Fee semantics

How Synfin ranks a quote.

Worst-case net receive

Every list of quotes Synfin returns is ranked by one number: the amount the user actually receives after every fee, assuming the least favorable case the venue's terms allow. Not the headline price. A venue with a better-looking gross price and a worse fee structure ranks below a venue that delivers more net; there is no other input to the ordering.

Fee direction changes what you receive

Venue network fees apply in one of two directions, and the difference is real money. A fee applied on top is charged in addition to the amount you send: the full amount reaches the venue, and the fee is collected separately. A fee deducted from give is taken out of the amount you send before the swap happens, so less reaches the venue and the output shrinks accordingly. Two venues can quote the same price and deliver different amounts because of this alone. Synfin normalizes both directions into the same net receive number and shows each venue's fee with its real direction on every quote, so the ranking and the disclosure always agree.

Client fees are disclosed lines

On keyed quotes, the integrating partner's fee and Synfin's service fee appear as separate disclosed lines alongside the user's final receive amount. Nothing is folded into the price. The same numbers the partner sees on the quote are the numbers the execution plan pins, so what was quoted is what settles.