Multi-liquidity-provider smart order router with best execution across 10+ venues.

Broker — Smart Order Router

brokerd is a multi-liquidity-provider smart order router that aggregates quotes from 10+ liquidity providers and routes orders for best execution. It sits between the client-facing API and the execution venues (CEX, DEX, and external LPs).

Liquidity Providers

The broker aggregates liquidity from:

Lux CEX (internal ATS)

Lux DEX (on-chain matching)

External CEX connectors (via FIX/REST)

OTC desks (RFQ-based)

Market makers (streaming quotes)

Smart Routing Logic

1. Client submits order
2. Broker queries all connected venues in parallel
3. Compare: effective price, available depth, fees, latency
4. Route to best venue (or split across venues for large orders)
5. Execute and report fill back to client

Split Orders

For orders larger than single-venue depth, the broker splits across venues:

Order: Buy 100 BTC
  - CEX depth: 40 BTC at $45,000
  - DEX depth: 30 BTC at $45,010
  - LP1 quote: 50 BTC at $45,020
  -> Split: 40 CEX + 30 DEX + 30 LP1
  -> VWAP: $45,008.57

Best Execution Policy

The broker implements regulatory best-execution requirements:

Price: Primary factor, lowest effective cost

Speed: Latency-adjusted pricing

Likelihood of fill: Venue reliability and depth

Cost: Trading fees and spread

Size: Available depth at quoted price

All routing decisions are logged for regulatory audit (MiFID II best-execution reports, FINRA Rule 5310).

Configuration

Env Var	Description
`BROKER_CEX_URL`	CEX API endpoint
`BROKER_DEX_URL`	DEX RPC endpoint
`BROKER_LP_CONFIG`	JSON config for external LPs
`BROKER_MAX_SPLIT`	Maximum number of venue splits
`BROKER_TIMEOUT_MS`	Quote timeout per venue

Source

Repository: luxfi/broker

Language: Go

Broker (brokerd)