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.