Swaps
Yutu prices each swap from Hyperliquid's live order book. The requested size is matched against the best available level first, then the next level, until the full amount has been priced.
The resulting volume-weighted average price is the pool's book price. The pool fee and any builder fee are then applied to the quote.
What the quote shows
| Field | Meaning |
|---|---|
| You pay | The asset and amount leaving your wallet |
| You receive | The asset and minimum amount entering your wallet |
| Average fill price | The average across every Hyperliquid level used |
| Best price on Hyperliquid | The first price available on the relevant side of the book |
| Price levels used | The number of order-book levels needed for the trade |
| Share of depth | How much of the visible offer the trade consumes |
| Book age | Milliseconds since the order-book reading was observed |
| Pool fee | The spread charged by the pool |
| Builder fee | An optional application fee, shown separately |
Price construction
A buy walks Hyperliquid's asks. A sell walks its bids. Each level contributes its available size at its stated price until the request is filled.
For example, a 3-unit buy may use 2 units at $100 and 1 unit at $101. Its book cost is $301 and its average price is $100.3333 before fees.
Yutu won't invent liquidity beyond the visible ladder. If the requested amount exceeds the pool's configured share of available depth, the quote is refused and the interface shows the largest trade currently allowed.
Pool fee
The spread starts at 6 basis points. It can rise when the order-book reading ages or the market becomes more volatile, up to the configured 30 basis-point cap.
The book age and effective fee appear together in the quote. If the reading exceeds the pool's freshness limit, the trade can't execute.
Slippage protection
Quotes keep the user's limit on chain:
- A buy sets the maximum total amount that can be paid.
- A sell sets the minimum amount that must be received.
- An additive builder fee is included in that limit.
The review screen freezes the quote the user inspected. If the live order book has moved far enough to change the result, the interface asks for a new quote before submission.
Settlement
The trade fills against assets already held by the Yutu pool. The pool collects its fee, transfers the output asset to the trader, and records the protocol portion of the fee for distribution.
Read Economics for the fee split or Providing liquidity for the LP side of the trade.