$ cast send $HOOK "swap(bytes32,uint256)" \
$(cast --format-bytes32-string "404") \
4000 \
--value 0POST /swap
{
"pool": "404",
"size": 8200,
"direction": "sell"
}Every block, the pool serves one percent of what it holds. A swap that fits is filled at $3 per $1,000. A swap that does not fit is refused, costs nothing, and is written down.
Every block, a pool here serves one percent of what it holds. A pool holding $500,000 serves $5,000, shared by everybody in that block, in the order transactions arrive, and full again twelve seconds later. There is no tier, no curve, and no address that can change the one percent.
01 budget = { 02 pool = "404" 03 holds = "$500,000" 04 per_block = "$5,000" 05 refill = "12s" 06 }
The envelope belongs to the block, not to you. In a busy block it runs out, and whoever is later is refused, not because their trade was too big, but because they were behind somebody. On Ethereum that position is bought with priority fees, and we say so instead of leaving it for you to discover.
Block order
tx 1 $400 filled
tx 2 $400 filled
tx 10 $400 filled
tx 11 $1,500 refused
A refused swap does not fill part of your order, does not move the price, does not touch the budget, and does not charge a fee. The transaction reverts and the pool is exactly as it was. You pay the gas your wallet spent getting there, and nothing else.
Refusal
requested $8,200
available $5,000
filled 0
charged $0
paid gas only
When a swap is refused, the pool records it: the size asked for, what was available, and the block. Anybody can read it, and it is the same data the site reads. It is how much demand this pool turned away, and the only honest measure of how much depth is missing.
Log
21,404,918 $8,200 asked
21,404,918 $1,100 asked
21,404,903 $12,000 asked
turned away $21,300
The size asked for, what was available, and the block. It is the same data the site reads, and it is how much demand a pool turned away: the only honest measure of how much depth is missing.