Routing

Every order goes where it fills best.

Fletchery prices each order across every venue the customer is allowed to use, then splits it when several venues together beat any one of them. It never sends a venue more than its limits allow.

Try it below ↓Talk to us

The problem

Why one venue is rarely enough

Tokenized-stock pools are AMMs, so a large order pushes the price against you on any single venue.
Each venue has its own fees, network costs and monthly volume cap.
Some venues only accept US customers; offshore pools only accept everyone else.
Orders for wallet delivery can only use on-chain venues, and the stock exchange closes at 4pm.

Split an order

● Simulated venues

Order size $1,000,000

Side

Venue C capacity left 2,000 sh

Three on-chain venues trading Apple at a fair value of $348.10. Prices, depths and fees are illustrative.

Fletchery average–

Best single venue–

Saved by splitting–

–

How it works

What Fletchery does

Splits each order across venues for the best all-in price, inside every cap and band.

Ask every venue

Each venue is priced for the exact order size, including its trading fee, the network fee for that leg and how far the order would move its pool.

Rule out the ones that can't take it

Venues are skipped with a stated reason: wrong country, closed this session, halted, cap used up, or a pool price outside the safe band.

Try every combination

With five venues there are 31 possible combinations. Fletchery fills the order slice by slice within each and keeps the one that fills most for the least.

Respect limits and prices

A slice is never placed past a venue's monthly cap, outside the fair-value band, or beyond the customer's limit price.

Under the hood

The details

These are the values the Fletchery prototype enforces today.

Input	How it is used
Order	Stock, side, shares, optional limit price, customer country, delivery (token or brokerage)
Venue data	Pool reserves, fee in basis points, network fee per leg, monthly cap headroom, halt status
Fair value	Weekend Guard price and band for the current session
Search	Every subset of eligible venues, filled in 200 slices, best fill then lowest all-in cost
Output	Legs per venue, average price, cost versus fair value, saving versus the best single venue, reasons for every skipped venue

Questions

Common questions

Does splitting always help?

No. For small orders, the extra network fee of another leg can outweigh the price benefit, so Fletchery keeps the order on one venue. Splitting wins on larger orders where a single pool would move too far.

What happens if no venue can take the whole order?

Fletchery fills what it can safely and reports the rest as unfilled with the reason, so the broker can retry later or route the remainder elsewhere.

Can a broker see why a venue was skipped?

Yes. Every quote returns the skipped venues and the exact reason, and the same reasons go into the audit trail.

Keep exploring

Design partners

Let's build the first integrations together.

If you run a broker, a trading app or a tokenized-stock venue, we'd like to hear from you.

Email team@fletchery.pro →Try the router