Private is a narrower word than it looks
An order expressed as an intent and settled in a batch is not a signed swap sitting in a public mempool. It is also not a private trade, and the difference is the whole of this page.
unset Designed and specified here. Not built, not deployed, and every parameter it needs is listed as undecided on Umbo.
What is private, and what is merely not broadcast
- The order, between signing it and its batch clearing.
- Your limit price, to anyone who would trade against it.
- The ordering within a batch, because a uniform clearing price removes the ordering as a thing worth knowing.
- The settlement transaction, its inputs and its outputs.
- Your address, and therefore the whole history attached to it.
- The batch’s clearing price and every fill in it, afterwards.
A router of this shape defends against being read in advance. It does not make a trade confidential, and any page that says “private execution” without the second column is selling the first as the second.
The solver problem, stated rather than skipped
A batch clears at one price. That is what removes the value of ordering — and it is also what removes most of what a solver would earn. The surplus that pays for solving has to come from somewhere, and in this design nothing names it.
- A permissioned solver set is a liveness dependency and a censorship surface, and it needs a published admission process, which does not exist.
- An open set needs an incentive, which means a spread, a fee or a subsidy —
all three are
unset. - Either way the batch interval is a tradeoff between how much can be netted and how long a signature is exposed to a price move. There is no principled value and this site does not print one.
The four Aperture parameters go unset together on Umbo because none of them can be chosen without the others.