Order Routing
Order routing is the process of deciding where an order should be sent for execution.
Category
Execution Routing
These words describe how liquidity is found, split, and filled across venues.
How to recognize this theme
Terms used when orders are routed through fragmented markets.
In a daily board, this category groups terms by their shared role. Look for four cards that describe the same mechanism, risk area, or workflow rather than four words that merely sound similar.
Educational context
These entries are vocabulary notes for learning. They are not project endorsements, token recommendations, exchange rankings, or trading signals.
Liquidity Fragmentation
Liquidity fragmentation happens when available depth is spread across many venues or pools.
Slippage
Slippage is the difference between expected and executed price.
Market Depth
Market depth shows how much size is available at different prices.