K28¢3.00
Flow735K$2.392.24
Tsolver735K$1.503.08
Curve736K22¢2.00
Helixbox778K49¢2.05
Arc783K80¢2.65
NativeFi799K$5.623.44
BitGet1.07M$1.802.23
0500K1M1.5M2M010¢20¢30¢40¢50¢0123456
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 24 hours, trades beat the limit prices their users signed by $1,655,656. The 4.0% of trades with limits far from the market account for 33.9% of that. Leave those out and typical trades beat their limits by 67 bps of volume, $104 a trade.
Typical tradesAll tradesNetwork average, typical tradesFewer than 30 trades
Typical surplus · average 67TypicalbpsAll tradesUnusual
Rizzolver13618229%
Sector Finance32344%
Wraxyn8811%
Kipseli163757%
Quasi7411740%
Dfusion91013%
BRRRolver15839469%
Fractal25262%
HAL900071247%
Tsolver14140%
Helixbox334222%
Trusted Volumes330%
BitGet21210%
AlgoLabs37696%
Stelaxis1919<1%
Zurui440%
Arc810492%
Flow67670%
Horadrim2323<1%
Baseline273215%
Barter37370%
NativeFi48480%
Rosato8484<1%
Cicada68680%
Curve3827,664>99%
050100150200
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.