Are you just getting the best quote or the best settled price, all-in? Trade execution quality makes a big difference. Transaction fees, slippage, price impact, MEV, and speed, all have an impact on the amount of tokens that land in your wallet.

Matcha powered by 0x v2 is for whale-quality trading. You get the best price delivered to your wallet, not just a good looking quote, on trades as large as $10 million and above! Genius order routing, deeper liquidity, and gas optimization all amounts to Matcha beating competitors on 90% of final settled trades from $5k to $10m.

Just two weeks since the 0x v2 upgrade, Matcha has already handled hundreds of millions of dollars in volume. Whales have been quick to surface, taking advantage of the savings on multi-million dollar trades. Want to see how Matcha handles a $6M onchain trade? Let’s dive in!

How Matcha wins on trade execution quality 

Moving large sums of money onchain can send waves through the market, changing prices before your trade executes, draining liquidity, and drawing in MEV opportunists eager to frontrun your order. Even the largest DEX can struggle to accommodate whales, but Matcha is built for serious size.

Casual traders may not worry about a few percent here and there, but whales trading hundreds of thousands or even millions of dollars at once can lose a fortune on a single low quality trade. 

Built from the ground up to deliver top quality execution on massive trades, 0x Argon Router is at the heart of Matcha’s swap performance. Precise and efficient, it samples hundreds of liquidity pools at once to determine the impact of different trade sizes, then calculates a route which preserves the most value. 

Routing in Matcha on 0x v2 not only means choosing the right pools with deepest liquidity, but it also considers trades to other tokens as a stepping stone to the final asset, bringing new paths which were not possible in v1.

At each section of the trade, the network gas costs are also taken into account, building a simulation that finds the best outcome and reliably shows you the exact assets you will receive if you place the trade. This level of detail is simply not achievable on other DEXs or aggregators, and lets Matcha beat top competitors on large trades by up to 25bps on the final settled amount.

On trades over $5,000, Matcha now beats the previous leading exchanges in twice as many trades, with the best prices in the market over 90% of the time. With more optimization and liquidity still to come, this is likely to get even better.

For the biggest onchain trades 

After just two weeks since Matcha on 0x v2 launched, whales are already moving their onchain trades to Matcha. Let’s take a look at some of the recent multi-million dollar trades and see how Matcha found the best price. Below is a collection of trades showing just a small selection of token swaps that Matcha has handled recently.

$6.5 million of WETH to WBTC

This whale trader made a swap of over 2000 wrapped Ether (WETH) to almost 100 wrapped Bitcoin (WBTC), for a total value of over $6.5 million.

The trade route selected by Matcha leans heavily into Uniswap v3, where there is healthy liquidity for both tokens to absorb such a large trade, splitting the trade across 5 different pools. In addition, around 5% of the total amount sold is routed through a DODO USDC/USDT pool, then used 0x RFQ to swap USDT for WBTC. Route adjustments like this help Matcha deliver price improvements over simply putting the whole trade through Uniswap, and avoids the 0.25% fee Uniswap charges, delivering the best value. 

$1 million of WBTC to DAI

This trader swapped over 15 wrapped Bitcoin (WBTC) to 998,508 DAI, a popular stablecoin, for a total value of just under $1 million.

The route above shows that 5 liquidity sources were involved, including 4 AMMs: Dodo v1, MakerPSM, PancakeSwap v3, and Uniswap v3; and private market makers from 0x RFQ. The trade interacted with a total of 8 liquidity pools and 5 private market makers, and was converted into three different intermediary tokens (WETH, USDT and USDC) before being transferred to the trader in the form of DAI.

$400 thousand LDO to DAI

This trader swapped over 205,168 Lido DAO token (LDO) to 399,850 DAI for a total value of just under $400,000. 

One thing you will notice in the above chart is that the majority of this trade has been filled by private market makers through 0x RFQ, and only a couple of legs have included AMMs. This combination of private and public liquidity is a powerful aspect of Matcha on 0x v2 that helps get the absolute best price from all available sources, whether onchain or offchain, centralized or decentralized. 

For whales and degens 

While the majority of large trades involve blue-chip assets like Ethereum and Bitcoin, swaps between stablecoins, or all manner of Ethereum derivatives such as liquid staking tokens, Matcha on 0x v2 is also for degens, and a broader segment of crypto users trading memecoins, governance tokens, and other tokens at any size, on a variety of chains. Below is a selection of larger trades to and from tokens including AERO governance token, and memecoins BRETT, DOGINME, and PEPE.

How traders benefit from RFQ private market makers

DeFi liquidity is surprisingly centralized, with only a handful of market makers providing the majority of capital. In terms of Automated Market Makers (AMMs), Uniswap is the largest DEX by far, and is where most projects such as meme coins launch. Matcha on 0x v2 helps empower dentralization by sourcing liquidity from hundreds of AMMs, while also bringing private market makers (PMMs) into the mix, all within a single trade. 

RFQ, or Request-for-Quote, is an offchain system that allows Matcha to route your trade to PMMs, where they are protected from MEV and get filled without slippage. PMMs actively source liquidity wherever they see an opportunity to fill a gap in the market, and they can even fulfill onchain trades using centralized exchanges as a form of arbitrage, helping bring offchain liquidity back to the decentralized environment. With 0x v2, RFQ is included in routes alongside AMMs to ensure that every route option is considered, ensuring you get the best price every time. 

What about trades under $5,000?

Matcha continues to be one of the most competitive crypto exchanges, delivering great prices on smaller trades. Thanks to broad liquidity coverage and the same routing used for whales, you will get fast trade settlement and the best available prices, without needing to shop around.

Even smaller, less performative DEXs and DEX aggregators are able to handle smaller trades, so price impact and routing have less of an impact at sizes of a few thousand dollars or less. But there are many other factors where Matcha still excels:

• Exchange fees: most DEXs charge fees for simple swaps. On Matcha, you can trade for free and enjoy the lowest crypto exchange fees of any decentralized and centralized options, even when using paid-for features such as gasless swaps or MEV protection.
• Quoted versus executed price: comparing Matcha with alternatives, you may sometimes find similar quotes on other exchanges, but Matcha will show the price you actually receive, while most exchanges quote a price much higher than the amount that ends up in your wallet.
• Gas optimization: network fees play a large role in onchain price execution for small trades. Smart contracts built by 0x allow Matcha to keep gas costs to a minimum, delivering more tokens to your wallet.
• Trade reverts: failed trades can cost you time and lead to missed opportunities. Matcha has the lowest revert rates of any DEX
• Protect from MEV: maximal extractable value (MEV) is a technique that uses bots to front-run or sandwich your trade to make you pay more. With Matcha Auto, you can protect from MEV to save money on every trade.
• Trade without gas: if you have tokens but no native token for gas, you need to spend funds just to bridge or buy more ETH. Using Matcha Auto, you can trade as usual and pay gas costs using the token you’re trading. 

Trade like a whale at any size

Pricing is the most important component of a crypto exchange. That’s why so many people use centralized exchanges, giving up custody of their funds and paying hefty withdrawal fees. With Matcha on 0x v2, you get pricing that rivals the biggest centralized alternatives thanks to a mix of AMM and PMM liquidity, and trade for free without ever giving up custody of your assets.

Whether you’re trading hundreds of thousands of dollars or just hundreds, Matcha will source the best value in seconds so you can focus on trading. No more worrying about slippage, MEV, gas or reverts - Matcha does all the work to save you money, with the widest token coverage in crypto. Try Matcha today and start trading like a whale.