{"slug":"terminal-execution-quality","title":"Trading terminal execution quality 2026: what a swap costs once the app's own fee is removed","subtitle":"Value lost per swap with the app's own fee removed, on every trading terminal, wallet app and Telegram bot we read on-chain. The fee is a published price. What is left, priority fee and tips, the pool's LP fee and price impact, launchpad and router cuts, is the app's routing. Subtracted on each swap before any median is taken. Rolling 24 hours.","category":"Trading","metric":"Execution loss","unit":"bp","status":"live","higherIsBetter":false,"filters":null,"value":209.5,"leader":{"name":"pump.fun app","slug":"pump-fun","value":209.5},"leaders":[{"name":"pump.fun app","slug":"pump-fun","value":209.5}],"rankings":[{"name":"pump.fun app","slug":"pump-fun","ms":{"p50":209.5,"p90":622.884,"p99":1018.96,"mean":209.5},"successRate":100,"sampleSize":327},{"name":"FOMO","slug":"fomo","ms":{"p50":218.025,"p90":549.95,"p99":1077.06,"mean":218.025},"successRate":100,"sampleSize":630},{"name":"GMGN","slug":"gmgn","ms":{"p50":244.668,"p90":518.564,"p99":936.201,"mean":244.668},"successRate":100,"sampleSize":600},{"name":"BONKbot","slug":"bonkbot","ms":{"p50":300.246,"p90":742.705,"p99":2203.52,"mean":300.246},"successRate":100,"sampleSize":131},{"name":"Terminal","slug":"padre","ms":{"p50":309.515,"p90":656.319,"p99":1957.73,"mean":309.515},"successRate":100,"sampleSize":124},{"name":"Trojan","slug":"trojan","ms":{"p50":352.42,"p90":783.458,"p99":1727.47,"mean":352.42},"successRate":100,"sampleSize":117},{"name":"Banana Gun","slug":"banana-gun","ms":{"p50":355.463,"p90":1100.62,"p99":2376.22,"mean":355.463},"successRate":100,"sampleSize":122},{"name":"Bloom","slug":"bloom","ms":{"p50":364.941,"p90":861.047,"p99":2311.27,"mean":364.941},"successRate":100,"sampleSize":282},{"name":"Pepeboost","slug":"pepeboost","ms":{"p50":373.986,"p90":749,"p99":2774.2,"mean":373.986},"successRate":100,"sampleSize":131},{"name":"Axiom","slug":"axiom","ms":{"p50":376.42,"p90":950.738,"p99":3447.3,"mean":376.42},"successRate":100,"sampleSize":274},{"name":"Maestro","slug":"maestro","ms":{"p50":397.387,"p90":805.246,"p99":2455.74,"mean":397.387},"successRate":100,"sampleSize":577},{"name":"Photon","slug":"photon","ms":{"p50":409.904,"p90":847.531,"p99":4291.55,"mean":409.904},"successRate":100,"sampleSize":112}],"sparkline":[208.162,194.391,208.162,211.369,208.162,194.391,193.77,208.162,193.77,193.77,190.069,193.77,194.391,194.391,194.391,193.77,193.77,193.77,189.298,189.298,190.069,189.298,186.615,186.467,186.615,189.298,186.615,186.467,186.467,186.467,186.615,189.298,186.615,189.298,189.451,189.298,193.77,189.451,193.77,203.807,208.162,208.162,214.641,213.1,213.1,208.162,213.1,208.162,208.162,208.162,208.162,203.807,203.807,213.1,220.072,214.641,213.1,213.1,213.1,220.072,220.072,217.389,214.641,214.641,210.383,214.641,220.072,220.072,220.072,223.22,223.22,214.641,209.5],"sampleSize":3817,"asOf":"2026-09-30T15:00:11.956Z","freshness":{"asOf":"2026-09-30T15:00:11.956Z","ageHours":0.1,"stale":false},"measured":15,"ranked":12,"headline":"pump.fun app posts the lowest execution loss at 210 bps (p50, 24h) across 12 ranked providers.","quote":"pump.fun app posts the lowest execution loss at 210 bps (p50, 24h) across 12 ranked providers. Source: OpenChainBench (https://openchainbench.com/benchmarks/terminal-execution-quality).","cite":{"plain":"OpenChainBench. \"Trading terminal execution quality 2026: what a swap costs once the app's own fee is removed\". Retrieved 2026-09-30. https://openchainbench.com/benchmarks/terminal-execution-quality","bibtex":"@misc{ocb_terminal_execution_quality,\n  author = {OpenChainBench},\n  title  = {Trading terminal execution quality 2026: what a swap costs once the app's own fee is removed},\n  year   = {2026},\n  url    = {https://openchainbench.com/benchmarks/terminal-execution-quality},\n  note   = {Retrieved 2026-09-30}\n}","apa":"OpenChainBench. (2026). Trading terminal execution quality 2026: what a swap costs once the app's own fee is removed. Retrieved September 30, 2026, from https://openchainbench.com/benchmarks/terminal-execution-quality","ris":"TY  - GEN\r\nAU  - OpenChainBench\r\nTI  - Trading terminal execution quality 2026: what a swap costs once the app's own fee is removed\r\nPY  - 2026\r\nUR  - https://openchainbench.com/benchmarks/terminal-execution-quality\r\nY2  - 2026-09-30\r\nER  - \r\n"},"pageUrl":"https://openchainbench.com/benchmarks/terminal-execution-quality","ogImage":"https://openchainbench.com/api/og/terminal-execution-quality","source":"https://github.com/ChainBench/OpenChainBench/tree/main/harnesses/terminal-fill-quality","methodology":["The measurement is bench 268's, with one subtraction. Every detail of sampling, user attribution, quote handling, pool identity, reference price and loss bounds is that bench's; see its methodology. Nothing is re-read from chain and no additional RPC is spent.","Execution loss = loss − terminal fee, computed on each swap, then the median over the window. The subtraction happens before the quantile, never after: median(loss) − median(terminal) is a different number, and the gap is largest on an app whose fee differs across its own swaps (FOMO charges 2 % on Solana and about 0.5 % through Relay). It moves with the cohort from one refresh to the next, so read it from the two columns on the board rather than from any figure quoted here.","What is removed is the terminal's own cut: what reached its fee wallets on Solana, the router's residual after the pool and the gas on the EVM rows, the app fee on Relay legs. Referral and cashback legs count as terminal fee where the terminal's list holds them.","What stays in: network (transaction fee the user paid, inclusion tips including the terminal's own relay, the deposit of token accounts the swap creates), pool (the final pool's LP fee and price impact) and protocol (launchpad and curve fees, router cuts, referral payouts). Each is a consequence of how the app routed the trade, not of what it charges for doing so.","A swap whose fee exceeded its loss reads negative: a rebated fee, or a reference that moved in the user's favour between the previous trade and this one. Those swaps are kept: removing them would trim the left tail and push every median up.","Publication and ranking follow bench 268 exactly: same floors, same health and ranked flags, same per-chain pooling weighted by flow. A product present on one board is present on the other, so the two can be read side by side without a row appearing in only one of them.","The two rankings differ: a product whose fee sits far from the cohort's usual 1 % changes place once the fee comes out, in either direction. How far each row moved is read from the two live columns, not from this sentence. Read this board with the 95 % interval under each median. As on bench 268, most adjacent pairs are not separated by the measurement."],"license":"CC-BY-4.0"}